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Entry for revenue item will be Expenses A/C Dr to Cash. But
in the Profit and Loss account we will see the expenses with
a pre fix of To Expenses Why?
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Dear sir/madam, Want to know entry for closing of sundry creditors account on the end of the year when its accounts shows debit balance, Payment made excess. E.g Invoice rcvd : 100000.00 from XYZ company payment Made: 105000.00 Please suggest best entry for the same
Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
Your grandfather is 75 years old. He has total saving of Rs. 80000. He expects that he live for another 10 years and will like to spend his saving by them. He placed his saving into a bank account earning 10 per cent annually. He will draw equal amount each year- the first withdrawal occuring one year from now in such a way that his account balance becomes zero at the end of 10 years. How much will be his annual withdrawal?
What is the difference between depreciation and amortization?
What is the meaning of deferred revenue and expenditure, give examples
2 Answers Bank Of America, Capital IQ,
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