ankur


{ City } new delhi
< Country > india
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Questions / { ankur }
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what is account opening and account closing??

Royal Bank Of Scotland,

10 Accounting General 10912




Answers / { ankur }

Question { Genpact, 17289 }

what is journal


Answer

it is the original book of entry i.e, whenever a
transaction took place, the entry is very first entered in
a book called journal.each transaction will be written in a
journal book. and the entries will be called as journal
entries.each entry will have both debit and credit.

Is This Answer Correct ?    3 Yes 0 No

Question { Royal Bank Of Scotland, 10912 }

what is account opening and account closing??


Answer

whenever a transaction took place, the entry is very first
entered in a book called journal is accounting opening.
and whenever any entry passed to cancel its effect is
called accounting closing.

Is This Answer Correct ?    8 Yes 14 No


Question { iGate, 185283 }

What is Reserve & Surplus? Plz give me with some Example.


Answer

Reserves and surplusAt the end of an accounting period the
company may decide to transfer part of the profits to a
reserve and retain the balance in the profit and loss
account. The reserve created out of profits transferred
from profit and loss account is called general reserve. The
balance in the profit and loss account is called a surplus
and will be shown under this head in the balance sheet.
The company can use the general reserve for various
purposes including issue of bonus shares to shareholders
and payment of dividend when profits are insufficient.
The premium received when shares are issued at a premium
to the face value is shown under the head reserves and
surplus

Is This Answer Correct ?    378 Yes 31 No