Write short notes on the following: (a) Capital account and drawings account (b) Trade discount vs cash

Question:

Write short notes on the following:

(a) Capital account and drawings account

(b) Trade discount vs cash discount

(c) Petty cash book

(d) Closing entries

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

See More Books

Question Posted: Dec 15, 2023 11:39 PM

See More Questions

Write short notes on the following concepts. i. Fundamental issues in hardware-software co-design of embedded systems ii. Computational models in embedded design
In this module you will be required to record: (1) payment of a short-term note, (2) write of a bad debt using the direct write-off method, (3) collection of a short-term note receivable, (4) sale of...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
On August 31, 2018, Rijo Equipment Repair Corp.'s opening trial balance was as follows. The company prepares adjusting entries monthly. During September, the following transactions were completed:...
The student engineer of a campus radio station wishes to verify the effectiveness of the lightning rod on the antenna mast (Fig. P18.55). The unknown resistance Rx is between points C and E. Point E...
A piston is seated at the top of a cylindrical chamber with radius 5 cm when it starts moving into the chamber at a constant speed of 3 cm/s (see figure). What is the rate of change of the volume of...
E 23-5 Journal entries and accounting for an estate You serve as the executor for the estate of Jeff Carpenter, who passed away on August 25, 2015, at the age of 102. Jeffs estate consisted of two...
Following is a list of advantages and disadvantages of the corporate form of business. 1. Ownership and management are separated. 2. Has continuous life. 3. Transfer of ownership is easy. 4....
Required information [The following information applies to the questions displayed below.) On January 1, MM Company borrows $400,000 cash from a bank and in return signs an 8% Installment note for...
Explain with reasoning why adjustments are necessary to be incorporated in the final accounts. Give suitable example.
Agreeing of trial balance is the elementary proof of mathematical accuracy of books of account but not the final proof. Discuss.
In Exercises find the volumes of the solids generated by revolving the region bounded by the graphs of the equations about the given lines. (a) The x-axis (b) The y-axis (c) The line x = 3 (d) The...
Design a clocked D flip-flop, using a modified ECL circuit design, such that the output becomes valid on the negative-going edge of the clock signal.
An L2 steel strap having a thickness of 0.125 in. and a width of $2 \mathrm{in}$. is bent into a circular arc of radius $600 \mathrm{in}$. Determine the maximum bending stress in the strap.
Cars traveling from Canada to the United States through the Thousand Islands Border Crossing must stop for US Customs and Immigration. During the stop, each passenger in the car must present a...
Gasoline is pumped through a 2 in. sch 40 pipeline upward into an elevated storage tank at $60^{\circ} \mathrm{F}$. An orifice meter is mounted in a vertical section of the line, which uses a DP cell...
Change the recurring costs in Problem and Exercise 3 to $40,000 and redo the analysis. Problem and Exercise 3 Assume you are put in charge of launching a new website for a local nonprofit...
Find Î± and Î² that solve the following equation: 1 2 2 1
Swifty company is a publicly held corporation whose $1 par value stock is actively traded at $30 per share. The company issued 3400 shares of stock to acquire land recently advertised at $93000. When...
What are the similarities and differences between the terms depreciation, depletion, and amortization?
Often research and development costs provide companies with benefits that last a number of years. (For example, these costs can lead to the development of a patent that will increase the companys...
McDonalds Corporation reports total average assets of $28.9 billion and net sales of $20.5 billion. What is the companys asset turnover ratio?
please help Problem 13-7 (Algo) Prepare a Statement of Cash Flows [LO13-1, LO13-2] [The following information applies to the questions displayed below.] Comparative financial statements for Weaver...
A firm has 1000 shareholders, each of whom own $59 in shares. The firm uses $28000 to repurchase shares. What percentage of the firm did each of the remaining shareholders own before the repurchase,...
Vancouver Bank agrees to lend $ 180,000 to Surrey Corp. on November 1, 2020 and the company signs a six-month, 6% note maturing on May 1, 2021. Surrey Corp. follows IFRS and has a December 31 fiscal...

Write short notes on the following: (a) Capital account and drawings account (b) Trade discount vs cash

Question:

Step by Step Answer:

a Capital account and drawings account Capital account It is an account that reflects the investments contributions and withdrawals made by the owners ...View the full answer

Financial Accounting

Students also viewed these Business questions