1) what is fectitious assets?2) what is ment by cash book and day book and general leder?3)employee salary deductions under section of the income tax act of india?

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Oct 2nd, 2005
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T.Prasad

Aug 10th, 2006

Hi,
Fictitious Assets :
These are the assets which can not be seen, but exist in the business.
ex: Goodwill, patents, etc
Cash Book: It is one of the Subsidiary Book which is generally used by any business organisation to record all the cash transactions which helps to know the cash position as and when desired. In it all the entries will be recorded. Generally the cash book can be balanced once in a month.
Day Cash book: It is the book maintained by accountant to record all the cash transactions with takes place during the day (it can be receipt or payment). At later stage these will be posted into cash book.
General Ledger : While preparing Trial balance to check the arithmetical accuracy, some times the debit and credit balances may not tally, to make the process easy the accountant will open an account named General Ledger to post the entries which r causing balancing problem.
Later this account will be closed.

TEJINDER KHATKAR

Aug 20th, 2006

Fictitious assets are not actually assets, but are expeditures which cannot be assumed to be of a particular period, hence cannot be trf to P&L Account of one year. Rather these items are shown in balance Sheet on assets side. These items are trf in instalments to P&L Account of some reasonable years.eg discount on issue of shares, Preliminary exp., Under Writting Commission etc. goodwill, patents can not be called as fictitious assets these are Intengible assets.