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Question
Write any one transaction which decreases the assets and decreases the liabilities
One Word/Term Answer
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Solution
Paid creditors
shaalaa.com
Approaches of Recording Transactions
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Chapter 3: Books of Prime Entry - Very short answer questions [Page 58]
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RELATED QUESTIONS
Accounting equation signifies ___________.
‘Cash withdrawn by the proprietor from the business for his personal use’ causes ____________.
Real account deals with ____________.
Which one of the following is representative personal account?
Prepaid rent is a ____________.
What is the accounting equation?
What is an Account?
Complete the accounting equation.
Assets = Capital + Liabilities
₹ 1,00,000 = ₹ 80,000 + ?
What will be the effect of the following on the accounting equation?
- Sunil started business with ₹ 1,40,000 cash and goods worth ₹ 60,000
- Purchased furniture worth ₹ 20,000 by cash
- Depreciation on furniture ₹ 800
- Deposited into bank ₹ 40,000
- Paid electricity charges through net banking ₹ 500
- Sold goods to Ravi costing ₹ 10,000 for ₹ 15,000
- Goods returned by Ravi ₹ 7,500 (costing ₹ 5,000)
Create an accounting equation on the basis of the following transactions:
- Started business with cash ₹ 80,000 and goods ₹ 75,000
- Sold goods to Shanmugam on credit for ₹ 50,000
- Received cash from Shanmugam in full settlement ₹ 49,000
- Salary outstanding ₹ 3,000
- Goods costing ₹ 1,000 given as charity
- Insurance premium paid ₹ 3000
- Out of insurance premium paid, prepaid is ₹ 500
