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The accounting general rule for recording financial transactions of nominal accounts in double-entry bookkeeping is "Debit all losses & expenses, credit all gains & income." Nominal accounts are temporary accounts, recording and keeping track of your profits, revenues, expenses, losses. Debiting losses and expenses represents an increase in these accounts, reflecting the use of assets or incurring of liabilities, while crediting gains and income accounts represents an increase in owners' equity through earned revenue or financial gains. This method ensures accurate and balanced financial records.
A shopkeeper sold an article after giving a discount of 25% and made a profit of Rs. 40. Find the marked price of the article if cost price of the artic...
A retailer offered two consecutive discounts of 20% and 15% on an item marked at Rs. 775. Given that the ratio of the cost price to the selling price of...
A sum is lent at 20% pa compound interest. What is the ratio of increase in the amount in the 4th year to that in the 5th year?
The marked price of a chair is Rs. 600. If the chair is sold after allowing successive discounts of 15% and 25%, then find the se...
A microwave oven was sold for Rs. 15,750 at a profit of 25%. If the microwave oven was instead sold at a loss of 9%, what would have been its selling pr...
Anaya purchased a dress for Rs. 3000 and paid extra for tailoring. She marked it up by 25%, gave a Rs. 360 discount, and earned a 15% profit. Find the t...
A boutique owner marked a dress 100% above the cost price and sold it after two consecutive discounts of 15% and 10%. If she had marked it 80% above the...
A man finds that the cost price of 4950 articles is same as the selling price of 4500 articles. Find his profit/loss%?
After applying a discount of Rs. 120 on an item, it was sold at a loss of 20%. If the ratio of the item's marked price to its selling price is 3:2, by w...
Selling price of article ‘A’ when sold at a profit of 50% is Rs. 100 more than its selling price when sold at a loss of 30%. If the cost price of ar...