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January 2020

Plus One Accountancy Chapter Wise Previous Questions Chapter 3 Recording of Transactions I & Recording of Transactions II

By | Bookkeeping


The completed and delivered a set of plans for a client and collected $6,200 cash. Textbooks Free and expert-verified textbook solutions. Pete’s printing performed a printing job for a customer. The customer promises to pay the amount of $1,500 within the next month. Complete steps 1 and 2, then determine the totals. The best objective evidence for the cost of cellphone use is the bill from the cellphone company. Free access to premium services like Tuneln, Mubi and more.


A) Started business with a capital of Rs. 1,50,000. State whether the following is “true” or “false”. Sales journals record all ________ sales of goods. Increasethe value of the organization. So, every dollar of revenue an organization generates increases the overall value of the organization. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License .

fundamental of accounting

B) in liability is debited in the asset account. D) A cash book serves the purpose of both journal and a ledger account. B) All receipts of cash are entered on the debit side of the cash book, while all cash payments are entered on the credit side. Fixed asset purchases on credit are recorded in the ______ journal.

  • F) On 26th January 2008 purchased furniture for ₹ 25,000.
  • The account all of those things whose value can be measure term of money like cash, goods, furniture, goodwill etc.
  • Purchases equipment on account for $3,500, payment due within the month.
  • The preceding balance sheet for Edelweiss represented the financial condition at the noted date.
  • Revenue will contribute to income, and income is added to retained earnings.

You will then have to re-trace all of your postings to uncover your error, which would be very frustrating and time-consuming. Since accounting is the “language of business”, it is very important that you understand the building blocks of the language. Even if you hire a CPA to do your books, you need an understanding of what drives your results so that you can manage accordingly, and avoid becoming a victim of fraud. Double-entry accounting is a system that ensures that accounting and transaction equation should be equal as it affects both sides. Any change in the asset account, there should be a change in related liability and stockholder’s equity account. While performing journal entries accounting equation should be kept in mind.

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Distribution of to ownership is called a dividend. The dividend could be paid with cash or be a distribution of more company stock to current shareholders. Either way, dividends will decrease retained earnings. Are obligations to pay an amount owed to a lender based on a past transaction. Liabilities are reported on the balance sheet. It is important to understand that when we talk about liabilities, we are not just talking about loans.