Why do we record salary provision, although we know the exact amount of salary payable?

Shubhi tiwari

• May 21st, 2017

For preparing salaries and wage bills

Nelson

• Aug 30th, 2016

If the salary incurred and settled for current month, than there is no need of providing the provision, we have to pass provision in case if salary incurred in current month and settled in next or sub...

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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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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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What is the diffrence between Travelling and Conveyance

Chinchu

• Sep 1st, 2017

Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

Conveyance means expenses related to travel from place of living to Office or workplace and return to place of living.

Chinchu

• Sep 1st, 2017

Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

Conveyance Means the expenses related to travel from the place of living to office or workplace and return to place of living.

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Awesh Darekhan

• Sep 13th, 2017

Accounts is the process of recording business transaction (journal,ledger,trail balance,trading a/c,P/L A/C)

Finance is an art and science of managing money

Akshay Raut

• Dec 18th, 2016

Accounting: Is the art of writing the day to?day transaction in books of accounts.

Finance: How to raise money & funds for company

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A firm has four technicians, they use their own motorbike for sales purpose, petrol expenses are met by the firm. but can the firm give or make a reserve/provision for meeting the repairs of their vehicles. If so, then what will be journal entry?

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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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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Editorial / Best Answer

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

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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What is Fund flow and Cash flow? How to prepare Cash & fund flow statements?

What is Accrue Income? Answer briefly

Bhaskar reddy KSR

• Dec 22nd, 2017

It is an income earned, but not yet received. (out standing income). say XYZ company earned interest on bank deposits Rs.1000 (October to Dec 2017 ) and Xyz company financial starts from Jan to Dec)...

Bhawna Sharma

• Mar 1st, 2017

Accrue income is a amount which is earned but not received.

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An employee Rs.7000 per month salary, how much his 6 months PF contribution.

madhav

• Jan 10th, 2018

First, find out how much Basic and DA he is getting on that we have to calculate 12 % on the whole salary

• Jul 25th, 2017

7000x6x12%=5040

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Please tell me the complete Record to Report cycle.

Kapil Bhardwaj

• Mar 7th, 2018

Need complete Cycle of R2R

devendra

• Mar 22nd, 2017

R2R starts with
Source Documents=>Journal entry=>Ledger=>Trial balance=>Adjustments=>Closing and consolidation=> Financial Reporting

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SALIMALI

• Apr 12th, 2018

When Create Provision

Expenses A/C Dr
To Provision for Expenses Cr

When We book the Invoice for the Expenses
Provision for Expenses A/c Dr
To Accounts Payable A/C Cr
When we make the payment
Accounts Payable A/c Dr
To Cash/Bank/PDC Payables

Ceaser

• Feb 25th, 2018

Provision is a liability account and not an expense account

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Laxmidhar khilar

• May 11th, 2018

How to prepare MIs report for farmers producer organisation

Jagannadh

• Nov 21st, 2017

MIS Report is not only for Financial Report it can be used to generate the reports for Production, Costing, Sales and Finance Departments. It is very useful to the Organisation for calculate the Prod...

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In addition to trade discount the party has also given cash discount at the time of making complete payment how the same is accounted?

MURUGAN A

• Jul 21st, 2018

Bank account A /c dr.
cash discount A/c dr.
Customer A/c

Note : trade discount should not account.

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In case of a provision entry for expense, debit the expense ledger and credit the provision for expens ledger is this true or false

vinod kumar reddy

• Nov 15th, 2018

True
entry for provision for expense is like provision for bad debts as per nominal account all expenses and losses are debit
expense or losses a/c DR
to provision a/c CR

Dalip Singh

• Nov 2nd, 2018

No

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A farmer bought two cows for Rs. 15000 each. He sold one at a gain of 6% and on the other he incurred a loss of 5%. Find the overall gain or loss %.

krishna Reddy A

• Nov 25th, 2018

15000*6%=900
15000*5%=750
900-750.-=150 is profit
150/30000=0.5% is profit

Himanshu sharma

• Jun 29th, 2018

(15000*106)?100 = 15900. A
(15000*9 5)?100= 14250. B
A-B = 1650 which is 11% profit

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In case of credit sales return, debit the sales ledger and credit the party ledger is this true or false

Vinod kumar Reddy

• Nov 21st, 2018

True
when credit sales happen then the entry will be
Debtor/third party a/c DR
To Sales a/c CR
when those sales are returned then the entry will be
sales return a/c DR
To Debtor/third party a/c

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