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tion:Those THREE extra days are CALLED as 'days of grace'. EXPLANATION: The date on which the bill is to be PAID is known as the DUE date or the day of maturity. The period till the due date of payment is known as the period of maturity.please follow me

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I GUESS the ANSWER is AEXPLANATION:HOPE it HELPS you

In POLITICAL science, a revolution (Latin: revolutio, "a TURN around") is a fundamental and RELATIVELY sudden change in political power and political organization which OCCURS when the population revolts against the GOVERNMENT, typically due to perceived oppression (political, social, economic) or political ...

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Dear Student these are self ASSESSMENT QUESTIONS please try to SOLVE it

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o or more companies carrying on similar BUSINESS decide to combine, a NEW company is FORMED, it is KNOWN as Amalgamation.

(a) The total AMOUNT of shares a COMPANY has RECEIVED CASH forExplanation:Mark me as brainliest

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ve is an appropriation of PROFITS for a specific purpose. ... A provision is the amount of an EXPENSE or REDUCTION in the value of an asset that an entity elects to recognize now in its ACCOUNTING system, before it has precise INFORMATION about the exact amount of the expense or asset reduction.

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tion:From the FOLLOWING prepare Bank Reconciliation statement in the books of Rajath and co., as on 30.9.2020. a. Overdraft balance as per cashbook Rs. 28,470.b. Interest allowed by bank of Rs.200 was entered twice in the cash book.c. It was found that total of one page on the PAYMENT side of the cash book which was Rs. 1,250 was written as Rs.1,520 on the next page.d. A cheque of Rs.32,000 issued to Insurance company was not yet presented for paymente. Out of cheques issued for Rs.7,500 cheques of Rs.5,000 were presented for payment till the date.f. Out of the cheques presented for payment one cheque of Rs.700 was not honored due to some TECHNICAL reasons. No entry was PASSED in the cash book for DISHONOR.

Trading account is an account which indicates the result of trading activities, such as purchase and SALE of products. PROFIT & LOSS account is an account, representing the ACTUAL profit earned or loss sustained by the business during the accounting period. It is PREPARED to ascertain gross profit for the period.Explanation:I hope it may help u

ation is a ratable reduction in the carrying amount of a fixed asset. ... The CAUSES of depreciation are: WEAR and tear. Any asset will gradually break down over a CERTAIN usage PERIOD, as parts wear out and need to be replaced. Eventually, the asset can no LONGER be repaired, and must be disposed of❝♥️❞

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tion:The purchase book is also KNOWN as Purchase JOURNAL, Bought Book, Purchase Day Book or INVOICE Book. This book is recorded with CREDIT purchases of goods, MEANT for resale. Cash purchases are not recorded in this book.

Home » Accounts of Non-profit Making Organizations » Difference Between Receipt and Payment Account and Income and Expenditure Account Share127 Difference between Receipt and Payment Account and Income and Expenditure Account:Following are the points of difference between and receipt and payment account and income and expenditure account. Receipts and Payments Account Income and Expenditure Account 1 It is a summarized statement of all cash transactions during an ACCOUNTING year. 1 It is the account of revenue income and revenue expenditure of an accounting year.2 Only cash transactions are recorded here. 2 It is not confined to, cash transactions only, i.e. non-cash transactions are also included in it.3 The portion of income or expenditure which has been received or paid in cash this year, is recorded here 3 The whole amount of income or expenditure—whether received or paid in cash or not—is recorded in it.4 Transactions involving cash receipts are recorded on Debit side and those involving cash payments are recorded on Credit side. 4 All expenditures are recorded on Debit side and all incomes on Credit side.5 Transactions—both CAPITAL and revenue-are recorded here. 5 Only revenue transactions are recorded here.6 Its balance can never be credit. 6 Its balance may be either debit or credit.7 Its balance is carried over to Receipts & Payments Account of the next year. 7 Its balance is transferred to Capital Fund.8 This account shows opening balance EXCEPT in the first year. 8 It has no opening balance.9 The closing balance of this account represent in the first year. 9 Its. closing balance represents either surplus or deficit. Credit balance indicates surplus, while debit balance indicates deficit.10 This account records transactions relating to past, present and future, years. Hence, no adjustment is made for pre-received or accrued incomes and pre-paid or outstanding expenses. In a word, it is prepared on cash basis. 10 Transactions relating to the current year only are recorded in it. Hence, adjustments are invariably made for pre-received or accrued incomes and pre-paid or outstanding expenses. In a word, it is prepared on Accrual basis.11 It is, in FACT, an abridged Cash Book. 11 It is, infect, similar to Profit & Loss ' Account of a profit-seeking businessconcern.12 It is outside the Double Entry system. 12 It is within the Double Entry system.13 It is not accompanied by Balance Sheet. 13 It is accompanied by Balance Sheet14 Its preparation is not compulsory. 14 It is compulsory. It must be prepared in order to ascertain the true

true EXPLANATION: interest on drawing is the GAIN for the business

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This is similar answer, not EXACT answer for this questionExplanation:Correct entry :- Drawings ACCOUNT DR 15,000 To cash A/c 15,000Wrong entry:- Trade expenses A/c Dr 15,000 To Cash A/c 15,000Rectification entry:- Drawings A/c Dr 15,000 To Trade expenses A/c 15,000As the trade expenses account was WRONGFULLY DEBITED its to be credited and drawing account has to be debited.

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Purchased goods of `.40,000 from Nutan at a trade discount of 10% and CASHDISCOUNT of 5% and PAID HALF the amount.March23 : SOLD all the goods purchased from Nutan on 7-3-2XX8 to Nagin at a PROFIT of20%.March26 : Out of the goods sold to Nagin on 23-3-2XX8, he returned defective goods of

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Items on a COMPANY's balance sheet that may be used to reduce taxable income in the future are called deferred tax assets. ... Therefore, overpayment is CONSIDERED an ASSET to the company. A deferred tax asset is the opposite of a deferred tax liability, which can increase the AMOUNT of income tax owed by a company.

Explanation:When shares are ALLOTTED to an applicant, he and the company enter into a contract automatically. Then such an applicant is bound to pay the allotment money and all the various call monies till the shares are FULLY paid up. But if the shareholder FAILS to pay any of the calls (one or more) on the authorization of the board of Directors, the said shares can be forfeited. Forfeiture ESSENTIALLY means cancellation. Before such forfeiture is done a notice must be given to the shareholder. The notice must provide the shareholder with a minimum of 14 days to make the payment due, or his shares will be forfeited. Even after such notice if the shareholder does not pay, then the shares will be canceled. When the said shares are forfeited the shareholder ceases to be a member of the company. He loses all his rights and interests that a shareholder might enjoy. And once his name is removed from the register of SHAREHOLDERS he also losses all the money he has already paid towards the share capital. Such money will not be

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