GENERAL ACCOUNTING CONCEPTS

Question 1

HOW DO WE KNOW THAT GIVEN PRICE IS SALE OR PURCHASE PRICE?

Answer 1

1-PURCHASE KA SAMNA P.P

2-PURCHASE RETURN KA SAMNA P.P

3-SALE KA SAMNA S.P

4-SALE RETURN KA SAMNA S.P

Question 2

Entry of credit sale in perpetual system?

Answer 2

debtor dr
sales cr
(at sale price)
+
Cost of sales dr
inventory cr
(at cost price)

Question 3

symbol of unpresented and uncredited cheque

deposits in transit means uncredited cheque

unpresented is on cr side of cashbook but not on the debit side of bank statement

uncredited is on dr side of cashbook but not on cr side of bank

Answer 3

unpresented is on cr side of cashbook but not on the debit side of bank statement

uncredited is on dr side of cashbook but not on cr side of bank

Question 4

deposits in transit means uncredited cheque

Question 5

entry of normal loss in perpetual

Answer 5

COS DR
Inventory C

Question 6

entry of abnormal loss in periodic

Answer 6

abnormal loss DR
Purchases Cr

periodic man normal loss ki entry nahi hoti