Proprietor of the firm has withdrawn goods for his personal use. The accountant has recorded it as sale in the books of accounts. Is he correct in doing so?

What does debit balance of a Real Account indicates?

What entry is passed when cheques received from the customers are not sent to bank on the same day.

Name the two State Taxes that have merged into GST.

In the above case, if the proprietor had invested ₹ 5,000 as additional capital and withdrawn ₹ 2,000, what will be your answer?

The position of a businessman on 30th June 1994 was as follows :
Cash ₹ 5,000; Debtors ₹ 20,000; Machinery ₹ 60,000; Stock ₹ 25,000; Capital ₹ 75,000. Calculate his liabilities.

Indicate how Accounting Equation is affected if cash is received against services rendered?

Ravi purchased on credit goods for ₹ 5,00,000 Less 20% Trade Discount. As per the terms, he can deduct 4% Cash Discount if he pays the full amount within 15 days. What amount he will have to pay to avail the Cash Discount?

Indicate how Accounting Equation is affected if machinery is purchased for cash?

What is Journalising?