Recording of Tr...

X Y entered into a Joint Venture to undertake the public issue of ABC Ltd. The company invited application for allotment of 2,00,000 shares at Rs. 10. The issue was subscribed to the extent to 90% and the remaining were taken by Y. They agreed to share profit and loss in the ratio of 2:3. The shares undertaken by X Y were subsequently sold at a premium of 40 per share. How many shares were undertaken by X Y?

A and B enter into joint venture sharing profit and loss equally. A purchased 1000 kg of rice @ Rs. 20 per kg. Brokerage was paid Rs. 2000, carriage paid Rs. 3,000. B sold 900 kg of rice @ Rs. 22 per kg. Balance of rice were taken over by B at cost. The value of rice taken over to be recorded in joint venture will be _______________.

Bank column of the Cash Book has __________ balance.

Cash account will show ______________.

While posting the Cash Payment from Cash Book___________.

Cash purchases are recorded in ______________.

The process of equalizing the two sides of an account by putting the difference on the side where amount is short is known as _____________.

Purchases journal (also called Purchase book or Invoice book or Invoice journal) is used for recording ________________.

Purchases book is meant for recording the _______ of goods.

The total of the purchases day book is posted periodically to the debit of ______________.