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Analyzing Accounting Treatment for Multiple Transactions?
Ramesh purchased a car for Rs. 5,00,000 and immediately sold it for Rs. 4,50,000. Later, he also received an invoice for Rs. 1,50,000 for the repair and maintenance of the car. Should Ramesh record this transaction as an asset or expense? Explain with suitable accounting entries.
Journal Entries for Two-Curtain System?
Akash Ltd., a manufacturing company, uses two-curtain system for accounting. The company purchases raw materials, manufactures products, and sells them to customers. Prepare journal entries for the purchase of raw materials, and the sale of finished goods to customers on credit.
Double Entry System: An Accounting Paradox?
Sohan, a merchant, buys goods worth Rs 10,000 from a supplier, paying cash, and simultaneously sells goods worth Rs 12,000 to a customer, receiving cash. During this transaction, the cash accounts of both Sohan and the supplier/customer remain unaffected. Explain the accounting entries for this transaction using the double entry system, highlighting the underlying principle and the balancing effect.
Analyzing Mixed Transactions?
Akash, a photographer, sold his camera for ₹ 18,000 and also provided services to a client for ₹ 12,000. He received ₹ 15,000 from the client in advance. Analyze the impact of these transactions on Akash's accounting records, considering the impact on his cash, accounts receivable, accounts payable, and profit.
Ignoring the Discount Received?
A firm purchased office stationery worth ₹ 10,000 at a cash discount of 2% and an invoice discount of ₹ 150. Ignoring the invoice discount, calculate the total cost of the stationery, and explain the accounting treatment for both the discounts received.
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