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if there is PPF (SAVINGS ) GIVEN IN THE TRIAL BALANCE UNDER
THE HEADING CAPITAL THEN WHERE WILL ITS EFFECT BE ??
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Answer / naresh dubey
it will be debit balance
it is nothing but drawing
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / h.r. sreepada bhagi
Do you mean Public Provident Fund (PPF)?. If yes, it's a
personal investment be a person and it should not appear in
the books of a business entity.
It can be shown only as a saving under Sec 80 C of Indian
Income Tax Act, while filing the Income Tax Returns of the
concerned individual to the extent of Rs. 70000/- p.a. as of
now. The limit may be changed with notification by the
Central Government.
| Is This Answer Correct ? | 2 Yes | 1 No |
There are 9 coins.Out of which one is odd one i.e weight is less or more.
i want question papers audit staff selection examination
what supporting documents do we vouch to for sales, purchases, receivables, payables, sales cutoff, and liabilities cutoff?
central exices
What is vouching?
What wording should be used in the audit report?
Expand---------BRPT
why you leave the present job ?
State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100
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Why there is no opening balance for Profit and Loss Account?Refer me Detailed explanation. Thank you.
Audit 
