What is mean by capital gain
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Answer / gration
The amount by which an investment's selling price exceeds
its purchase price
Is This Answer Correct ? | 15 Yes | 0 No |
Answer / sathish
A capital gain is a profit that results from investments
into a capital asset, such as stocks, bonds or real estate,
which exceeds the purchase price.
Is This Answer Correct ? | 4 Yes | 0 No |
Answer / akash
Index for the year of sale/ Index in the year of
acquisition) x cost.
For example, if a property purchased in 1991-92 for Rs 20
lakh were to be sold in A.Y. 2009 -10 for Rs 80 lakh,
indexed cost = (582/199) x 20 = Rs 58.49 lakh. And the
long-term capital gains would be Rs 21.51, that is Rs 80
lakh minus Rs 58.49 lakh.
Is This Answer Correct ? | 3 Yes | 0 No |
Answer / nagarajan
Gain from long term investements, properties etc., will be
more then the purchase price is called capital gain
Is This Answer Correct ? | 3 Yes | 1 No |
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A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
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The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
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