PERSONAL DETAILS3 5408
Is Bank Reconciliation Statement is compulsory prepared? Even when both cash & Bank Book are tally?13 20044
What are the golder rules of Accounts ?35 51830
Can closing stock of current year be present in tht Trial Balance of said year...????5 12746
What do you mean by SPOT Rate in case of Foreign Branch...???1 4733
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...??1 2958
Where will you show the EXCHANGE RATE RESERVES in final accounts....???2 4471
What aspect of accounting do you dislike the most?3 8677
If we were to call your current supervisor, in which area of accounting would he or she say is your strongest? Which area would he or she say is your weakest?1 3968
Queries for Big4 Articleship : Article Vacancies application starts when?3 14332
Queries for Big4 Articleship : Procedure of application and selection? ( Resume, Cut off ? Rank, Contacts needed, Exams, Interviews, General Questions ? Personality traits, Special Knowledge etc.)4 12484
what happens to each of the three primary financial statements when gross margin decreases?
What is revaluation of assets.when it occurs
Example for extra ordinary expenditure?
What will be the consequences if the partnership is not registered
Received credit note for Rs 3500 towards transport charges on the goods supplied from Vinod traders. The transport charges were already paid at the time of delivery. Pass entries at the time of payment of transport and for credit note
what are Blue-Chip companies?
is advance against FD or RD is treated as NPA .if EMI is not in scheduled . or classification of npa as per day is is made from sanction date or last payment date of repayment . please suggest me
What do mean by Computerization of accounts
what are the rules and regulations of junior accountant
what is OTC derivatives and Depository Trust & Clearing Corporation (DTCC) ?
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
How goodwill is accounted for the first time in a company .
Difference between nonoperating expentiture and non cash expenditure
what is the use of accounting standards