How to pass a JV when we receive bill including service tax? How to close this a/c?

Rajesh

• Mar 12th, 2016

2nd Jv is wrong
Service tax liability A/C Dr
To, Bank A/C Cr

Amitabh Singh

 Profile Answers by Amitabh Singh Questions by Amitabh Singh

• Apr 21st, 2009

Service Tax would be credited by debiting the vendor's A/c bill wise for the whole time period of say one month or one quarter etc. and at the time of payment the Service Tax A/c would be debited by crediting the payment source A/c say Bank or cash.

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Abdul Qayyum

• Jun 13th, 2015

Hello there all: can anyone kindly send me the complete accounting procedures including financial statements and all kind of adjusting entries e.i. from starting to ending full process how to make complete set of accounts. thanks.

hifi55

 Profile Answers by hifi55 Questions by hifi55

• May 4th, 2009

Final accounts consists of trading a/c, P&L a/c and balance sheet. All ?the amounts from trial balance are taken to prepare these accounts. In Trading a/c all the transactions which are related to a ...

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If a company change its depreciation method from Straight line method to another method than what will be the impact for the difference?

prashant

• Sep 11th, 2012

It should be adjusted in only that assests account by charging extra dep. or charging less dep........

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

No Journal entry is needed. You just use the method that you changed to.

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When inventory prices are declining the, FIFO method will generally yield a gross profit that is:A Less than the LIFO methodB Equal to the average cost methodC The same as that from any other costing methodD Higher than the LIFO method.

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

Gross Profit is always higher for FIFO than  LIFO. Cost of Goods sold is going to be always higher for LIFO and lower for FIFO.  LIFO tends to go for more of  a tax break approach. Comp...

niki_1079

 Profile Answers by niki_1079 Questions by niki_1079

• Jan 1st, 2010

It would be less then Lifo Method Definitely, as inventory prices are declining. if inventory prices are increasing then it would be higher then LIFO method.

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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 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 provision entry is recorded to account investment details. Is this true or false

Nandini Gajanan Mane

• Dec 23rd, 2024

Can outer java classes access inner class private members

DEVARAPALLI sivaji

• Dec 10th, 2019

Bad debt a/c
To provision for bad debts a/c

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shubham singh

• Nov 24th, 2013

Yes u have to follow some formalities u have to fill transfer form and also put a revenue stamp on this form

rama krishna

• Jul 16th, 2007

Generally dividends are paid from out of profits derived by the company to the investors. A dividend warrant is an instrument sent by the company with the amount to be received by the investor.

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shoukath

 Profile Answers by shoukath Questions by shoukath

• Jul 21st, 2008

Either should be cash Invoice or Credit invoice which is belongs to Business is called Trade bill.

rama krishna

• Jul 16th, 2007

Every transaction must be supported by any document. A trade bill is a supporting document of business activities like purchases , sales, receipts, payments etc...

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veerabhadrudu_sripati

 Profile Answers by veerabhadrudu_sripati Questions by veerabhadrudu_sripati

• Jun 12th, 2009

An operative accounts means?an account for day-to-day operations of the business.

SONIA AGARWAL

• Feb 6th, 2007

Operative account means Account which is operate by the owner of the A/c regularly.

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The person who has been in the mid career level as asst.mgr ,taking care of various function and porfolios of accounts department and expert knowledge in accounting concepts is said to be ab manager -accounts generally in manufacturing organisaton.where as latter head for finance organisation and has been in flied with excellent knowledge and concepts of gap,etc.

dg83384

 Profile Answers by dg83384 Questions by dg83384

• Jan 20th, 2010

Recording: This is the basic function of accounting. It is essentially concerned with not only ensuring that all business transactions of financial character are in fact recorded but also that they ar...

kemal ahmed endeshaw

• Aug 23rd, 2007

when we see their difference from broad organizational reviewthe function of accounts manager1. the approval of the accounting system utilization and calculated amounts in supportable documents ,for e...

