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Q1. Relate the Sarbanes-Oxley Act with global convergence of the financial reporting standards. Q2. Sketch the concept...

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Accounting

Q1. Relate the Sarbanes-Oxley Act with globalconvergence of the financial reporting standards.

Q2. Sketch the concept of Debit and Credit interms of accounting equation’s elements.

Q3. Summarize the following entries in JournalLedger format.

  1. Harish started business with cash Rs. 10000
  2. Bought goods from Manohar 5000
  3. Purchase fittings for cash Rs. 800
  4. Sold goods to Charanjeet Rs. 1600
  5. Paid Manohar Rs. 3000
  6. Sold goods Vadva Ram Rs. 2000
  7. Received from Charanjeet Rs. 1540 and allowed him discount Rs.60
  8. Paid wages Rs. 80
  9. Bought goods for cash Rs. 600
  10. Sold goods to Ramesh Rs. 3400
  11. Purchase goods from Purchotam Ra. 2600
  12. Paid Manohar in settlement Rs. 1900 and discountallowed by him Rs. 100
  13. Paid carriage from goods and sold Rs. 40
  14. Paid wages Rs. 80
  15. Bought goods Manohar Rs. 3000
  16. Bought goods for cash Rs. 800
  17. Sold goods Vadva Ram Rs. 3600
  18. Vadva Ram paid on account Rs. 4000
  19. Purchase goods from Harbans Rs. 1500
  20. Sold goods for cash Rs. 1600

Answer & Explanation Solved by verified expert
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2 Concept of Debit and Credit in terms of accounting equations elements A Real Account Debit what comes in Credit what goes out B Personal Account Debit the receiver Credit the Giver C Nominal Account Debit all    See Answer
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