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fer Curve. The Laffer Curvestates that if tax rates are increasedabove a certain LEVEL, then tax revenues can actually fall because higher tax rates discourage people from working. Equally, the Laffer Curvestates that CUTTING taxes COULD, in THEORY, lead to higher tax revenues.

s Dr.1000To GOODS WITHDRAWN 1000

rchase an ITEM in a PARTICULAR YEAR it is CALLED year PURCHASE

a COMPLETE QUESTION ...?

account: trading account is anominal account.It is a part of profit and LOSS account.All direct expenses are RECORDED or debited to trading account.Profit and loss account: profit and loss account is a NOMINAL account.It is continuation of trading account.All indirect expenses are debited or recorded to profit and loss account.Profit and loss account SHOWS net profit or net loss.

or not GETTING the ANSWER

feiture:SHARE CAPITAL DR. 2000To share forfeiture 600To calls in ARREARS 1400For reissueBank Dr. 1600Share forfeiture Dr. 400To Share capital 2000For transfer to capital reserveShare forfeiture Dr.200To capital reserve 200

/C DR...2,000.. To CASH a/c....2,000( being cash PAID for PAINT )

f ledger:-1. SALES ledger or debator's ledger.2. Purchase ledger or Creditors ledger.3. GENERAL ledger.4.Nominal ledger.5. PRIVATE ledger.I hope this will HELP you.

a situation where you ADD on a new debt in order to PAY an existing debt. Generally, when the FIRM in overlevereged all the CREDIT sources are exhausted, firm ARRIVES at a situation of debt .

e the full ANSWER you can FIND in NCERT solutions app please MARK it brainliest

d have to LEARN FIRST ACCOUNTANCY....

od question, always remember ONE thing ,In accounting while WRITING entries they are 2 prospectivesBuyer prospective (books of buyer)Seller prospective (books of SELLERS)Buyer prospectiveShares(COMPANY) a/c. drTo BANK a/cBrokerage a/c. dr

Your AssignmentMake PaymentA document which becomes the basis for recording a transaction in the books of account is called source document. These documents show the nature and amount of the transaction and named VOUCHERS. Vouchers are the receipts, bills, cash memos, invoices, salaries bills, WAGES bills, travelling allowance bills, counterfoils of cheques, registration deeds, and any other form of written proof that the transaction has actually taken place and can be VERIFIED from the d9cuments. Whenever we sell goods, we prepare invoice for sending goods out of station, bills for credit sales, and cash memos for cash sales. The original copy is handed over or sent to the purchaser but the duplicate copy is kept as record in the business. These duplicate copies are the source documents for making record in our books of accounts. In the same way, while making purchase we receive original copy of invoices or bills or cash memos. These copies also work as source documents for recording purchase. Whenever we make payment we obtain receipt from the party receiving payment. While making payment of rent to landlord, a receipt for the rent is received. Workers and employees affix their signature on wages and salaries bills on receiving their wages and salaries. Insurance Company, Delhi Electric Supply Undertaking (DESU), Water Works issue receipts for having received the payment. BUSES, railways and airlines issue tickets on receiving payments. We receive receipts even for petty and insignificant payment. These receipts are the source documents for accounting records. The first step in accounting is to identify the origin of the transaction which is undoubtedly based upon documentary evidence KNOWN as source documents.I hope it's can help you

