Financial Accounting

The originator of Double Entry System

According to the concept of conservation, the stock-in-trade is valued at:

Establishment expenses of a new machine will be debited in ............. account

On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -

Which account of the following will be credited on giving of goods in donation-

Outstanding rent account is personal account

Object to keep fixed assets is

The loss on sale of furniture is debited to ........... account

If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........

If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-