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journal entries
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Answer / malik
day to day tranctions . enntering the all bills day to day
pass the journal entries
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ravi
1,bought goods from satish one month credit for rs6000 of
which half is invoiced to mr nayan at 30% above cost
2, paid carriage and cartage on goods sold to mr nayan on
behalf rs 40
3, purchased 20 shares of abc ltd at 20 per share
4, ambar became insolvent a dividend of 50 paise in a rupee is
received
5, paid monthly charges to the housing society for his own
residence 350
| Is This Answer Correct ? | 0 Yes | 2 No |
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Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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2 Answers State Bank of Mysore SBM,
what is mean by contra entry
Audit 
