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Answer Posted / lydia
Its an entry in which
double entry is
completed in the same
account
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reason for difference in Balance sheet (Asset side & Liabilites side)
Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times
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A----------involves transfer of money or moneys worth from one person to another
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