basic fundamentals of accounting-accounting process

All expense and ___ accounts appearing in the trial balance are transferred to the trading and profit and loss account.

After the preparation of ledger, the next step is the preparation of-

Difference of totals of both debit and credit side of the trial balance is transferred to-

Bank overdraft is shown on the ____ side of trial balance.

After preparing trial balance accountant finds that the total of debit side is short by Rs 1,500. This difference will be-

Purchase of furniture on cash for Rs 1,50,000 will be recorded in-

Purchased goods for Rs 90,000 from Mr. N on credit will be recorded in-

Rs 3,50,000 cash paid to creditors for settlement of credit purchases will be recorded in-

Sold furniture on cash for Rs 1,50,000 will be recorded in-

Sold goods for Rs 90,000 to Mr. Z on credit will be recorded in-

Received cash of Rs 2,00,000 from debtors for settlement of credit sales will be recorded in-

Mr.N returns the goods of Rs 50,000 purchased on credit to Mr.Z. This transaction will be recorded by Mr.N in ___ and by Mr.Z in ____

If Mr.Z draws the bill of exchange for Rs 75,000 on Mr.N. This transaction will be recorded by Mr.Z in ___ and by Mr.N in ____

An allowance of Rs 50 was offered for an early payment of cash of Rs 1,050. It will be recorded in-

A second-hand motor car was purchased on credit from B & Co. for Rs 10,000. It will be recorded in-

Goods were sold on credit basis to Mr.Ram for Rs 10,000. It will be recorded in-

Accounting for recovery from Mr.C of an amount of Rs 2,000 earlier written off as bad debt will be recorded in-

Credit purchase of stationery worth Rs 5,000 by a stationery dealer will be recorded in-

A bills receivable of Rs 10,000, which was received from a debtor in full settlement for a claim will be recorded in-

Purchased goods from Shyam worth Rs 50,000 on credit basis will be recorded in-

Outstanding salary of Rs 34,000 to be provided in the accounts will be recorded in-

A debit note for Rs 20,000 issued to Mr.Z for goods returned by us is to be accounted for in-

Investment was sold in cash for rs 1,00,000 at par will be recorded in-

salary paid in cash-Rs 50,000 will be recorded in-

Cash sales for Rs 5,00,000 will be recorded in-