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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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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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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What is General Ledger Reconciliation?

Rajesh

• May 17th, 2017

The general ledger is the main accounting record of the company. Consequently, general ledger reconciliation is the process of ensuring that accounts contained in the general ledger are correct.

VIRENDER KUMAR

• Apr 7th, 2017

General ledger account balances with other independent systems, statements, and reports, to verify that the balances are correct and accurate

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Mr.x purchased a building for 55 million dollars and took depreciation on it for complete 39 years and now his son want to sell the building but as he claimed the amount for complete 55 million through out the years. On what basis now he need to sell the building. For only 55 Million or For How Much?

veena

• May 9th, 2017

55 million dollors and above

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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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Where do you put non current lease payment on a statement of cash flow?

samanth

• Feb 12th, 2017

It is a statement depicting change in cash position from one period to another period

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

You put the non current lease payment in the financing Activities.

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I want to know TDS will be collected in what percent. Service Tax in what percent generally they will collect. And other taxes also.

Manjunath.kotagi

• Dec 4th, 2016

For service rendered invoice we need to deduct TDS, if vendor Pan# 4th letter is P we have to deduct 1% on base amount, if 4th letter is C or F or any, we need to deduct 2% TDS, if the invoice related...

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Aman pal (Amit bhagel S.P)

• Sep 15th, 2016

PERSONAL A/C
-DR.is the receiver
-CR. is the giver.

NOMINAL A/C:
-All expense & losses are DR.
-All income, profit & gain are CR.

REAL A/C:
-DR. whats come in.
-CR. whats goes out .

manish kumar

• Apr 28th, 2016

Personal A/C - debit the receiver
Credit the giver
Real A/C - debit whats comes in
Credit whats goes out
Nominal A/C - debit all expenses &losses
Credit all income & gains

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A person conducts business of cell phone but unfortunately some cell phone is damage and are not able to sales.

He recorded this loss in books of account through this below general entry of loss amount.

Cost of sales account (Dr.)
Inventory account (Cr.)

Is the above entry correct or not?
If not then tell how will you record...

Salah

• Aug 26th, 2016

If the damage is immaterial, the JV is right but if it is material then you must raise another JV.

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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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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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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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What is the rate of TDS in puchase of land in corporation area in Kerala

A.S.Madhavan

• Nov 11th, 2015

Purchase of property does not attract TDS as there is no service involved, commission/brokerage for purchase of property can be charged with TDS @2%.

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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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How to account for Letter of Credit in the Books of Accounts of the Company ?

Md. Mamun Kabir

• Aug 4th, 2015

LC Related all Accounting Solution

a. kalyanaraman a. kalyanaraman

• Jan 24th, 2014

Difference between inland lc and foreign lc in accounting journals

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If my companies service tax is paid by my own a/c. After that my company pay the amount to me by issuing a cheque for me, then what is the journal entries for all this and how should I pass the entry in Tally?

Prashant

• Jul 13th, 2015

Create an Imprest Account in name of Individual paying the service tax. Entries will go like this 1- Service tax payable a/c Dr. ........... To Indiv. Imprest A/c ......

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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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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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premkumar

• Apr 22nd, 2015

Which one is better oracle financials or sap fico

Praveen Chadra Chowdari Potturi

• Oct 15th, 2007

Dear Sir/ MadamI want to know the difference the between SAP fico and Oracle financials while implementation and to work on.RegardsPraveen Ch. Chowdari

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