Tag Archives: account

Bill of Exchange Important Question 8 for I.Com Part 1

Bill of Exchange Important Question 8 for I.Com Part 1 Y sells goods to Z for Rs.2000 and draws a bill on Z for 3 months, which he accepts and returns it to Y. One month before its maturity, Z retires the bill under a rebate of 6% p.a. Pass journal entries in the books of Y and Z. Solution …

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Bill of Exchange Important Question 7 for I.Com Part 1

Bill of Exchange Important Question 7 for I.Com Part 1 Adil sold goods to Karim for Rs. 10,000 and drew a bill upon him for 3 months. Karim returned the bill to Adil after accepting it and Adil discounted the bill with his bank at 9% p.a. On the due date the bill was dishonored. Required: Pass entries in the …

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Define bills of exchange

Define bills of exchange A written order to pay a sum of money on a given date to the drawer or to a named payee; a promissory note Or A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), …

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What is account?

What is account? A report or description of an event or experience Or Financial records of an organization that registers all financial transactions, and must be kept at its principal office or place of business. The purpose of these records is to enable anyone to appraise the organization’s current financial position with reasonable accuracy. Firms present their annual accounts in …

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What is Current Account?

What is Current Account? That part of the balance of payments recording a nation’s exports and imports of goods and services and transfer payments. Or The difference between a nation’s total exports of goods, services and transfers, and its total imports of them. Current account balance calculations exclude transactions in financial assets and liabilities. Source: http://www.investopedia.com/terms/c/currentaccount.asp

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What is an account?

What is an account? One definition of an account is a record in the general ledger that is used to collect and store debit and credit amounts. For example, a company will have a Cash account in which every transaction involving cash is recorded. If the company sells merchandise for cash, the Cash account will be debited and the Sales …

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Objective Type Questions for Principle of Accounting I.Com Part 1 (d)

Objective Type Questions for Principle of Accounting I.Com Part 1 Test 4

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