Answer / aqeel raza

Journal is a book or diary columnar designed to make easy record keeping but journalizing is the method of recording transaction in general journal or in specified journals but where cash book is used instead of journals, journal entry affects general ledger or to its subsidiary ledger accounts.
In business, sale or purchase on credit; the payment of which made later; is journalized by journal voucher which effect debtor or creditor accounts.
All adjustments such as sales discount, purchase discount, sale return, purchase return, transfer of amount from an account to another account and so on in accounts are made through journalizing.
Journalizing mostly affects general ledger consists on permanent accounts and sometimes affects temporary accounts for adjustment purposes.
Because of journalizing, we find the actual balance of debit and credit fluctuating immediately from the process of journalizing facilities one to pay or receive the amount payable or receivable.
Journalizing is mostly used for correction the amount of an account or transfers the balance from an account to another account freely.

why is the recocillation done?

2 Answers   Global Talent Track,

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2 Answers  

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M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances

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Please let me know Under head of Sales Advance?

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what TYPE OF INVOICE SHOULD RAISE TO C&F agent ?

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1 Answers   ABC,

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journal entries

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amount drawn from propritors s b a/c Rs : 10000/-, intridused in propritors current A/c same amount, and same Rs :10000/- withdrawn by the propritors. please pass the entries for this transaction in double entry system.

2 Answers  

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what is the Cash purchase limit.

2 Answers   Max India,

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