ABC ltd. which is 10 years old firm on December31,2018.As of january 01/2019 below are the trial balance entries

Transctions/ entry amount in INR

Account Payable 50000

Account Receivable 20000

Cash 450000

Merchandise inventory 6620

Land 60000

Salaries payable 32000

Common stocks 15000

Prepared Rent for Office 150000

Supplies 20000

Retained Earnings 25000

Later other transactions that took place in 2019 are:

1.

1. Paid salaries payable from 2018.

2. As of March 2019, the petty cash expense made was Rs 10,000.

3. Advanced payment made for the company's car which was on lease Rs, 1,00,000 on May 1, 2019.

4. Paid office rent in advance Rs. 25,000 on May 3, 2019.

5. Supplies purchased for Rs. 10,000 on the account.

6. During the year, purchased 20 CCTV cameras for Rs. 20,000 for cash.

7. Sold 103 CCTV cameras for Rs. 42,000 (calculate the cost of goods sold using FIFO method)

8. Accounts payable was Rs. 30,000

9. Petty cash replenished and the receipts included office supply expenses - Rs. 2,000, miscellaneous Rs. 7,000. Currency left Rs.1000

10. Billed Fixing services for Rs 10,000 for the year.

11. The salaries paid were Rs. 30,000 in cash

12. Accounts receivable were Rs. 60,000

13. Ad and marketing expense Rs. 6,000

Utility expense paid Rs. 5,000

14. The dividend paid to the shareholders was Rs. 15,000.

2.When does goodwill increase?

3.What are Revenue Recognition and Matching Principles?

4.What is a compound journal entry?

5.Where should you record a cash discount in a journal entry?

6.What is the difference between accounts receivable and deferred revenue?

7.What are the bills receivable?

8.What is Executive Accounting?

9.What do you mean by premises?

10.Define the accounting principal