For the following questions answer them individually
Receipts and payments account includes which of the following?
(i) All receipts and payments related to the current year.
(ii) All receipts and payments related to the previous or future year(s).
(iii) All receipts and payments irrespective of the natural (both revenue and capital).
Mr. A draws a 6-month trade bill on B for ₹25,000 ou 1 January 2021. After hold ing the bill for 2 months, A decided to discount the bill with the bank at the rate of 10% p.a. The amount of discount on the bill is __ approximately (select the answer with the closest value).
What will be the journal entry for recording this transaction?
Returned goods to Mr. B of ₹500 aud paid to Mr. B ₹4,000 in full settlement for buying goods worth ₹5,000.
X and Y are partners in a partnership firm without any agreement. X has withdrawn ₹ 55,000 out of his capital as drawings. What is the interest on drawings that may be changed from X by the firm?
A machine is purchased for ₹8,000 and is wrongly recorded in the purchases account. Due to this error, the trial balance will:
A laptop worth ₹ 12,000 purchased for the daughter of a partner was debited to the general expenses account with ₹2,000. In the rectifying entry, the drawings account should be debited with:
A state of deterioration, damage done to a building or other property during tenancy can be referred to as:
