Question { 25948 }

What is contra entry?

Answer

which accounting entry recorded on both sides of the cash
book ( Debit side & Credit side) of the cash book is known
as Contra entry.
Contra entry will come on the picture only when
cash deposited at bank or cash withdrawn from the bank.

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Question { HP, 9266 }

what is amortization?

Answer

It is a process of writing of intangible assets.

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Question { 11050 }

golden rules of accounting

Answer

The accounts are divided into two groups i.e.
$ Personal accounts
Debit is the receiver
Credit is the giver
Ex: Sundry creditors & Sundry debtors, etc
$ Impersonal accounts
== Real accounts
== Nominal accounts

Real accounts :
Debit is what comes in
Credit is what goes out
Ex:- Furniture, Land, Building, cash, etc

Nominal accounts :
Debit is all expenses and losses
Credit is all incomes and gains
Ex:- Salraies, intrest, etc

Question { WNS, 12299 }

WHAT IS LIABILITY?

Answer

The term liability refer to amounts due from a business to
others either for money borrowed or for goods or assets
purchased on credit or services received without making
immediate payments.
Ex:- Bank loan overdrafts, trade creditors

Question { 7848 }

what is the difference between journal entry and ledger

Answer

Journal means chronological record of transactions and
ledger is a book containing classified information. (
Chronological = following the order in which things occurred)

Question { State Bank Of India SBI, 6837 }

What is the current SLR?

Answer

SLR Means Statuary liquidity ratio, Every bank has to
maintain certain percentage in the form Securities over its
deposits and credits with RBI this is known as SLR
Present SLR is 25%