e Book and PURCHASE Return BookFacebookTwitterGoogle+WhatsAppA Subsidiary Book or a Day Book is a book of Original Entry. Subsidiary Books contains the records of similar Transactions. An organization MAINTAINS six kinds of Subsidiary books. They are Cash Book, Purchase Book, Purchase Return Book, Sales Book, Sales Return Book, and Journal Proper.Organizations that do not maintain the Subsidiary Books maintain Journal for all the transactions. A Journal holds records of all entries irrespective of their nature. Thus, Journal does not bifurcate the entries on the basis of their nature.Purchase BookPurchase Book is a Subsidiary Book. The Purchase Book or Purchase Day Book contains the record of all credit-purchase. Cash Book accommodates the records of all goods-purchase.A Purchase Book does not hold the record of Purchases of assets. The Journal Proper contains those records. The entries are recorded in the Purchase Book from SOURCE Documents. Invoices or bills received from the suppliers of goods serve as the Source Documents.We make the entries in the Purchase Book with the net amount of the invoice. Which is why a Purchase Book does not contain Trade Discount and other details which are there on the invoice.Every month the total of the Purchase Book is posted on the Debit side of the Purchases A/c. Purchases A/c is a ledger A/c. However, the individual accounts of the suppliers may be posted daily. Also, where the volume of transactions is too large, the entries in the ledger can be posted weekly or fortnightly. Given below is the Performa of the Purchase Book:Purchase BookDateInvoice No.Name of the SupplierL.F. Amount (₹)Purchase Return BookWhen the goods purchased on credit are returned to the supplier, these are recorded in the Purchase Return Book. Sometimes, goods purchased can be defective or of low quality, ETC. and hence, need to be returned. A separate book is maintained for the purchase return and these are not deducted from the purchases in the Purchase Book. Also, Purchase Return is recorded at the net amount on the invoice.A Debit Note is prepared for every return of goods. It is prepared in duplicate. The original one is sent to the supplier while the duplicate copy is kept for our own records. The Debit Note contains the name of the supplier, details of goods returned and the reason thereof. Each Debit Note is dated and serially numbered.The supplier may also prepare a Credit Note. It is prepared when goods are received from a customer and is therefore sent to him. Given below is the Performa of the Purchase Return BookPurchase Return BookDateDebit Note No.Name of the SupplierL.F. Amount (₹)Solved Example For YouQ: Record the following transactions in the books of M/s. Mac and Co. and also show the ledger accounts.Date                                                                  Details1 AugPurchased from ABC Ltd. (Invoice No. 524): 2000 BALLS @ ₹ 5 per piece.15 AugPurchased from XYZ Ltd. (Invoice No. 611): 100 bats @ ₹ 250 per piece. Trade discount 20%29 AugPurchased from Con Ltd. (Invoice No. 444): 200 skates for ₹100000. Trade discount 10%29 AugPurchased from ABC Ltd. (Invoice No. 741): 200 Chess for ₹2000. Trade discount 15%30 AugPurchased from Con Ltd. (Invoice No. 521): 100 skates for ₹40000. Trade discount 8%Ans:In the Books of M/s. Mac and Co.Purchase BookDateInvoice No.Name of the SupplierL.F. Amount (₹) 1 Aug 524 ABC Ltd.100002000 [email protected] ₹ 5 per piece.15 Aug611XYZ Ltd.20000100 [email protected] ₹ 250 per piece.        = 25000Less: 20% T.D.                          =   500029 Aug444Con Ltd.90000200 skates @ ₹ 500 per piece    = 100000Less: 10% T.D.                          =   1000029 Aug741ABC Ltd.1700200 Chess @ ₹ 100 per piece     =  2000Less: 15% T.D.                           = 300 30 Aug521Con Ltd.36800100 skates @ ₹ 400 per piece    = 40000Less: 8% T.D.                            =   320031 Aug Total167500

e here's your ANSWER FUND BASED ACCOUNTING is an EXCEPTION to the general rule that all items of revenue or INCOME and expenses are transferres to Income and EXPENDITURE AcccountSuch Tournament expenses shall not be shown in the Income and Expenditure Account but  shall be deducted from Tournament Fund on the liabilities side of the Balance Sheet.Hope this may help you.......

nuary, 2017.Hope it HELPS you.

solution of a firm means discontinuance of its activities. When the working of a firm is stopped and the assets are realised to pay various liabilities it amounts to dissolution of the firm. The dissolution of a firm should not be confused with the dissolution of partnership. When a PARTNER AGREES to continue the firm under the same NAME, even after the retirement or death of a partner, it amounts to dissolution of partnership and not of firm.The remaining partners may purchase the SHARE of the outgoing or deceased partner and continue the business under the same name; it involves only the dissolution of partnership. The dissolution of firm includes the dissolution of partnership too. The partners have a contractual relationship among themselves. When this relationship is terminated it is an end of the firm.___________________HOPE IT IS HELPFUL!!!BE BRAINLY...❤️❤️

ctice of EXPENSE RECOGNITION is referred to as the matching principle -The matching principle dictates that efforts (expenses) be MATCHED with accomplishments (REVENUES).____________HOPE IT IS HELPFUL!!!BE BRAINLY....❤️❤️

m ITC, you need supporting documents like tax invoice, debit note, supplementary invoice, ETC. You can claim Input Tax Credit if you have actually received some goods & services. To claim ITC, the Input Tax MUST be paid through electronic cash LEDGER or electronic credit ledger.__________HOPE IT IS HELPFUL!!!BE BRAINLY...❤️❤️

this I can't UNDERSTAND

e the above LISTED SITES OPTIONS or part of QUES

Sheet, or otherwise called as Position statement, is an INTEGRAL part of the financial statement which shows the statement of affairs of an ENTITY, in terms of what the business owns and what it owes to the EXTERNAL parties and to the OWNERS, on a particular date. Balance Sheet of a trading concern and that of a banking concern are prepared differently because the act which rules the two are different.So, there are different formats provided in advance for the preparation of Balance Sheet of a company and Bank. Moreover, these two also differ in terms of requirements. When one is working on Balance Sheet, he/she should be aware of the difference between Company Balance Sheet and Bank Balance Sheet.I hope this will help YOUIF not then comment me

