Tag Archives: Creditors

What do you mean by debentures?

What do you mean by debentures? An unsecured loan certificate issued by a company, backed by general credit rather than by specified assets. Or A type of long-term unsecured bond (loan), taken out by a company, which it agrees to repay at a specified future date. The company will usually pay a fixed rate of interest to debenture holders each …

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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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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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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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Define Creditors

Define Creditors Creditor is an expression used in the accounting world to specify a party who has delivered a product, service or loan, and is owed money by one or more debtors. Source: http://www.e-conomic.co.uk/accountingsystem/glossary/creditor Or A party to whom money is owed Common classifications of a creditor include (1) Secured: who has a legal right to take a specific property …

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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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