what will be the entry if advertisement suspence a/c is on
asset side of balance sheet?
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Advertisement A/C Dr
To Advertisement suspense A/c
| Is This Answer Correct ? | 12 Yes | 11 No |
Answer / deepika
DR : ADVERTISMENT SUSPENSE
CR :ADVERTISMENT EXP
| Is This Answer Correct ? | 9 Yes | 9 No |
Answer / biswaranjan sahoo
When we incur advertisement exp. & benefit of the expenditure is likely to be expended within one financial year then normally full Advertisement Exp. A/c is booked to Exp. A/c, but if the benefit of advertisement exp.is likely to be derived in future accounting years then the proportionate value of advertisement exp. is capitalized in stead of booking the whole amt. in one accounting year.
So the advertisement exp. is capitalized by the following entry: Advertisement Suspense A/c----------Dr.
Advertisement A/c-------------------Cr.
Then the Advertisement Suspense A/c is placed in the Balance Sheet under the Factitious Assets Group.
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / dharmesh gandhi
WHEN ACTUAL TRANSACTION IS KNOWING THAT TIME ENTRY IS REVERSED BY JOURNAL PASSED I.E. ADVERTISEMENT SUSPENSEA/C CREDITED AND WHATEVER EXP. IS DONE LIKE ADV. EXP. OR ANY SUNDRY EXP. A/C DEBITED
| Is This Answer Correct ? | 1 Yes | 4 No |
what do u mean by audit?
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
Why not we must to created Provision & Reserve? And if we're not to recognized what the effect will be?
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