Explain the distinction between cash and credit transactions.

What is journal entries?

Give the form of Journal.

On December 31, 1986, the assets and liabilities of Chemico Industries were as follows: Machinery Rs. 11,000         Furniture Rs. 3,000

Stock Rs. 24,000                Debtors Rs. 17,000

Cash Rs. 3,000                  Creditors Rs. 29,600

Loan Rs. 5,400

Calculate the capital of M/s Chemical Industries as on January 1, 1987 to enable you to pass an opening entry

What is a compound entry? 

How do you deal with the amount treated as bad debt which is recovered later on?

What is bad debt?

Distinguish between trade discount and cash discount. .

Name the accounts which are maintained in lieu of Goods Account.

What is an opening entry? Show how it is recorded. 

What is compound journal entry? Give examples.

Explain as to why the journal is called a book of original entry.

Explain the steps to be followed in journalizing.

Explain the steps to be followed in journalizing.

What are the steps to be followed in journalizing the business transaction?