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.

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

DEVARAPALLI sivaji

• Dec 10th, 2019

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

Vinod kumar Reddy

• Nov 21st, 2018

False
provision entry will not show investment details but it will show the amount taken from net profit and keep as a provision for particular expense
example: provision for bad debts

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Provision entries cannot be recorded in Tally ERP 9 is this true or false

priya verma

• Jan 22nd, 2019

Yes, provision entries can be entered in tally erp9

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What Account is Salary outstanding? Is it real, personnel or nominal account?

Khushi

• Dec 11th, 2018

How to calculate outstanding salary when it is for only 1 month

naman bagga

• Dec 7th, 2017

O/s expense is an expense which is still to be paid like unpaid rent, unpaid salary and many more. It is a type of liability actually. It is a expense in which we have used the service or taken the service but the amount is not paid or given.

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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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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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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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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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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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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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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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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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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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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

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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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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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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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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