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.
Harish started business with cash Rs. 10000
Bought goods from Manohar 5000
Purchase fittings for cash Rs. 800
Sold goods to Charanjeet Rs. 1600
Paid Manohar Rs. 3000
Sold goods Vadva Ram Rs. 2000
Received from Charanjeet Rs. 1540 and allowed him discount Rs.60
Paid wages Rs. 80
Bought goods for cash Rs. 600
Sold goods to Ramesh Rs. 3400
Purchase goods from Purchotam Ra. 2600
Paid Manohar in settlement Rs. 1900 and discountallowed by him Rs. 100
Paid carriage from goods and sold Rs. 40
Paid wages Rs. 80
Bought goods Manohar Rs. 3000
Bought goods for cash Rs. 800
Sold goods Vadva Ram Rs. 3600
Vadva Ram paid on account Rs. 4000
Purchase goods from Harbans Rs. 1500
Sold goods for cash Rs. 1600
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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
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