vijay

• May 9th, 2017

The Land always will get appreciation.

Shilpa Borsare

• Feb 19th, 2017

Because we cannot define useful life of land

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rex

• Jun 23rd, 2022

The question was asked correctly in SAP there is a concept of Leading, non leading, extention ledgers where nothing is mentioned about GL groups,types of accounts etc. The writer wants to know how this relates to the general ledger...do you?

Ansar Aluva

• Oct 20th, 2015

General Ledger is the control account where we do not have individual details for each entries which is flowing from Sub edger.
Ledger, technically the breakup of an individual ledger with all details which is recording in sub-ledger level.

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Hi Friends,I have a problem with suspense account. I been working for some organization and they have been getting this suspense account error since 2003. But its a big organization and they didn't consider it as a problem so far..but now-a-days this suspense account is increasing rapidly and decreasing rapidly.. Could you pls tell me how to clear this suspense account. They are using Oracle Applications...

Hemant Balodia

• Jul 25th, 2011

I have worked for "Westpac Banking corporation" which is largest bank of Australia. I was in suspense team. In suspense accounts generally value comes when the values moves from sub ledger to ledge...

raghunath

• Jul 23rd, 2011

To clear suspends account in oracle finance.we have to assign suspends account type in at our chart of accounts as liabilities account type.in values of account segment.then go to accounting setups op...

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If we availing service tax credit , what is the journal entry we have to pass when we receives the bill & what is the payment entry we have to pass if we make a payment

dhatchayani

• Aug 1st, 2017

I have booked cenvat credit and failed to obtain refund bcoz of time lapse. Now the amount is showing in Current Assets, now need to write off the amount, as no chance of getting refund of service tax input booked
Pls give me the journal entry so that I can write off the amount in books

Krishna Maheshwari

• Dec 18th, 2016

Suppose what can we do if I forgot to pass journal entry of service tax payment bill for the 1st half yr Apr to sept and now books of accounts are closed. Now what rectification we can make as books of accounts are already closed and service tax return for first first half period is also filed. .

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In the month of Dec-2016, received the rent bill for the following months of Jan-16 to Mar-16. but the payment will happen in the month of Mar-16. What is the Journal has to post in the month of Dec-16.

Gouda

• Dec 30th, 2017

Rent a/c cr
bank a/c dr

Puneet Ary

• Sep 11th, 2017

Rent A/C Dr.
To Rent Outstanding

Rent Outstanding A/C Dr
To Bank A/C

Rent A/c Dr
To Bank A/c

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Harish

• Aug 14th, 2017

Hi Pk, we cannot charge depreciation on Land, as we cannot ascertain the useful life of land (exceptions are mine and quarries). Depreciation is (value of asset - residual value at the end of useful life)/ Useful life.

Surajit Palley

• Aug 3rd, 2017

General Accounting is the mainstay of any Finance and Accounting process. For financial information to be reliable and accurate.

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What is the difference between P&L account and Trial Balance?

shubham

• Nov 7th, 2019

Your answer is best and perfect and they have one point is profit and loss is the part of trial balance like expenditure, income these are the point to my point of view otherwise your answe is excellent

Acharya

• Jan 17th, 2018

P & L is the part of Trial Balance, In trial balance we can see all the ledger account, Income, expenditure, gain, loss, assets and Liabilities, from these other than assets and liabilities all other items pull into PL

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Chaos

• Nov 15th, 2007

General Ledger is the final repository of all the journals from the various sub-ledgers. I have 3 yrs in GL including 3 end to end implemetation.The implementation of GL can be divided into 3 broad ca...

Arun K Rajan

 Profile Answers by Arun K Rajan Questions by Arun K Rajan

• Aug 1st, 2007

I have 3 years strong General Ledger experience. Major tasks include processing monthly accruals and adjustments, preparing and reviewing balance sheet reconciliations (review involves analysing and r...

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anil

• Oct 25th, 2015

Sales
-Excise Duty
Net Sales
-CGS
Gp
-Operating Expenses / SGA Expenses
Op/Ebitda
-Non cash exp i.e Dep/amortization
Ebit
-Finance cost
-Exceptional items
Ebt
-Income Tax exp.
PAT/Net income/Net margin
-Extraordinary items
Retained earnings

FHAIZ MAHMOOD

• Oct 22nd, 2015

Sales - Sales Return = Net Sales


Cost of Goods Sold
ie Opening Stock
+ Purchase
- Purchase Return
+ Direct Expense
- Closing Stock

-+From Net Sales

Add/Less Indirect Expense

Add/Less Indirect Income

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NAVEEN

• Nov 25th, 2011

Group chart of accounts used for consolidation purpose

keshav311

 Profile Answers by keshav311 Questions by keshav311

• Jul 5th, 2007

Group coa isa corporate level glsbasically used at consolidation level these coa will be viewed by the directors of the corporate comapny with diffrent gl numbers otherthan operative coa and country spcific coa these gl nos should not be over laped

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A provision of costs.

