Nseek

 Profile Answers by Nseek Questions by Nseek

• Jan 31st, 2011

Yes they are Period to date, Quarter to date and Year to Date but you read them like the following when working inside Oracle E-suite (accounting software) for example.PTD means amounts entered in a s...

Arun K Rajan

 Profile Answers by Arun K Rajan Questions by Arun K Rajan

• Aug 1st, 2007

Period to date for ex - can be same as YTD if period = 1 yearquarter to date for ex - 1st qtr of calender year - Jan,Feb,Mar, All financial items (revenue+expenses) Jan-Feb is QTD Febyear to date for ex - if fiscal year Jan-Dec - all financial items (revenue + expenses) from Jan-Aug is YTD Aug

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megha survase

• Sep 7th, 2007

Nominal a/c?is related with expense/losses & income/gain where real a/c is with asset (cash,building,goodwill etc)/accounts of properties/ possessions of the buisnessman. And personal a/c's are accou...

deepa

• Jun 20th, 2007

Accounts of assets is called Real Accounts.
Accounts of persons or institutions is called Personal Account.
Accounts of expenses/losses, incomes/gains is called Nominal Account.

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Karuppasamyvm

 Profile Answers by Karuppasamyvm Questions by Karuppasamyvm

• Nov 18th, 2010

GL reconciliation means Account payable , Accounts receivable ledger balance compared with General Ledger balance and it should be tallied.  If not tallied we have to do the reconcliation. 

Arun K Rajan

 Profile Answers by Arun K Rajan Questions by Arun K Rajan

• Aug 1st, 2007

GL Reconciliations are list of items that make up a GL account. For example, list of current unreversed accruals in a Sundry Creditors Balance sheet account. The items in Reconciliation should be iden...

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If your Accounts receivable balance in the general ledger has a debit balance of $110 and your sub ledger has a debit balance of $100 what do you have to do

faizan_hafiz

 Profile Answers by faizan_hafiz Questions by faizan_hafiz

• Jul 21st, 2009

Enter the debit memo in the subledger or enter the adjustment in GL.

gmril

 Profile Answers by gmril Questions by gmril

• Jan 17th, 2008

We need to pass a rectification entry in subsidary ledger for $10...

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In gl we are using recurring journals for reporting purpose,and in ap also we are having recurring invoices. why we use both?

umashankar hs

 Profile Answers by umashankar hs Questions by umashankar hs

• Aug 7th, 2015

Because AP is a subledger therefore every invoice should have corresponding entry in GL a/c

Ansonet Saunders

• Jun 1st, 2015

To save time and to make sure you account for everything

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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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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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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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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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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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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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