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Gaurav Seth 5 years, 5 months ago
Give an example of each of the following : Increase in asset and decrease in another asset Decrease in liability and increase in another liability Decrease in asset and decrease in owner’s equity Increase in asset and increase in owner’s equity
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Effect |
Example |
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i. Increase in asset and decrease in another asset |
i. Sale of goods for cash. Increase in cash and decrease in goods. |
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ii. Decrease in liability and increase in another liability |
ii. Bills payable issued to creditors. Increase in bill payable and decrease in liability |
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iii. Decrease in asset and decrease in owner’s equity |
iii. Drawings by the proprietor Decrease in liability (capital) and decrease in asset (cash or bank) |
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iv. Increase in asset and increase in owner’s equity |
iv. Introduction of capital by the proprietor increases asset (cash or bank) and also liability (capital) |
Posted by Ritik Panwar 5 years, 5 months ago
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Shaweta Mittal 5 years, 5 months ago
Gaurav Seth 5 years, 5 months ago
No, it is not a transaction.
Only transactions that results in actual resource flow is recorded. Order receiving will materialise into sales when goods are delivered or handed over to the buyer. So, this thing is not recorded in accounting records, however, it will be entered in sales order book, which is not part of accounting system.
Posted by Nidhi Sonkar 5 years, 5 months ago
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Gaurav Seth 5 years, 5 months ago
A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals and other activities affecting a bank account for a specific period.
Bank Reconciliation Statement is a record book of the transactions of a bank account. This statement helps the account holders to check and keep track of their funds and update the transaction record that they have made. Bank Reconciliation statement is also known as bank passbook. The balance mentioned in the bank passbook of the statement must tally with the balance mentioned in the cash book. In the statement, all the deposit will be shown in the credit column and withdrawals will be shown in the debit column. However, if the withdrawal exceeds deposit it will show a debit balance (overdraft).
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Gaurav Seth 5 years, 5 months ago
Marginal utility refers to additional utility obtained from the consumption of an additional unit of a commodity. To illustrate, if 10th unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils.
Meghna Thapar 5 years, 5 months ago
Marginal utility theory examines the increase in satisfaction consumers gain from consuming an extra unit of a good. The utility is an idea that people get a certain level of satisfaction/happiness/utility from consuming goods and service. In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.
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Shruti Gaddhyan 5 years, 5 months ago
Gaurav Seth 5 years, 5 months ago
Bookkeeping is the activities concerned with the systematic recording and classification of financial data of an organization in an orderly manner. It is essentially a record-keeping function done to assist in the process of accounting. It is a key component in forming the financial statements of the organization at the end of the financial year.
Bookkeeping also concerns itself with the classification of financial transactions and events. Such classification of transactions is essential to maintain proper financial accounts. It also involves preparing source documents for the financial transactions and other business operations being carried out.
There are many methods of book-keeping. The most common ones are the double-entry system and the single-entry system. But even methods other than these, which involves the process of recording financial transactions in any manner are acceptable book-keeping systems or processes.
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Rajender Kumar 5 years, 5 months ago
0Thank You