Goods/Stock purchased or sold being returned is quite a common practice in business. This may be on account of a number of reasons like defects in goods‚ quality not matching the requirement for which the buyer purchased it‚ the buyer not needing the stock‚ etc. This happens both in case of goods purchased as well as goods sold by the organisation. Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"
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it will be recorded in the purchase journal‚ once it has been certified as a valid invoice. After the journal entries‚ the next step is to post the journal entries into account. Ledger Account also known as “T” Account and Account. Ledger accounts categorize these changes or debits and credits into specific accounts‚ so management can have useful information for budgeting and
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profit and unappropriated profit. what is the accumulated profit and why do accountants and bookkeepers use different names for the same thing? (6 marks) Accumulated profits is profits that are not paid as dividend but is transfered over to the accounts for the next year. Also can be used to reinvest in the core of the business to help pay off debts or to purchase a capital asset. The reasons why accountants and bookkeepers use different names for the same thing is because bookkeepers are the people
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convenience‚ schools may provide a computerized student grades and account text inquiry system for the students. A student needs to be registered first under the school’s portal. Once a student is already registered‚ he or she will have an account in the portal. He will be provided with a user name and password which is related to the information in his registration and that can be used to access the school’s information. Through this system‚ a student will have access to the subjects‚ the grades‚ fees
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company issue a share having face value of Rs 10 at Rs 8 Give two examples of ‘Capital receipts’. Give two circumstances in which sacrificing ratio may be applied (1) (1) (1). (1) (1) Show how you would deal with the following items in the final accounts of a club: (3) Debit credit Prize fund Prize fund Investments 1‚20‚000 Income from Prize fund Investments Prizes awarded 9000 Q7. 1‚20‚000 12000 A‚B and C are partners sharing profits and losses in the ratio of 1 : 2: 3. They have omitted interest
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Why are accounts important To begin by why accounts are important‚ a person should first know what accounts actually mean. Accounts are financial records of an organization that register 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 two main parts: the balance sheet‚ and the income
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The Philippine System of National Accounts (PSNA) Net Factor Income from Abroad - Estimation Methodology Income Flow | Estimation Methodology at Current Prices | Estimation Methodology at Constant Price | | Preliminary | Revised | | Inflow | | | | Compensation | Total stock of OFW x average salary x average forex | same as preliminary but uses updated data | | Property Income | Investment income from BOP x average forex | same as preliminary but uses updated data | | Total
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UNIVERSITI UTARA MALAYSIA UUM COLLEGEOF BUSINESS SCHOOL OF ACCOUNTANCY COURSE CODE : BKAL1013 COURSE : BUSINESS ACCOUNTING PRE-REQUISITE : NONE 1.0 COURSE SYNOPSIS This course is designed specifically for students from non-accounting disciplines. It is divided into two sections‚ i.e. financial accounting and management accounting. Students will be exposed to accounting concepts‚ principles and assumptions. They would be able to assess
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m.Module 3 CAPITAL BUDGETING Meaning of Capital Budgeting :- Capital Budgeting is the process of making Decisions regarding long term investments in Fixed Assets which are not meant for sale. It is long range planning to employ the available capital for the purpose of maximizing the long term profitability of the concern. Definition of Capital Budgeting:- Prof I.M.PANDEY Defines Capital Budgeting as the firms decision to invest its current funds most efficiently in long term activities
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za/sri/docs/criteria/Background%20and%20Criteria.round3.final2.pdf (Accessed 17 July 2006). Judge W.Q.‚ & Hema K.‚ (1994)‚ “An Empirical Investigation of the Scope of a Firm’s Enterprise Strategy”‚ Business and Society‚ n Lühmann N.‚ (1995)‚ Social Systems‚ Stanford‚ California‚ Stanford University Press. Lynch R.‚ (1997)‚ Corporate Strategy‚ London‚ Financial Times Pitman. Maignan I.‚ & Ferrell O.C.‚ (2004)‚ “Corporate Social Responsibility and Marketing: An Integrative Framework”‚ Journal of the
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