A cash discount is not recorded in the books of accounts.
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i. A solvent person is a person whose assets are more than his liabilities. ii. Cash discount does not appear in the books of accounts.
i. This statement is True. A person who is unable to pay his debts is called insolvent. An insolvent person does not have sufficient assets to pay his debts. His business debts...
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Which discount is not recorded in the books of account?
Trade discount is not recorded in the books of the account.
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Cash discount allowed should be debited to discount A/c.
This statement is True. Reasons: Any allowance or reduction in payment allowed by the seller to the buyer or creditor to the debtor on payment of cash is called cash discount. It...
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Trade discount is recorded in the books of accounts.
This statement is False. Correct statement: Trade discount is never recorded in the books of accounts. Reasons: The discount which is allowed or given by the manufacturer to wholesalers and by...
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i. Every Journal Entry requires ________ ii. _______ discount is always recorded in the books of accounts.
i. Narration ii. Cash iii. Voucher iv. Three v. Crossed.
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Bought goods from Ranjan ₹ 10,000 @ 5% GST and 10% cash discount. Calculate cash discount.
Cost of the goods bought = ₹ 10,000 @ 5% GST and 10% cash discount. GST on Goods Purchased = Cost of goods × 5%. = 10,000 × \(\frac{5}{100}\) = ₹ 500. Net value of Goods...
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State the accounts which are not considered while preparing the Trial Balance by Balance Method Accounts which do not show any balance are not conside
Correct Answer - Balance Method.
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i. Trade discount is recorded in Cash Book. ii. Petty Cash Book is a book with having a record of big payments.
i. Disagree ii. Disagree iii. Agree iv. Agree v. Disagree
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i. Cash Book is a _______ Journal. ii. In Journal Proper, only ________ discount is recorded.
i. Subsidiary ii. Cash iii. Purchase return iv. Journal proper v. Bank
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i. ______ is assured only when there are no errors in the books of accounts. ii. Transactions recorded in contravention
i. Accuracy ii. errors of principle iii. Rectifying iv. suspense account v. wrong
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