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what is Dual Accounting
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Answer / husna
Dual Accounting is a double entry system,wherein both debit
and credit aspect of a transaction is recorded.Each
transaction has equivalent debit and credit ledger.
| Is This Answer Correct ? | 35 Yes | 3 No |
DUAL ACCOUNTING IS ALSO CALLED AS DOUBLE ENTRY SYSTEM IT
STRARTED IN 1942 BY "LUCAPACLIO" AS PER INDIAN GAAP THE
DOUBLE ENTRY SYSTEM MEANS "EVERY DEBIT THRER MUST BE A
CORRESPONDING CREDIT"
EXAMPLE :
PURCHASED OD GOODS FROM Y AND CO.
IT MAINLY DESRIBES FROM THE GENERAL RULES OF ACCOUNTING
DEBIT THE RECEVIER CREDIT THE GIVER
DEBIT WHAT COMES IN CREDIT WHAT GOES OUT
| Is This Answer Correct ? | 13 Yes | 1 No |
Answer / narasimhulu
Dual Accounting is a double entry system. There is must
tally the both side i.e debit and credit, so transaction has
equivalent debit and credit ledger accounts in the account
books.
| Is This Answer Correct ? | 11 Yes | 5 No |
Answer / hareesh.p
Dual Accounting is a double entry system,wherein both debit
and credit aspect of a transaction is recorded.Each
transaction has equivalent debit and credit ledger ledger
accounts in the account books
| Is This Answer Correct ? | 9 Yes | 3 No |
Answer / mohd zubair
The indian accounting principles are divided in to two
types accounting concepts, and conventions and one of the
of the accounting concept is dual aspect of accounting
system according to this system every journal entry should
be posted according to double entry system means for every
debit there should be equal credit to what comes in debit
it should comes in credit also and its a successful system
of double entry system
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / musaib
Dual Accounting is a double entry system,wherein both debit
and credit aspect of a transaction is recorded.Each
transaction has equivalent debit and credit ledger
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / alan balboa
The product valuation determination process is essential to
ensuring that Indians receive payment on the proper value
of the
minerals being removed. Indian tribes and individual Indian
mineral
owners receive all royalties generated from their lands.
The Indian
tribal representatives have expressed concern that the
Secretary
properly ensures the correct royalty is received. Failure
to collect
the data described in this information collection could
result in the
under valuation of leased minerals.
Most Indian leases contain the requirement to perform
accounting
for comparison (dual accounting) for gas produced from the
lease.
According to 30 CFR 206.176, dual accounting is the greater
of the
following two values:
(1) The value of gas prior to processing less any
applicable
allowances, or
(2) The combined value of residue gas and gas plant
products
resulting from processing the gas less any applicable
allowances plus
any drip condensate associated with the processed gas
recovered
downstream of the point of royalty settlement without
resorting to
processing, less applicable allowances.
On August 10, 1999, MMS published a final rule titled
``Amendments
to Gas Valuation Regulations for Indian Leases'' (64 FR
43506) with an
effective date of January 1, 2000. This regulation applies
to all gas
produced from Indian oil and gas leases, except leases on
the Osage
Indian Reservation. The intent of the rule was to ensure
that Indian
mineral lessors receive the maximum revenues from mineral
resources on
their land, consistent with the Secretary's trust
responsibility and
with lease terms. The rule requires lessees to elect to
perform either
actual dual accounting under 30 CFR 206.176, or the
alternative
methodology for dual accounting under 30 CFR 206.173.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / santosh
Dual Accounting is, in which the Transactions enters in
both the Debit & Credit side of the accounts. Where also in
Ledger it goes into both the sides of Debit and Credit Note
of Transactions.
In another term it is also known as Contra Entry System.
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / manoj kumar dash
Dual accounting is double accounting system.both debit and
credit side are equall.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ravi kumar.p
dual accounting concept is nothing but double entry
system,where debit transactions will b recoreded in debit
side and credit transactions will b recorded in credit
side,finally ledger accounts will b prepared for both debit
and credit transactions.
| Is This Answer Correct ? | 3 Yes | 2 No |
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From the following find out a. Profit Volume ratio b. Break even point c. Sales for 40% P/V Ratio d. Margin of safety from the sales Rs 3,00,000 e. Net profit from the sales of Rs 3,00,000 f. Required sales for the new profit of Rs 70,000 g. Required sales for the net profit of Rs 70,,000 after tax, the corporate income tax being 40% h. Additional sales required to convert an increase of Rs 3000 p.a. in the sales manager salary Sale 2,00,000 Variable Overheads 1,50,000 Profit 50000 Fixed overheads 15000 Net profit 35000 Sl No Heads of Account Debit Rs Credit Rs 1 Drawing and Capital 750 15,000 2 Stock as on 01.01.2009 69720 3 Bills Receivable and bills payable 1000 1180 4 Returns 300 320 5 Purchases and Sales 4500 8300 6 Wages 70 7 Discount 30 8 Salaries 200 9 Canara Bank Shares 3000 10 Insurance 120 11 Building 3000 12 Furniture 700 13 Debtors and Creditors 600 1300 14 Cash in Hand 470 15 Overdraft at bank 900
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