he FULL QUESTION

c ...DR. 120000to capital a/c. 120000(being business started with cash)purchase a/c. ...Dr. 20000 to creditor a/ c. 20000(being goods purchase on credit)machinery a/c ...Dr 18000 to cash a/c. 18000(being machine purchase on cash)cash AC ...Dr 130000 to SALES a/c. 130000(being good costing 110000 sold on rs 130000)cash a/c. ...Dr 14500discount allow ac ...Dr. 500 to sales a/c. 15000creditor a/c. ...Dr. 17000 to cash a/c. 17000

of OPENING STOCK in HINDI :Aarambhik stock

✌Here's your ANSWER.... ✔✔Hope it HELPS you... ❤❤

Well, in that case if he is doing so then his CAPITAL A/C should be credited by that amount as that liability DECREASE the capital of a partner so it is very NECESSARY to COMPENSATE him by the commensurate amt.Explanation:

ayable is a CURRENT LIABILITIES

RTICULAR. RS. 1.4.2014. COST OF MACHINERY. 5000031.3.2015. LESS : DEPRECIATION. 50000×10÷100. 50001.4.2015. BOOK VALUE. 4500031.3.2016. LESS : DEPRECIATION. 45000×10÷100. 45001.4.2016. BOOK VALUE. 40500 31.3.2017. LESS : DEPRECIATION. 40500×10÷100. 40501.4.2017. BOOK VALUE. 3645030.6.2017. LESS : DEPRECIATION 36450×10÷100×3÷12. 911.2530.6.2017. BOOK VALUE. 35539(it's 35538.75)Book value=35539selling price=20000 SINCE BOOK VALUE is GREATER than the SELLING PRICE IT'S LOSS. LOSS ON SALE OF MACHINERY=35539-20000=15539 Furniture account Debit: Date. particulars. RS. Date. particulars. RS 1.4.2014. To BANK. 50000. 31.3.2015. By depreciation. 5000 31.3.2015. By balance c/d. 45000 Total 50000 Total. 500001.4.2015. To balance b/d. 45000. 31.3.2016. By depreciation. 4500 31.3.2016. By balance c/d. 40500 Total. 45000. Total. 450001.4.2016. To balance b/d. 40500. 31.3.2017. By depreciation. 4050 31.3.2017. By balance c/d. 36450 Total. 40500. Total. 405001.4.2017. To balance b/d. 36450. 30.6.2017. By depreciation. 911.25 30.6.2017. By Bank. 20000 30.6.2017. By PROFIT and loss. 15539 Total. 36450. Total. 36450(it's 36450.25)

l DEBIT the receiverpersonal credit the giverReal Debit what COMES inReal credit what goes outNominal Debit all expenses and lossesNominal credit all INCOMES and GAINS

ts GOING Concern Assumption or CONCEPT which assumes that business shall continue for a foreseeable period and there is no INTENTION to close the business or scale down its operations significantly. This IMPLIES that it will not be dissolved in the immediate future unless there is a clear evidence of closure. Hence, this concept assumes that a business enterprise will not be liquidated in the near future .HOPE it helps☺

rized Accounting involves making use of computers and accounting software to record, store and analyze financial data. A computerized accounting system brings with it many advantages that are unavailable to analog accounting systems.Advantages1)Automation: Since all the calculations are handled by the software, computerized accounting eliminates many of the mundane and time-consuming processes associated with manual accounting2)Accuracy: This accounting system is designed to be accurate to the minutest detail. Once the data is entered into the system, all the calculations, including additions and subtractions, are done AUTOMATICALLY by software3)Reliability: Because the calculations are so accurate, the financial statements prepared by computers are highly reliable.4)Speed: Using accounting software, the entire process of preparing accounts becomes faster. Furthermore, statements and reports can be generated instantly at the click of a buttonDisadvantages1)Potential Fraud: With more software data being housed in the cloud, there are more opportunities for hackers to get your business's financial data and use it. This puts assets at risk and creates potential liability if hackers use employer tax identification to open credit CARDS and business loans2)Technical Issues: When dealing with computers, issues can arise. You may be completing year-end data for your accountant and experience a power outage. Computers might acquire a virus and fail. There is also the potential of users incorrectly performing software tasks that they are not familiar with.3)INCORRECT Information: BOOKKEEPING records are only as good as the data put into the system. Business owners that don't take the time to ESTABLISH account categories properly may enter data and generate reports that are not accurate. Hope it helps you

teJournal entry...Raj's a/c DR To CASH a/c(being PAID cash to Raj)hope it helps__