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Depreciation is the reducing value of asset Accounting Questions & Answers Page 1 in a financial year so firstly calculated the amount of depreciation in fixed or diminishing balance method from the w.d.v of asset and the amount of depreciation amount is to be taken in the debit side of p/l account and the same amount is to be deducted from the opening w.d.v and that the calcuted amount is the closing w.d.v of asset and finally the closing w.d.v taken in to balance sheet asset side as the current value of asset for the purpose of finalizing of account and the depreciation of next year is to be calculated from the 7/11/2012
CA
Where does TDS payable & receivable appear in the books of accounts
tds payable is our liabilities and receivable tds is our current assets. it comes in journal entry tds payable: vendor a/c dr xxx to tds payable a/c xxx tds receivable tds a/c dr xxx to customer a/c xxx after receiving and paying amount out of bill amount it will be deducted.
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PART II
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that a company goes bankrupt and is liquidated. Also known as "shares" or "equity". A holder of stock (a shareholder) has a claim to a part of the corporation's assets and earnings. In other words, a shareholder is an owner of a company. Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. For example, if a company has 1,000 shares of stock outstanding and one person owns 100 shares, that person would own and have claim to 10% of the company's assets. Stocks are the foundation of nearly every portfolio. Historically, they have outperformed most other investments over the long run.
Capital-IQ
Bank-OfAmerica
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Generally governments issue bonds for raising funds. Central Government, State Governments, and even municipal corporation today issue bonds for raising funds form the public. where as debentures are used by companies for raising long term debt from the public
receives is consignee Under what rate will be the Head office related accounts, like Head Office Current A/c, Goods from Head Office A/c, will be converted in case of Foreign Branch...??
There is no need of conversion for such accounts as the exact conversion amount is available from the Head Office books... i.e. transactions of such accounts are recorded in both Head office books as well as branch books.
SBI
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HP
Should I deduct TDS for Dyeing Charges in Garments Industry? If yes what is the percentage under which group it will come?
if your payment for dyeing charges to a same party(outside party other than your employee) exceeds Rs.20000 or your total annual payment to a same party exceeds Rs.50000 you need to deduct TDS at the rate of 2% plus surcharge 10%(if your total annual payment to that party exceeds one crore) plus excess 3%. This comes under TDS on Contract.
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FLOW Management?
Cash flow management is the process of knowing the cash transactions how much cash inflows and outflows by meeting the transactions in order to have sufficient Cash operations Secondly Fund flow management is the process of knowing the fund transactions how much funds are utilizing and maintaining in order to work out the working capital as well as to know the Funds operations..
HP
Office-Tiger
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What do you mean by Preliminary Expenses These are expenses incurred by a business in the inception and in the process of commencement of the new business. What do you mean by Accrued Expenses Accrued expenses are those expenses actually incurred but, yet to be paid for by the business. They are also provided for and adjusted in the financial statement. what is bank reconciliation statement Bank Reconciliation is a statement by which we can come to know the reason of amount difference between to Accounts (may be bank & Pass book or debtors/Creditors & Our account) as on a specific date for a specific period give the general entry for Depreciation of machinery The general entry for Dep of Machinery Depreciation A/c-----Dr To Machinery A/c. what is IFRS. International Financial Reporting Standards (IFRS) accounting and reporting standards in the European Union countries. Give the balance sheet schedules ,what is differed tax, GIVE THE RATES OF DIFFERED TAX FOR THE YEAR 2008-09 what is service tax, how to calculate service tax? Service Tax means, The person who render the service he is liable to collect the Service tax from the client and payable to Government of India. the threshold limit for Service tax for the FY 2008-09 10 lacs. The service tax amount is Service Tax -12% & Cess-3%, Below is the example if you are rendering software services
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XXX ( Client Name ) 11236 Consulting Charges REcd 10000 Service Tax payable 1200 Edu.Cess Payable 36
