Basic Accounting Terms
What is Statements of Assets & Liabilities called?
Balance Sheet
Accounting equation is based on
Dual Aspect Concept of Accounting
GST stands for
Goods and Services Tax
What is revenue from operations?
Gross inflow of cah receivables and other incomes resulting from business operations.
Journal entry for Credit purchases of goods for Rs. 18000.
Purchase a/c Dr 18000
To Creditors a/c 18000
Is GST a direct tax or Indirect tax?
Indirect Tax
Goods remaining unsold or unused as on a particular date
Inventory
Journal entry for commission received in advance from Rakesh
Commission received in advance a/c Dr
To Rakesh's a/c
What is Reverse charge?
The liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply.
A person or entity unable topay his/its debts
Insolvent
Journal Entry for Cash withdrawn by propreitor for personal use.
Drawings a/c Dr
To Cash a\c
Pass Journal entry for -
Sold goods worth 20,000 to Ramesh. Charged CGST and SGST @ 9% respectively.
Ramesh a/c Dr 23600
To Output CGST 1800
To Output SGST 1800
To Sales 20000
What is an evidence of transaction having taken place?
Voucher
Journal entry for Provide 15% interest on Capital - 100000Rs
Interest on Capital a/ Dr 15000
To Capital a/c 15000
Pass Journal Entry according to the books of Surya -
[CGST & SGST @9% each and IGST @18%]
Surya (Bihar) returned goods purchased from Shakti opticals(Uttarkhand) for 10000
Purchase Return a/c Dr 10,000
Output IGST 1,800
To Shakti Opticals 11,800