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What is the difference between (1) accounts payable and bills payable and (2) accounts receivable and bills receivable

subbop

 Profile Answers by subbop Questions by subbop

• Jul 27th, 2011

Account payable refers to the debts to be paid off within a given period of time to the creditors and whereas bills payable is the money a bank borrows, mainly on short term basis and owes to other ba...

anilrawatnokia

 Profile Answers by anilrawatnokia Questions by anilrawatnokia

• Sep 15th, 2010

1. Accounts payable are amounts due to vendors in the normal course of business, such as for rent and utilities, supplies, and the like. A note payable represents a loan which bears interest, usually ...

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Swapna

• Sep 4th, 2007

Equals net income minus all recognized changes in equity during a period

JoannaSmith

• Apr 15th, 2007

Items GAAP does not want us to record in Income Statement.  GAAP does not want financial statements provider to mislead users. Ex. items will record in comprehensive income are Unrealized gain or...

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R Suman Singh

• Aug 24th, 2007

According to double entry system of accounting, Debit side total and credit side total of an account should be equal. Hence making the debit side total and credit side total equal is called as Balancing.

SONIA AGARWAL

• Feb 6th, 2007

Balancing means total of Dr. and Cr. sides are equal.

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G.kiran

• Sep 5th, 2007

A form of financing in which large capital expenditures are kept off of a company's balance sheet through various classification methods. Companies will often use off-balance-sheet financing&...

saniya nooreen

• Dec 24th, 2006

Balance sheet is a statement which consist if asset and liabilities balance sheet is not called as account .their are 2 columns  in balance sheet left hand side is called liabilities and right hand side is called asset .

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Arun V B

• Jul 27th, 2011

Shadow Balance in bank accounts is the balance upto which the subsequent debits/credit can be posted upto. Shadow Balance = Book Balance - Debit/ Book Balance+Credit (yet to be authorised for postin...

vasudeo007

 Profile Answers by vasudeo007 Questions by vasudeo007

• Aug 19th, 2008

Shadow balance is that balance which is not yet clear.Consider any company's case.Company has given money to someone by a cheque. Then they have shown in their cash book that money has been given....

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vasudeo007

 Profile Answers by vasudeo007 Questions by vasudeo007

• Oct 6th, 2008

The word budget means financial planning activity.Capital Budgeting means financial planning for long term capital expenses.A company may think of diversification, backwardation, forwardation, merger ...

thrilldhill

 Profile Answers by thrilldhill Questions by thrilldhill

• Jun 1st, 2007

Capital Budgeting is a way to justify capital expenditures.  It's done to see if the added benefit of a capital purchase, ie increased revenue or decreased expense, exceeds the cost of capital.

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mohdazam

 Profile Answers by mohdazam Questions by mohdazam

• Feb 24th, 2007

BIILS RECEIVABLE IS AN CURRENT ASSET TO THE BUSINESS, WHEN V SELL TO ANY CUSTOMER IF HE CANT PAY THE AMT V GIVE HIM A DOCUMENT ASKING HIM TO PAYING WITHIN A SPECIIFIED  TIME.EXAMPLE : MR.X SOLD G...

shailendra kumar

• Dec 28th, 2006

BILLS RECEIVABLE, in merchant accounts, are all promissory notes, bills of exchange, bonds, and other evidences or securities which a merchant or trader holds, and which are payable to him.

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rama krishna, chirala

• Jul 20th, 2007

Capital receipt is a receipt when you sold any business asset like building, machine, furniture etc. Where as revenue receipt refers to receipt of sale proceeds, comission received, tax refund etc.

naveen hp

• Jul 13th, 2007

A capital receipt is a receipt which is derived from sale or purchase of capital assets like plant and machinery, furniture, investment (long term) etc., which shall not be occuring all the time. ...

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Bridge loan means temporary finance provided to the company to finish of the project after that the company needsto repay the loan.

cashflow

 Profile Answers by cashflow Questions by cashflow

• Jan 27th, 2008

A bridge loan is interim financing for an individual or business until permanent or the next stage of financing can be obtained.

seelujangra

 Profile Answers by seelujangra Questions by seelujangra

• Jan 16th, 2008

Bridge loans are an effective vehicle to immediately capitalize on a purchase opportunity. It is a form of short-term financing which is expected to be paid back - generally within the range of 6 to 3...

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