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accounting principals
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Answer / h.r. sreepada bhagi
Accounting Principles(Not Principals) are the Concepts &
Conventions followed in recording Financial
(Accounting)Transactions and preparation of Financial
Statements. Accounting Principles are the basic guidelines
for maintenance of accounting records. A few examples are -
1.Business Entity Concept.
2.Going Concern Concept
3.Matching Concept.
4.Accounting Period Concept.
5.Dual Aspect (Debit/Credit)
6.Materiality Concept.
7.Money Measurement Concept
8.Consistency Convention, etc.
Accounting Standards are specific Guidelines to be followed
while maintaining Financial records & preparation of
Financial Statements under GAAP applicable to the business
entities in the respective countries. Accounting Standards
may be IFRS, US GAAP, Indian GAAP or GAAP in other countries.
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Answer / sumitra.raghavan
accounting principles are guidelines that helps in proper
recording of transaction as per certain concepts and
conventions.its helps in preparing accounts on a std
basis.example maching concepts
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Answer / pradipta
Accounting principal is consisting of the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.
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whst is detailed information aboutaccounting standards 20to 29
Hello everybody can you posted journal entry of this question , if mr.A give advance rent Rs.20000 for 3 month to Mr.B
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.
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