utsav

• Dec 14th, 2015

Retail invoice cannot be considered as a "cash receipt" since, the retail invoice is just as quotation or bill. Whereas cash receipt is proof of payment.

Narasimhaprasad K

• Feb 24th, 2014

Retail invoice is for detailed product or services details as price per Quantity, rate, and Tax on product and Unit of measure...etc.,

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Ramesh bought the machinery for 100000 and annual depreciation is 10% on diminishing value method,11 month he sold the machine for 20K. Pass the appropriate journal entries..

Jasir

• Jul 26th, 2017

Depreciation a/c dr 9,167.00
Cash a/c dr 20,000.00
P/L a/c dr 70,833.00
To Machinery a/c 100,000.00

UMA

• Jun 24th, 2016

Cash A/C 20,000
P/L A/C 15337
machinery A/C 35,337

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vasudeo007

 Profile Answers by vasudeo007 Questions by vasudeo007

• Aug 26th, 2008

Double entry book keeping system was first mentioned by "Luca De Bargo Pacioli" in his book Summa de arithmetica in 1494.He was a classmate of Leonardo Da Vinci. The book Summa De Arithmetica was basi...

mdffazal

 Profile Answers by mdffazal Questions by mdffazal

• Dec 8th, 2007

Simple, double entry book keeping , actually we know that every thing have two aspect , in accounting systems each and every transaction treats as two aspects reciever/giver, what comes/ what goes out...

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How to prepare finalisation accounts?

khaleel ibrahim

• Apr 24th, 2015

Finalization?accounts?means?prepare?to?final?account.first?of?all?journal entries,ledger?and?trial?balance?and?trading?and profit/loss?accounts.and?also?balance sheet.

lakshmi

• Feb 6th, 2015

Finalization ac is a statement which is considered to know financial statement of a business. for a business it is very necessary to know. it is prepared after profit and loss ac.

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nave een

• Feb 21st, 2017

CST (Central Sales Tax) is a form of indirect tax imposed only on goods sold from one state to another state, which particularly takes into account that the buyer and the seller needs to be in two dif...

Manjunath

• Dec 28th, 2016

When we are selling goods to another state, CST is applicable
GST is applicable all over India and same VAT rate will be applicable

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sindhuja

• Dec 8th, 2014

All Accounting Ledgers in mentioned period reconcile &
After that finalize Trading & Profit & loss A/c &
Balance sheet called finalization of accounts.
Finalization of Accounting entries like Provision of Expenses, Depreciation etc

sohail

• Oct 11th, 2014

Somebody explain me process of A/C finalization

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AMIT KUMAR SINGH

• Jan 17th, 2016

If an asset is purchased during the financial year and it is not been put to use even for a single day, then the depreciation cant be claimed. If its been use even for a single day then the depreciation should be charged for 180 days.

Navjot Singh

• Oct 7th, 2015

The assets which is used for business purpose in the previous year then we can claim depreciation otherwise we cant.

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Waheed Yakout

• Sep 7th, 2015

"LC" Letter of credit is strong guarantee specially through international transaction, It is so safe for both of seller and buyer, LC contain of 4 arms "Supplier, Supplier bank, Buyer and Buyer bank"

miki

• Sep 6th, 2011

Letter of credit is the way of banks agreement which buyer's are paying to seller.

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UMMAR ISLAM TANTARY

• Nov 21st, 2021

Because Profit is liability of the business for its
propriters or share holders

rahul patidar

• Oct 1st, 2021

If you not made any type of transaction it mean you have not earned any type of profit.So that not need to shown in balancesheet.

Code
 

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Mahmood

• Sep 11th, 2014

Perpetual is used for daily record or record as up to date of a good sold.. And Periodic is used for a long or a period ended record, periodic is used for a period of 1 month , 6 months or a year.. I hope u understood the difference between both.. Mahmood Latif..

Sikander Riaz

• Jul 6th, 2012

In periodic costing we come to know about the cost incurred at the end of the time period, whereas in perpetual cost we know about the cost incurred at each and every moment. Perpetual inventory system uses LIFO,FIFo and average cost method

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Muhammad Ikhlaque

• Sep 27th, 2017

Would it be a Bank receipt voucher of Journal Voucher

Aman Raj

• May 31st, 2017

Bank A/c Dr.
To Party A/c Cr

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Number of reconciliation

priya

• May 13th, 2014

My opinion is reconciliation is a differences between the bank passbook and customers cash book

Hemanta Behera

• Mar 19th, 2014

Reconciliation is the part to tally every transaction.

