The rule debit all expenses and losses and credit all income and gains relates to

Related MCQs

• In profit and loss account, if credit is more than the debit, the difference is
• The principle “Debit the receiver and credit the giver” is related to_____
• Debit the receiver & credit the giver is _____ account
• For every debit there will be an equal credit according to
• M/s Stationery Mart will debit the purchase of stationery to _______
• The policy of anticipate no profit and provide for all possible losses arise due to the concept of _____
• All branch expenses such as rent, salary are paid by H.O in case of:
• H.O. sent Rs 5000 as petty cash to branch during the year. Opening and closing balances of petty cash was Rs 1400 and Rs 400 respectively. Then petty expenses of the branch during the year will be ______
• If the opening balance of petty cash is Rs 1000, closing balance is Rs 500 and the petty cash received from HO is Rs 700, then what will be the amount of sundry expenses _____
• When Branch pays expenses for H.O. the following account is debited in the books of the branch _______