what is the difference between cost accounting & financial accounting, with example? Financial accounting is the reporting of financial information to people outside of the business whereas Cost accounting is done primarily for management inside the business. It consists of determining the cost of producing a product or a service. how accountant calculate depreciation Depreciation amount may vary for fixed assets. for Computer 60% is depreciation amount ( For ex. if the opening balance as on 01.04.08 Rs.10000/-.and in the financial year nothing was added so the closing balance will be Rs.10,000/-. below is the calculation) Dr Depreciation 6000/-. cr Computer 6000/-. Narration: Being the 60% Depreciation Calculated for the FY 2008-09 what is the journal entries of a debit/credit notes in the books of seller and purchaser's A/C. IN THE BOOKS OF SELLER :debit note :by party a/c debit ----xxx to sales a/c--------------xxx to vat a/c---------------xxx credit note:BY SALES A/C debit -----XXX BY VAT A/C DEBIT -----XXX TO PARTY A/C CR--------------XXX in the books of purchaser the journal entry opposite what is differed tax liability? explain in detail with some example what is a JOURNAL ENTRIES FOR ISSUING A debit NOTE Debit note is issued by seller to purchaser for sales returns
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what is finance finance is an obligation to meet all the requirements which deals with financial matters If I purchased a machinery of Rs. 50,000 and Received a free printer of Rs. 3000 . What its Accounting entry? Machinery A/c _____________Dr 50000 To Cash A/c 50000
what is the meaning of fbt? tell me different type of fbt rate? & when it will consider in accounting? FBT means Fringe Benefit Tax, FBT payable on Business promotion, advertisement, vehicle repairs, depreciation as per IT act on vehicles, fuel expenses to vehicles, conveyance & Traveling (For Construction Business - 5%), Telephone charges. FBT is payable 20 % of the above. Fringe benefit tax shown in current liabilities. what is actual meaning of Tax Deduction at source TDS is applicable if the payment is exceeds (one time payment) Rs. 20,000/- or Rs. 50,000/- p.a during the year. tds to be deducted as prescribed rates. what is the deadline of filing tds return of salary & other than salary ? how to prepare quarterly return file of tds ? please explain in details. TDS for Salary other than Salary the due date of Remittance TDS is on or before 7th of every month. TDS to be filled Electronically by Quarterly for e.g. April to June we have to file the E-TDS on or before 15th July. For Salary TDS We have file in 24q & other than Salary is 26Q in form 27A. Truly Return Software you can download from Income Tax Site. what is the procedure to charge depreciation under
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provision method? please pass the journal entries showing provision method of depreciation. when depreciation is taking on provision in opening of the year the entry is deprecation a/c dr. To provision for depreciation a/c (Being provision for depreciation is taken) when depreciation is transferred to p&l a/c profit and loss a/c dr. to depreciation a/c (Being depreciation transferred to p&l a/c) Why the closing stock will not appear in the Trial Balance? Why the closing stock will not appear in the Trial Balance? it directly take to balance sheet and not deducted in trading account. If you get excess of cash Rs. 2000/- than what actually Cash/c shows. As an account what do U do? it the additional capital what is difference between preliminary Exp and Misc. exp preliminary expenses are those expenses which incurred before the commencement of business whereas miscellaneous expenses incurred during the course of business which are not adjustable under any other head. Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000 Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000 Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000
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3,00,000 Profit After Tax 6,30,000 7,00,000 Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000 How will be prepare BRS in tally, please tell me step by step. Start from Gateway of Tally>Display>Cash/Bank Books>Choose the bank & then the month for BRS. Then press F5. Post all bank clearing dates, ur BRS will be ready. what is the treatment of rent paid more than 10000rs. If we are paying Rent more than 10,000 /-. PM we are liable to deduct the TDS u/s 194 I 1)Paying to individual - TDs-15% & SC -10% & Cess -3% (if income crosses more than 10,00,000 we have to deduct Surcharge unless no need of deduct Surcharge for individual) 2)Paying to Company - TDS -20% & SC-10%,& Cess-3% We have remit the TDS on or before 7th every month. and ETDS to be filled quarterly on or before 15Th what does profit and loss appropriation a/c on dr side of financial trial balance mean? pls answer my question After getting the net profit or net loss that will be transferred to Profit and Loss Appropriation a/c, and that profit or loss will be distributed to partners capitals a/c after deducting the interest and remunerations and other drawings. what will be a journal entry when we received a telephone bill from air tel and payment of bill. Telephone charges under come in telegraph and
Accounting Questions & Answers postages so the entry will be. like
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Telephone expenses a/c dr to cash or bank. what is the difference between reserve & provision Provisions are those where the liability existence is certain, but the amount of liability cannot be determined with substantial accuracy. In case of reserves, the liability is not known. but some amount of profits are kept aside for meeting the contingencies that might become actual liabilities.
Question
Answer
Account payable is refers to current liability of a business/an organization it is unsettled payment of a business/an organizations to refers account payable.