Answer / 1963

Preliminary expenses are those expenses which are incurred in business before incorporation and commencement of business, like statuary fees ,company logo, survey report, project report etc are called preliminary expenses.

REPORATE

2 Answers   Bank Of America,

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A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.

0 Answers  

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What is accounting chart of accounts?

0 Answers  

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What is bills in accounts.

4 Answers  

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I need to know when you buy a asset on credit and your monthly instalment is $10000 in the books where and how do you record the outstanding liability the interest and the capital instalments.Secondly the deposit that you receive which you should still send back to the tenat where in the books do you record for entry and the contra entry.

1 Answers  

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if we have provision for bad debts and RDD then on which amount we have to calculate RDD original or deducted?

0 Answers  

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IS CASH DISCOUNT/RECIVED IS OPERATING EXPENSE/INCOME?

2 Answers  

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WHAT IS CORE ACCOUNTING, GROUP CONSOLIDATION ? CONSOLIDATED ENTRY. COULD YOU GIVE ME AN EXAMPLE

0 Answers   HSBC,

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what is capital expenditure

5 Answers   Genpact,

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whats the manufacturing account

2 Answers   IOCL,

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Why current assets Liability said & current Liability Assets said...?at tally ERP9

0 Answers   Engineers India Limited,

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What is a wash rate in foreign exchange accounting?

1 Answers  

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