Answer Posted / sridhar k

1. Personal Account

Sundry Creditors A/c Dr.
To Cash/Bank A/c
( Payment for Purchase of Goods )

2. Real Account

Cash A/c Dr
To Bank A/c
( Cash Withdrawn from Bank )

3. Nominal Account
Printing & Stationery A/c Dr.
To Cash/ Bank A/c
( Purchase of Stationery Items )

Is there any circumstance where an accountant is allowed to depart from accounting standards while preparing financial statements? If yes explain why, if no explain no.

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2532

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What is aggregate Liabilities ?

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Equipment A has a cost of Rs.75,000 and net cash flow of Rs.20000 per year for six years. A substitute equipment B would cost Rs.50,000 and generate net cash flow of Rs.14,000 per year for six years. The required rate of return of both equipments is 11 per cent. Calculate the IRR and NPV for the equipments. Which equipment should be accepted and why?

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all GL Related Interview questions with answear

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