Journalise the following transactions: a) shyam became insolvent. a first and final compensation of 75 paise in a rupee was received from his official. he owed a debt of 50,000. b) received cash 25,000 for a bad debt written of last year. c) rent due to landlord 40,000. d) depreciation on office furniture 5000. e) salaries due to staff 50,000. f) paid income tax 1,50,000. g) received commission 25,000 half of which is in advance.

5. real versus nominal gdp consider a simple economy that produces two goods: cupcakes and muffins. the following table shows the prices and quantities of the goods over a three-year period. year cupcakes muffins price quantity price quantity (dollars per cupcake) (number of cupcakes) (dollars per muffin) (number of muffins) 2014 2 115 5 175 2015 4 150 2 180 2016 1 100 2 160 use the information from the preceding table to fill in the following table. year nominal gdp real gdp gdp deflator (dollars) (base year 2014, dollars) 2014 2015 2016 from 2015 to 2016, nominal gdp , and real gdp . the inflation rate in 2016 was . why is real gdp a more accurate measure of an economy's production than nominal gdp? real gdp does not include the value of intermediate goods and services, but nominal gdp does. real gdp measures the value of the goods and services an economy produces, but nominal gdp measures the value of the goods and services an economy consumes. real gdp is not influenced by price changes, but nominal gdp is.