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Reducing Balance Method
Seema Automobiles Ltd., purchesed a machine for Rs. 60,000 on 1st july, 1988. On 1st january, 1989 company purchesed an additional machine costing Rs 20,000. On 31st december, 1990 the machinery purchesed on 1st july, 1988 became absolete and was sold for 40,000. Deprication was provided annualy on 31st December at the rate of 10% per annu on the Reducing Balance Method. Prepare machinery account...
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Retail Invoice vs. Tax Invoice
What difference between retail invoice and tax invoice?
AJAY
- Feb 10th, 2012
Retail invoice is a normal invoice given to a customer at the time of sales, it is not concerned with tax-credit. Whereas tax invoice is a mandatory invoice precribed by the tax authorities containin...
Lokesh M
- Feb 7th, 2012
Whenever sales transaction does not involve any tax component, then retail invoice is issued. Such type of invoice is also known as cash memo. No VAT credit can be claimed on retail invoices. Wheneve...
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Authorised Capital & Paid Up Capital
What is authorised capital and How different it is from paid up capital? What is its importance while analysing a balance sheet of a firm?
hifi55
- May 4th, 2009
Authorised capital is the capital which a company is authorised to issue to the general ?public, it cannot issue more than that limit. Paid up capital is the actual amount of capital ?which the public has subscribed.
vasudeo007
- Apr 20th, 2009
Authorised Capital: The capital which is maximum capital the company can raise in its life time. Hardly any company issues capital which is equal to authorised capital.Paid up capital: Paid up capital...
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When does a debtor become a creditor?
vishnu ghiya
- May 15th, 2009
On?only one case - If he become a product supplier & we purchase the material from the party who is debitor for us.
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Ethical Behaviour
Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the client, he tells you that he has not received the official bill, although he knows the expense was $1,250. Your client is on the accrual basis of accounting. He does not want the computer repair...
denemotley
- May 12th, 2010
Is your client behaving ethically by suggesting that the computer repair expense not be booked until the officail bill is presented?
karamshree
- Nov 23rd, 2009
It depends on what was the catagary of business if the computer repairing expense is mendatory field in the head of indierect expense in P&L then he should show because at time of assessment there may be some problem.
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Pre-Condition for Sundry Transactions
What would be the post condition for sundry transaction when it comes to creditors?
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Fixed Asset in Accounting
How many types of fixed asset in accounting? What are they?
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Introduction accounting
How to work with a balance sheet,
components needed to prepare a balance sheet
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Salary Provision
Why do we record salary provision, although we know the exact amount of salary payable?
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General Ledger Reconciliation
What is General Ledger Reconciliation?
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Accrue Income
What is Accrue Income? Answer briefly
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What is trade bills
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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What is operative accounts ?
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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What the functions of manger -accounts and manager-finance.explain in detail.
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
- 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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Accounts Payable
What is the difference between (1) accounts payable and bills payable and (2) accounts receivable and bills receivable
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
- 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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What is retail banking
Joyeusenini
- Mar 13th, 2009
Retail banking refers to banking in which banks undergo transactions directly with consumers, rather than corporations or other banks. ...
vasudeo007
- Aug 26th, 2008
Banking is informally bifurcated into 2: whole sale and retail.wholesale banking means the lending in bigger volume to fewer borrowers.While retail banking means lending in smaller quantity to large n...
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