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what is differance between creditors & expenses for
creditors?
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Answer / sweety
creditor is a liability for the firm which firm has to pay
in future at a particular point of time. and expenses for
creditors is the expenses which we are occuring before we
pay the liability. for eg. if we have heir a car for 2 yrs.
So now for 2 yrs we are using this car and expense we are
occuring in maintaining it is expenses for creditors.
| Is This Answer Correct ? | 29 Yes | 11 No |
Answer / eswar
creditor is a person who lent money or sell goods on credit
to the firm in other words, credit for means, who gave
benefit to the firm and yet to receive the equivalent from
the firm
| Is This Answer Correct ? | 18 Yes | 11 No |
Answer / silo levels
You may have a category of sundry, or miscellaneous, creditors on the books for occasional or small vendor relationships, rather than setting up a separate vendor account for these infrequent relationships.
With today's computerized accounting, such an account is seldom used, since it is very quick and easy to add a new vendor or make inactive an unused one.
| Is This Answer Correct ? | 3 Yes | 3 No |
Answered but misspelled pl correct RS.180000/-IS THE INCOME EXEMPTION LIMIT FOR (ANS.NEWMO)
my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
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Choose the right answer When diesel supplied to the hired vehicle we have to credit 1.Diesel 2.Hire 3.Owner of the vehicle
Audit 
