what is reccission?how it is started
Answer / sanmilan
Recession means slowing down in Economic Activities,
imbalance in supply demand Ratio beyond the barriers. Bad
Investments, War, drowning out of money into unproductive
areas, declining in GDP, Inflation, Stagnancy in Industrial
Growth…. Etc can be cited as causes for Recession. These
results to unemployment, Layoffs etc.
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Accounting Questions
Please note that all the question related to VAT is belongs to pune, maharashtra. waiting for quality reply.
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sold goods on credit rs 10000
Do you know what is balance sheet?
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.