21⟩ Mr.a purchased machinery parts worth rs.50000 + vat @ 5% and 25 % parts would be returned?
At the time of purchase-
Machinery A/c Dr. 50000
Vat A/c Dr. 2500
To Party A/c 52500
At the time of return-
Party Dr. 13125
To Vat 625
To machinery 12500
Accounting General
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“General Accounting frequently Asked Questions in various Accounting General job Interviews by interviewer. Get preparation of General Accounting job interview”
26 Accounting General Questions And Answers
22⟩ What is Goodwill?
Goodwill is an intangible asset of a company which includes company reputation, fame etc., through goodwill company share value may increases
23⟩ What is golden rules of account?
personal a/c - debit the receiver, credit the giver
real a/c - debit whats comes in, credit whats goes out
nominal a/c - debit all expenses & losses, credit all incomes
and gains
24⟩ What is the difference of Fund Flow Statement and Cash Flow Statement?
Fund flow deals with transaction within financial year (One
year) whereas Cash flow Statement record only cash
transaction.
25⟩ What do you mean by cash basis and accruals basis account?
Cash basis is the method of recording accounting transaction for revenue and expenses only when corresponding cash is received & payment are made.
26⟩ Mrb sold 100000 good to mr.b + vat 12.5% where mr.b 50% goods return? and mr a had give 10% incentives to their employee?
vat a/c Dr 12500
TO party A/C 112500
At the time of return
party Dr . 56250
to vat 6250
to Inc employ 5000
to sales return 45000
