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what is the meaning of rates in(rent,rates and tax)
what is the meaning of contribution in margin of safety.
what is the equity? and what single entry system?
i want heavy explanation regarding these questions. thank
you in advance reply soon bye!
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Answer Posted / amarjeet singh
In Single entry system of accounting only one effect of an entry is recorded. It is used by small business units because details are not required by these units. For example if goods are sold on credit to Ram Lal for Rs 5000, it will be recorded in the books as Rs 5000 receivable from Ram Lal.
The primary bookkeeping record in single entry system is cash book in which only Receipts and Payments are recorded.
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pass the journal as wellas ledger entries off the foll 1st jan :> started businress with cash rs 1,20,000 & goods worth rs 60,000. 2nd jan > cash purchases rs 50,000. 4th jan >cash sales rs 40,000. 6th jan > purchase good's from sonali on credit worth rs 30,000 at 10 % trade discount. 8th jan> sold sood's to komal on credit rs 20,000 at 10% trade discount. 10th jan > paid rent by a cheque rs 50,000. 12th jan > good's worth rs 4,000 lossed by fire. 14th jan > good's worth rs 3,000 withdrawn from business for personal use. 16th jan > good's worth rs 2,000 distributed as free samples. 18th jan > good's worth rs 1,000 exchange for furniture.
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