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Q1. Mr. Prem commenced business of trading in electronic goods with an initial capital of ₹ 15,00,000. Out of the said ₹15,00,000, he paid ₹10,00,000 towards purchase of electronic goods. He further spent ₹2,00,000 on…

Goods Goods are the products in which the firm is dealing or producing for sale purposes. Purchases The term 'Purchases' is used for the purchase of goods. In trading concerns, goods are purchased for resale…

Expense: Expense is the cost incurred for generating revenue (producing goods and services for sell purposes). According to R.N. Anthony, "Expense is a monetary measure of inputs or resources consumed." It is a value which…

Expenditure Money spent or liability incurred for acquiring goods or services or assets is called expenditure. Thus, expenditure is a payment for a benefit received. Examples: Payment of rent, salary, purchase of goods, purchase of…

An entity in accounting language refers to an economic unit engaged performing economic activities like Nikunj Enterprises, Maruti Suzuki, Dabur India, DLF, Bajaj Auto etc Business Transaction The term business transaction refers to a financial…

Definition "Accounting is the art of recording, classifying, and summarising in a significant manner and in terms of money; transactions and events which are, in part at least, of a financial character, and interpreting the…