Goods costing Rs. 10,000 were taken by the owner for personal use and goods worth of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Goods costing Rs. 10,000 were taken by the owner for personal use and goods worth of Rs. 2,000 were used for office repairs. However, recording these was omitted by the bookkeeper. Required: What shall be the correcting entry? Goods costing Rs. 10,000 were taken by the owner for personal use and goods worth of Rs. 2,000 were used for office repairs. However, recording these was omitted by the bookkeeper. Required: What shall be the correcting entry?
Expert Answer:
Answer rating: 100% (QA)
What shall be the correct entry For the goods taken by ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked for your help. In examining the company's journal and ledger, you discover the following errors....
-
We granted certiorari in this case to address an issue of first impression in Colorado regarding whether under [UCC] 1-201(b)(20) and [UCC] 3-302, C.R.S. (2007), Colorados codification of the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Pohle Designs has a department that makes high-quality leather cases for iPads. Consider the following data for a recent month: Budget Formula per Unit Various Levels of Output 10.000 1.000 12000...
-
The compound shears are used to cut metal parts. Determine the vertical cutting force exerted on the rod R if a force F is applied at the grip G. The lobe CDE is in smooth contact with the head of...
-
Consider the following data. Suppose that the relationship between Y and x is hypothesized to be Y = (B0 + B1x +)1. Fit an appropriate model to the data. Does the assumed model form seem reasonable?
-
How to develop a litigation strategy?
-
EverFit Inc. manufactures commercial grade fitness equipment used in spas and health clubs. The firm produces complex resistance exercise machines designed to strengthen specific muscles. EverFits...
-
If the cost of equity capital is 15% p.a., the market value of equity is $5 million, the company tax rate is 30%, the cost of debt is 12% p.a. and y = 0.60, what is the cost of capital?
-
The three forces are applied to the bracket. Determine the range of values for the magnitude of force P so that the resultant of the three forces does not exceed 2400 N. 3000 N 90%- Prob. 2-38 800 N...
-
Which of the following statements regarding profit margin is not true? Multiple Choice Profit margin reflects the percent of profit in each dollar of revenue. Profit margin is also called return on...
-
USINT a minimum of 5 REAL PEER REVIEWED ARTICLES ~ I will be checking them. Use in-text citations and references in a.pa style. For this week's assignment, you need to create a translational study...
-
Assume a parent company owns a 100% controlling interest in its long-held subsidiary. The following excerpts are from the parent's and subsidiary's pre-consolidation income statements for the year...
-
Suppose that a wind is blowing in the direction S45E at a speed of 40 km/h. A pilot is steering a plane in the direction N60E at an airspeed (speed in still air) of 100 km/h. The true course, or...
-
1. do you agree or disagree and elaborate. QUESTION: ASLEAN WISNER. CASE STUDY 7 These are how Bill Gates possess all five types of power: 1) Reward power: Because Bill Gates is the founder of...
-
Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year-end is December 31. Cost of...
-
The movements in the cash account of NONCHALANT COOL Co. during 20x2 are shown below. beg Sales Interest income Rent income Dividend income Held for trading securities Sale of old building Collection...
-
Consider a closed, rigid tank with a volume of 0.8L, filled with cold water initially at 27C. The tank is filled such that there are no voids (air pockets) within. The initial pressure within the...
-
Abigail (Abby) Boxer is a single mother working as a civilian accountant for the U.S. Army. Her Social Security number is 676-73-3311 and she lives at 3456 Alamo Way, San Antonio, TX 78249. Helen,...
-
During the 2012 tax year, Irma incurred the following expenses: Union dues..............................................................$275 Tax return preparation...
-
Deborah purchases a new $30,000 car in 2012 to use exclusively in her business. If Deborah does not elect to expense or take bonus depreciation in 2012 and holds the car until it is fully...
-
_____________ is the process of communicating knowledge that was developed by one person or in one part of an organization to another person or other parts of an organization. A. Cross training B....
-
Which of the following was not a lesson learned from the Just-In-Time Training project? A. good communications was instrumental to project success B. supplier partnerships were not very effective C....
-
Which of the following is not advice for closing projects or phases? A. You dont need to celebrate completing a project, especially if it did not go well. B. You should capture lessons learned as...
Study smarter with the SolutionInn App