Ranka Jewellers Interview Questions, Process, and Tips for Experienced

Purchase is acquiring goods or services in exchange for money while sale is the process of exchanging goods or services for money.

• Purchase involves buying goods or services from a seller

• Sale involves selling goods or services to a buyer

• Purchase and sale are transactions that involve the exchange of money for goods or services

• In accounting, purchase and sale are recorded as expenses and revenue respectively

• Examples of p...read more

Entry of sale and purchase refers to recording transactions related to buying and selling of goods or services.

• For sale, debit the accounts receivable or cash account and credit the sales account.

• For purchase, debit the inventory or expense account and credit the accounts payable account.

• These entries are recorded in the general ledger and are used to prepare financial statements.

• Examples include recording the sale of ...read more

Bank reconciliation is the process of comparing a company's bank statement with its own financial records.

• Bank reconciliation helps to identify any discrepancies between the bank statement and the company's records.

• It involves checking for errors, such as missing transactions or incorrect amounts.

• The goal is to ensure that the company's financial records are accurate and up-to-date.

• Bank reconciliation is typically done...read more

GST stands for Goods and Services Tax. There are 4 types of GST in India.

• GST is a value-added tax levied on the supply of goods and services.

• It was introduced in India on July 1, 2017.

• The 4 types of GST are CGST, SGST, IGST, and UTGST.

• CGST and SGST are levied by the central and state governments respectively on intra-state transactions.

• IGST is levied by the central government on inter-state transactions.

• UTGST is levied...read more

GST stands for Goods and Services Tax.

• GST is a value-added tax levied on the supply of goods and services.

• It was introduced in India on July 1, 2017, to replace multiple indirect taxes.

• GST has three components - CGST, SGST, and IGST.

• It has simplified the tax structure and made it easier for businesses to comply with tax regulations.

Sales refers to the exchange of goods or services for money or other valuable consideration.

• Sales is the process of convincing a customer to purchase a product or service.

• It involves identifying potential customers, presenting the product or service, and closing the sale.

• Sales can be conducted through various channels such as in-person, online, or over the phone.

• The success of sales is often measured by the number of u...read more

Purchase refers to the acquisition of goods or services by an individual or organization.

• Purchase is a transaction where a buyer acquires goods or services from a seller.

• It involves the exchange of money or other forms of payment for the goods or services.

• Purchase entry is a record of the transaction in the accounting system, which includes the date, amount, and details of the purchase.

• For example, if a company purchas...read more