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rohit (Querist)

23 August 2009 (i) Excess of _______ over _______ is called as deficit in a non-trading organisation.
(ii) Discount received is recorded on _______ side of the cash book, while
discount given is recorded on the _______ side of it.
(iii) Fixed overheads are charged to cost of production under _______ costing,
whereas only variable costs are considered as product costs under _______
costing.
(iv) Bills payable account is a _______ account and closing stock account is
_______ account.
(v) Posting from a Purchase return book is made to the debit of _______
account and to the credit of _______ account

Manmohan ACA, CS

Manmohan ACA, CS (Expert)

23 August 2009 i) Excess of expenditure over income is called as deficit in a non-trading organisation.
(ii) Discount received is recorded on credit side of the cash book, while
discount given is recorded on the Debit side of it.
(iii) Fixed overheads are charged to cost of production under absorption costing,
whereas only variable costs are considered as product costs under marginal
costing.
(iv) Bills payable account is a personal account and closing stock account is
real account.
(v) Posting from a Purchase return book is made to the debit of creditors
account and to the credit of return outword account

in short

i) expenditure , income .
(ii) credit , Debit
(iii) absorption costing,marginal costing.
(iv) personal account , real account.
(v) creditors , return outword account

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