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vasudeo007

 Profile Answers by vasudeo007 Questions by vasudeo007

• Aug 26th, 2008

Many people gave very precise and appropriate answer of this question  here. Let me also try.In a balance sheet of any company the liabilities are bifurcated into a) capital, b) loans and c) curr...

dingregurudatt

 Profile Answers by dingregurudatt Questions by dingregurudatt

• Jun 5th, 2008

Working capital mean by current assets minus current libialities

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Neha

• Oct 1st, 2017

Departmental accounts is maintain by different department of an organization. For known about there profitability, growth, degree of risk, etc.

A business is generally split up into a number of departments when it sells different types of goods and services under a same roof.

Aaron peter chilot

• Jun 13th, 2017

Department account: It is an organisation that may be operative into separate department. Therefore the trading result of each department must be ascertained.

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Why depreciation is not charged on land?

nabasmita bordoloi

• Feb 28th, 2014

Depreciation refers decrease the value of tangible fixed assets due to wear and tears, technology obsolesces , passes of time etc. but land is a tangible asset which value never decreases. land value is always appreciated.

Dasrath

• Aug 11th, 2013

Depreciation in known as gradual decline in the usable value of the asset due to various factors i.e technological changes etc.

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Suppose I purchased a bike, I paid down payment of Rs 25000/- and the balance in EMI of Rs 2200/- per month. Pass the necessary Journal entry.

Sk Jafirul Islam

• Mar 31st, 2021

1)Vehicle A/c Dr. 25000
To ABC Ltd. 25000
2) ABC Ltd. Ac Dr. 25000
To Vehicle Loan
3) Vehicle Loan Ac Dr.
To Bank

DEEPAK

• Jan 25th, 2020

1) Down payment entry Vendor A/ Dr 25,000 To Bank A/c 25,000 2)Due entry(Invoice Posting) Bike A/c Dr 50,000 To Vendor A/c 50,000 3)Vendor Payment Vendor A/c Dr 25,000 To ...

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mcgozon  

 Profile Answers by mcgozon Questions by mcgozon

• Member Since Mar-2009 | Mar 26th, 2009

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1.  Purchases
        Accounts Payable                  xxx
        VAT Input                              xxx
            Cash in Bank                               xxx
                Purchases recorded for the month.

2.  Sales
         Accounts Receivable              xxx
             Sales                                             xxx
             VAT Output                                    xxx
                 Sales recorded for the month.

3.  Set Off
         VAT Output                            xxx
             VAT Input                                        xxx
             VAT Debit & Credit Account             xxx
                Transfer of Surplus to VAT Debit & Credit Account.

4.  Payment
          VAT Debit & Credit Account     xxx
             Cash in Bank                                  xxx
                  Payment of VAT reported for the month of ______.
             

Jaleel

• Oct 25th, 2017

When set off
Vat output a/c Dr
Input vat a/c Cr
Vat payable. Cr
When payment made
Vat payable a/c Dr
Bank/Cash. Cr

durgesh

• Aug 22nd, 2016

I need more help about VAT adjustment and entry whole year, How to adjust carry forward entry and and what should I do when there is a mis-match?

Improve Answer

favas pakkada

• Jul 8th, 2017

A bank reconciliation statement is a summary of banking and business activity that reconciles an entitys bank account with its financial records. The statement outlines the deposits, withdrawals, and other activity impacting a bank account for a specific period

rajesh

• Jun 28th, 2017

It is a statement which shows difference between passbook and cashbook

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Kashmira

• Nov 7th, 2017

Why are Fictitious assets written on liabilities side?

Tilak Sapkota

• Mar 3rd, 2016

It is an imaginary assets i.e.,it can neither be seen nor we can touch. Lets take an example-a company after its incorporation may make an huge expenditure for an advertisement. If the company debited...

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VINOD KUMAR

• Jul 9th, 2012

Contingent liabilities are subjected to occurrence or not of a future event. Means a liability may be arise in future or not , it all depends on a future event. So these are not actual liabilities and shown as a foot note after balance sheet .

mahesh,dilip

• Jun 22nd, 2012

Contingent liability refers to liabilities which may or may not occur in the future. eg:court case

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