Answer Posted / pratik muley
PURCHASES A/C DR
TO PERSON (CREDITOR'S NAME) A/C
IF YOU PURCHASE ANYTHING YOU WANT TO CREDIT THE PURCHASER
NAME. AND DEBIT PURCHASE IN CASE OF BOUGHT ITEM FOR
SALES, OR PURCHASE OF ASSET YOU NEED TO RECORD ASSET'S NAME
(MACHINERY, BUILDING0)
Is This Answer Correct ? | 3 Yes | 0 No |
Post New Answer View All Answers
What is departmental accounting? Give an example
Who is the sundry creditors
Assuming that a firm pays tax at a 50 per cent rate, compute the after tax cost of capital in the following cases: I. A 8.5 % preference share sold at par. II. A perpetual bond sold at par, coupon rate of interest being 7 per cent III. A ten year, 8 percent, Rs.1000 par bond sold at Rs.950 less 4 percent underwriting commission.
List the type of transactions entered in journal proper.
Difference between depreciation according to cost principle and matching principle
M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
what is miscellaneous expenditure??
What is partnership accounting?
what is the difference between accounting and bookkeeping?
when an amountis declared as NPA by a bank whether any interest can be debited to that account after the date it is declared as NPA ? What are the guidelines of Reserve Bank of India in this respect ?
We bought some machines from Singapore (capital goods), payment made in rupees. but the invoice value is mentioned as USD. 1. party ledger shows (debit side) amount in rupees. now i need to make purchase entry. 2. shall i want to convert USD to rupees? 3. if i do like that the party ledger will be differ.. 4. somebody pls tell me the way to make purchase entry.
What is diffrence Between GPF and EPF?.. can anybody explain..?
what is journal entries for Vehicle loan settled with bank after Sale of the vehicle on profit or loss in case the party paid check direct to Bank .......???
credit card all entry pass in tally
Define a company's payable cycle?