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Let me know why we debit expenses and credit revenues
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Answer / goutam de
BECAUSE WE FOLLOW THE 3RD BASIC PRINCIPLES OF ACCOUNTING BY
DEBITING ALL EXPENSES AND LOSSES & CREDITING INCOMES &
GAINS
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / sindujaramkumar
according to the rule of nominal account
Debit all expenses and losses
credit all incomes and gains
we are debiting the expenses and cediting incomes
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / hemanta behera(maxnewyork life
it is only used nominal account
because we are used all expenses under this rules
debit all expenses and losess
credit all incomes and gains
it is consists monthle expenses
| Is This Answer Correct ? | 1 Yes | 0 No |
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(a) Rajesh Ltd. gives you the following information for the year ended 31st March, 2006: (i) Sales for the year Rs. 48, 00, 000. The Company sold goods for cash only. (ii) Cost of goods sold was 75% of sales. (iii) Closing inventory was higher than opening inventory by Rs.50,000. (iv) Trade creditors on 31.3.2006 exceed the outstanding on 31-3.2005 by Rs. 1, 00, 000. (v) Tax paid during the year amounts to Rs. 1, 50, 000. (vi) Amounts paid to Trade creditors during the year Rs. 35, 50, 000. (vii) Administrative and Selling expenses paid Rs. 3, 60, 000. (viii)One new machinery was acquired in December, 2005 for Rs. 6, 00, 000. (ix)Dividend paid during the year Rs. 1,20, 000. (x)Cash in hand and at Bank on 31.3.2006 Rs. 70, 000. (xi) Cash in hand and at Bank on 1. 4.2005 Rs. 50, 000. Prepare Cash Flow Statement for the year ended 31.3.2006 as per the prescribed Accounting Standard. (b) Define the teen "Operating Activities", "Investment Activities" and "Financing Activities" as per NA S-3 Send me this question answer in my mail Address please help me to how solve the question ( deepakgaire@gmail.com) plese plese
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Why the closing stock will not appear in the Trial Balance?
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