Tag Archives: Capital loss

Rectification of Errors Important Question 3 for I.Com Part 1

Rectification of Errors Important Question 3 for I.Com Part 1 Correct the following errors by passing journal entries (i) The purchase book was under casted Rs. 1,000. (ii) Machinery bought Rs.1,000 posted as purchases. (iii) Sales book was overcastted Rs. 550. (iv) Sold old furniture for Rs.250 passed through the day book. (v) Carriage on machinery Rs. 500 has been …

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Define capital loss

Define capital loss The amount by which the purchase price of an asset exceeds the selling price; the loss is realized when the asset is sold Or The loss incurred when a capital asset (investment or real estate) decreases in value. This loss is not realized until the asset is sold for a price that is lower than the original …

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Define posting

Define posting Posting is the process of copying either summary-level or detailed entries in an accounting journal into the general ledger. Posting is needed in order to have a complete record of all accounting transactions in the general ledger, which is the source document used to create financial statements. Posting may be done at any time, in batches, or at …

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