Manojkumar Balakrishn

• Aug 20th, 2007

Accruals allow expenses to be reported when incurred, not paid, and income to be reported when it is earned, not received. An accounting method that measures the performance and position of a company...

rama krishna, chirala

• Aug 2nd, 2007

An accrual means recording the transactions, to the related period financial statements for example m/s james & co. has policy that to pay rent of the month at the 3rd of next month. if company prepar...

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Every increase in expenditure & assets will be a debit, every decrease in expenditure & assets will be a credit - Put a journal entry and show a puchase transaction.

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Editorial / Best Answer

sivareddy.bommu  

 Profile Answers by sivareddy.bommu Questions by sivareddy.bommu

• Member Since Oct-2009 | Oct 13th, 2009

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Non Cash Transactions Should be Recorded In Journal Entry.

For Ex:

Salaries A/c  Dr xxxxx

 To Salaries Payble A/c xxxx.

Nishanth Loyal

• Sep 12th, 2012

Journal entry means entering the all financial transactions of the business in a chronological order using golden rules. Also the narration will be given to all the entries. Each transations having tw...

sivareddy.bommu

 Profile Answers by sivareddy.bommu Questions by sivareddy.bommu

• Oct 13th, 2009

Non Cash Transactions Should be Recorded In Journal Entry.For Ex:Salaries A/c  Dr xxxxx To Salaries Payble A/c xxxx.

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Why we have to prepare Balance Sheet Reconciliation?

SUNIL KUMAR N

• May 12th, 2017

BS reconciliation means Preparing, Reviewing of BS schedules pertaining to Assets/Liabilities like, trade Payables, GRIR Ledger review, Pre-Paid Expenses/Incomes Review, Loans & Advances ageing, revie...

thamaraiselvan

• Apr 24th, 2017

We are preparing the balance sheet reconciliation to ensure the accuracy of the financial statement. If there is any variance in the balance sheet GL we are identifying through reconciliation and rectifying the same.

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sreejithsr

 Profile Answers by sreejithsr Questions by sreejithsr

• Nov 28th, 2010

In Single Entry System Cash / Bank transactions mentioned in same column But double  entry transactiones mentioned in seperated by Cash & Bank column.

mrforever

 Profile Answers by mrforever Questions by mrforever

• Jan 21st, 2008

Single Entry is an incomplete record of book keeping Whereas Duble Entry is an complete record of book keeping.

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c7831887

 Profile Answers by c7831887 Questions by c7831887

• May 20th, 2009

Already 1 member has answered this question in Manufacturing way.  But, my answer is:-If a trader imports some products and sells the same as is where is condition, the direct expenses will be fr...

rajesh.GOPI

 Profile Answers by rajesh.GOPI Questions by rajesh.GOPI

• Feb 6th, 2008

Direct expenses are those expences which is directly related to product.Ex: Machinery repairs, Machinery transport charges . In direct expenses are those which are indirectly related to product.Ex: lighting, power.

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As a sole trader you require a vehicle to trade and decide to lease the vehicle rather than purchase it, how would you account for it in the company accounts and what nominal would you use?

ANIL

• Oct 23rd, 2013

Hi, Would you please give any example to explain the below question because i am not able to understand plzzzzz As a sole trader you require a vehicle to trade and decide to lease the vehicle rather ...

sivaram addagada

 Profile Answers by sivaram addagada Questions by sivaram addagada

• Sep 15th, 2010

I will open an vehicle owner account under hire vehicles a/c under current liability a/c.

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We have purchsed 100 share by cheque and we have sold 200 share from our stock. Tell how can we give entry to accounts ?

Ahem

• Feb 25th, 2018

When you purchase 100 shares : the entry will be : Inventory a/c DR Good Receipt Note CR GRN a/c DR Vendor Cr Vendor - DR Bank - Cr When You sold 200 Share the entry will be:- Cost of Gold...

sreejithsr

 Profile Answers by sreejithsr Questions by sreejithsr

• Nov 28th, 2010

    Purchase of Share            Share a/c dr Bank a/c cr    Sold of shares            Bank a/c dr Share a/c cr   

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what is the meaning of "the account of chart"?

Devendra

• Mar 15th, 2012

Chart of Accounts is nothing but list of G/L Accounts used by the one r more company codes....the chart of accounts contains the account no & account name.the chart of accounts is the operating chart of accounts used for the daily postings in company code.

vrkirank

• Oct 31st, 2011

Chart of accounts is the structure of Accounts {its the combination of Segments, Segment Qualifiers & Segment Values}

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Where do we show VAT payable in profit and loss account?

prafull

• Jul 19th, 2017

It is a balance sheet item come under current liability (duties & taxes)

C.oBas

• Apr 21st, 2016

After EBITDA and Interest Expense.

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Viswaraj

• Dec 9th, 2016

To my experience, if the central reporting consolidation happens in an unique platform, there can be two types of chat of accounts (COA), one is the local COA (used in individual ERP) and a global COA...

sudhi0381

 Profile Answers by sudhi0381 Questions by sudhi0381

• Sep 21st, 2010

In case the two company codes are using two diffrent chart of account, in each chart of account the GL Account has be defined wtth a alternative GL account, which will represent in the Group Chart of Account. By this way the consolidation of both the company code in Group level will be done.

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