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Balance Payment Journal Entry
A business sells products for $ 50000 on credit
25% of the balance is received cash and 10 by cheques
5% of the balance has become irrecoverable and write off
A provision of 5% is made for the remaining balance in year one and 3% in year 2 where the balance remain unchanged. Pass Journal Entry for this Scenario -
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Audit rn
- rn
- Tell us about your experience in conducting audits.
Cashier rn
- rn
- What experience have you had as a cashier?
Cost Accounting rn
- rn
- Tell us about your experience in cost accounting. rn
- Describe some of the methods used to allocate support costs. rn
- What is chargeback? rn
- What is the purpose of chargeback? rn
- Have you implemented or administered a chargeback system? rn
- Name some components of an effective chargeback system. rn
- What are fixed costs? rn
- What are variable costs? rn
- What is marginal cost?
Fixed Assets rn
- rn
- What experience have you had in fixed assets accounting? rn
- What are the various means of calculating depreciation?
General Ledger",1]);//-->
">You've been asked to prepare a bill for services. What information should be included in the bill?
rsnmurty
- Sep 19th, 2008
Client name with address, client service tax no, bill no, bill date, bill description (for what charged, types of services, period of services), amount, service tax, total inclusive tax, signature, an...
BhageswariShanmugam
- Apr 27th, 2006
Service Provider's Details (i.e) Organations name and address.Service Receiver's Details (i.e) Organations name and address.Details of the service (i.e) for eg: Advertisement charges/Dying chargesTax ...
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Cash Applications
What are the steps involved in Cash Application & When is Cash Application comes into picture?
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What is factoring?
Praseedha.vs
- Nov 13th, 2008
Selling the rights to the amounts owing by debtors to a finance company for an agreed amount (which is less than the figure at which they are recorded in the accounting books because the finance company needs to be paid for providing the service).
ch.v.rama krishna rao, chirala
- Nov 8th, 2007
Factoring is a short term source of finance to the joint stock company SBI, SYNDICATE BANK are examples for factors.
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How debtors play its role in Accounts receivable?
lumin.85
- Mar 2nd, 2010
Debtors are a major source for working capital requirements whereby the company treat the amount due from debtors as accounts receivable.
narayanank
- May 16th, 2008
Debtors are the main role of the business. he is the entire back bone of the business. The goodwill of the concern is in the hands of debtors because he is the person who takes our product or rawmater...
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How is a journal entry recorded?
Praseedha.vs
- Nov 13th, 2008
Journal Entries are recorded on a double entry system, ie debit and credit concept. In order to record a journal entry, the following steps need to be followed.Enter the Journal entry numberEnter the ...
ch.v.rama krishna rao, chirala
- Nov 8th, 2007
A journal entry is recorded accourding to the rules of debit and credit.for example goods sold for Rs 50000 for cash ----to record this -- identify the accounts involved-- i.e.goods A/cand Cash A...
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Accounts receivable importantance for Small Business
How important does Accounts receivable for small business and why?
Ajayi
- Jun 21st, 2017
Import duty and freight cost #18,000 on machinery purchased from Germany. Is deferred revenue expenditure or revenue expenditure or capital expenditure
Keshoo Sharma
- Feb 8th, 2008
Accounts Receivables help small businesses by providing short-term liquidity. Also, continued sales on credit provide the much needed continuity for small businesses.
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Customer Master record
What is Customer Master record?
keshav311
- Jul 5th, 2007
A customr master record consists of information of the customers like name,add,contact nos,of the customer and the terms of payment and is thid customer is a one time customer or a regular customer
bmb77
- Apr 18th, 2007
A Master Record is a permanent record that contains key information about a business partner or a material. This information must be entered into the system before any transactions can take place invo...
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Dunning letter specific invoice in AR
When i was running 'Dunning letter print specific invoice' report it is giving empty output for specific invoice numbers..
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What is the table that is used for aging bucket report,what is the main purpose of this report?
Srinivas Vayuvegula
- Aug 22nd, 2011
Time periods you define to age your debit items. Aging buckets are used in the Aging reports to see both current and outstanding debit items. For example you can define an aging bucket that includes a...
Praseedha.vs
- Nov 13th, 2008
Time periods you define to age your debit items. Aging buckets are used in the Aging reports to see both current and outstanding debit items. For example, you can define an aging bucket that includes ...
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When deferred Payments are usually accepted on partial orders that are?
Stan
- Oct 14th, 2011
Not shipped
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Back end collections and front end collections
What is the difference between back end collections and front end collections?
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Capital Amount Liabillities and Assets
Why is Capital amount put in Liabillities and not in Assets
carajes
- Jun 17th, 2008
The answer is very simple.One of the basic convention in accounting is separate legal entity.It means the business is different from those who manage it.When i contribute capital in to my business,it is liability to my business to repay it to me.
ravi.sankhyan
- Jun 3rd, 2008
Because there is concept in the business i. e. business entity concept. According to that concept business and its owner,(incase of joint ventures etc) and in case of company its share holers both are...
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What is Reconciliation ?
sindhusegaran
- Jul 29th, 2009
Reconciliations compares two set of accounts. It is usually the balance in two accounts to make sure that they are in agreement.
angel987
- Jul 21st, 2008
Suppose you have 2?types of balances?A and B? reconcilaition is a process in which we compare if balances in A are equal to balances in B
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Flow of Account Receivables
What is total flow of Account Receivables?
infantpragash
- Nov 4th, 2009
Receiving the order from the customer->Quoate Approval->Create the Sales Order->Delivering the goods as per the SO->Create the Invoices->Receive Payments from customer.
ANITA PUJARY
- Jun 12th, 2009
Flow of Accounts receivable should be in proportion to Accounts payable i.e. in terms of ration 2:1
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Delinquent A/R Account
How much time needs to pass for an A/R account to be considered delinquent?
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When you are doing analysis of your accounts, what actually you should look for?
Sunny Rao
- Feb 3rd, 2012
The main target of analysing AR account is to decrease the aging outstanding at the most and should always scrutinize the aging often as sometimes credit lies somewhere and debit lies somewhere (specially in advance cases).
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Accounting Entries
If a Company 'A' transfers $1000 to Company 'B'. illustrate the accounting entries.
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Contribution margin
tomk11
- Apr 28th, 2012
Contribution margin is the difference between the selling price and variable cost per unit or in total for the level of activity. Contribution margin is the amount of each revenue dollar remaining to pay fixed costs and provide a profit after variable costs are covered.
Prasant Kumar Mallick
- Mar 22nd, 2012
Contribution is nothing but your fixed expenses (Business),the total Equation is--your total expenses will be divided into two category. 1) FC (Fixed Cost) 2) VC Variable cost, Fixed Cost-:fixed cos...
Accounts Receivables Interview Questions
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