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distribution of gift in diwali to employee & buyer!!
what's suitable expences head.
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The expenses head should be Staff welfare for employye &
Business promotion for buyer.
| Is This Answer Correct ? | 14 Yes | 1 No |
Answer / arvind
In FBT Regime it was Festival Expenses. can post it as
Diwali expenses too .
| Is This Answer Correct ? | 9 Yes | 1 No |
If we are dustributing gifts in staff than it should come
under staff welfare & in case of buyer, it shoul under BP
i.e. business promotion.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / ali
we can called it as Gift & Periodical under indirect expenses in tally
| Is This Answer Correct ? | 1 Yes | 3 No |
1. During the current period, ABC Ltd sold 60,000 units of product at Rs. 30 per unit. At the beginning for the period, there were 10,000 units in inventory and ABC Ltd manufactured 50,000 units during the period. The manufacturing costs and selling and administrative expenses were as follows: Total cost Number of units Unit cost Rs. Rs. Beginning inventory: Direct materials 67,000 10,000 6.70 Direct labour 1,55,000 10,000 15.50 Variable factory overhead 18,000 10,000 1.80 Fixed factory overhead 20,000 10,000 2.00 Total 2,60,000 26.00 Current period costs: Direct materials 3,50,000 50,000 7.00 Direct labour 8,10,000 50,000 16.20 Variable factory overhead 90,000 50,000 1.80 Fixed factory overhead 1,00,000 50,000 2.00 Total 13,50,000 27.00 Selling and administrative expenses: Variable 65,000 Fixed 45,000 Total 1,10,000 Instructions: 1. Prepare an income statement based on the variable costing concept. 2. Prepare an income statement based on the absorption costing concept. 3. Give the reason for the difference in the amount of income from operations in 1 and 2.
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