Answer / prakash

Only cash based transactions considered to arrive profit /
loss of a F.Y. irrespective of the transaction belongs to
either previous year or the following year.

In Mercantile system transactions belongs to the current
year only considered to arrive profit / loss of the F.Y.
whether the transaction is cash based or credit based. All
companies follow Mercantile system only.

Answer / arpit bengani

In cashaccunting all the cash based transactions are taken
into considerations for calculating p7l for the year
irrespective the transaction is for the current or
pprevious year.

wheraes inmercantile system all expenses are allowed
rrespective of its payment and incomes are taxable on due
basis wether received or not..and moreover i is concerned
with current year only.....

Hi Everybody, 1). Can anybody tell me the Journal entry for Bank charges Rs.100 and under which account it will come. 2). Received interest from Bank what is the journal entry, under which account it will come, Awaiting for soonest reply, Thanks, Khan

12 Answers  

---

Capital reserve is - a) real account b) nominal account c) personal account d) none of them

0 Answers  

---

Maintaining assets register

1 Answers  

---

i am indrani,iam siting for a/c assistance post of muthoot finance..so my question is what kind of question they may ask related to a/c or finance?or other than subject what question can be asked like why do u want to join this co etc.. ?

0 Answers  

---

What is vendor?

0 Answers  

---

What is the below line item and above line item and where this terminology is used?

2 Answers  

---

accounting principles, accounting concepts,meaning of managment and financial accounting and cost accounting.

0 Answers   IBM,

---

double entry system

1 Answers   Spedag Interfreight,

---

1. ABC Pvt. Ltd acquired the right to publish a book entitled “Accountancy easy” From Writer at a royalty of Rs. 20 per copy of the book sold. The minimum rent was fixed at Rs. 30,000 per year. It was agreed, that the short workings of any year can be recouped with in 2 years immediately following the year in which short workings occurred. The no. of copies sold during the five years was as following: 1. 1st year -1000 2. 2nd year -1400 3. 3rd year -1800 4. 4th year -3000 5. 5th year -1200 Show royalties account in the books of the publisher.

1 Answers   Accounting,

---

What is R2R Cycle?

1 Answers   IBM,

---

What is journal entry for salary paid less deductions (e.g. fines for breaking a company's property)?

0 Answers   Faber Castell,

---

Is it possible contra entry in SAP FICO

0 Answers  

---