MTH104 ASSIGNMENT 1 SOLUTION SPRING 2022 GET THE SOLUTION FILE FROM THE BELOW LINK.
Account Payable: An amount owed to a supplier for goods or services purchased on credit; payment is due within a short time period, usually 30 days or less.
Notes Payable: A liability expressed by a written promise to make a future payment at a specific time, OR are obligations (short-term debt) evidenced by a promissory note? The proceeds of the note are used to purchase current assets (inventory & receivables).
MTH104 ASSIGNMENT 1 SOLUTION SPRING 2022
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Dual Aspect of Transactions:
For every debit, there is an equal credit. This is also called the dual aspect of the transaction i.e. every transaction has two aspects, debit and credit and they are always equal.
This means that every transaction should have a two-sided effect. For example, Mr. A starts his business and he initially invests Rupees 100,000/- in cash for his business. Out of this cash following, items are purchased in cash;
o A building for Rupees 50,000/-;
o Furniture for Rupees 10,000/-; and
o A vehicle for Rupees 15,000/-
This means that he has spent a total of Rupees 75,000/- and has left with Rupees 25,000 cash. We will apply the Dual Aspect Concept to these events from the viewpoint of business.