When a contra entry has to be given?

1.Which entry is required to close income accounts?

2.In the trial balance, office supplies show Tk. 1,000. Supplies expense is zero, and the adjusted closing supplies is Tk. 600. What will be the adjustment entry?

3.A payable account of Tk. 1,00,000 is settled at Tk. 98,500 in full. What is the effect on the accounting equation? i. Asset decreases ii. Liability decreases iii.Owner's equity increases Which is correct?

4.What is the depreciation for 2024 using the straight-line method?

5.Which is the correct expanded form of the accounting equation?

6.What is the effect on the equation when goods worth Tk. 2,000 are purchased on credit?

7.When does owner's equity increase?

8.Which is a permanent step of the accounting process?

9.Which document is used for purchase return?

10.Where is cash discount recorded?

11.How much did Asif pay?

12.When furniture is purchased for resale, which account is debited?