Question { Genpact, 10889 }

What is bank reconciliation ?

Answer

Bank reconciliation is a statement, perpared by an
organisation to reconcile the cash at bank in its own
records with the particuler bank statement on a particular
period.itis made at the end of the month.mainly the
diffrences between the two records on a particular period
may be arise due to the following:
1 cheques drawn but not yet presented in the bank.
2 cheques received but not yet deposited in the bank.
3 bank charges debited but not recorded in the
organisation's books.
4 interest credited but not recorded in the books of
organisation's books.

Question { 8718 }

What will be JV of if gets discount received from my
vendors and as well as I allowed discount to my customer?
What will be the journal entry in these both cases. Pls.
give the answer, it's urgent.

Answer

Jv of getting discount from the vendor

Vendor's A/c Dr

To Discount & Schemes A/c.

JV of discount allowed to the customer

Discount & Schemes A/c Dr.

To Customer A/c.

Question { 9314 }

What is E1 form for purchase & what benefites

Answer

When any goods Purchase made in transit, is called puchase
under E-1 form. In this transection 3 States/Parties
involved.By making E1 form puchse we can avoid multiple
taxation i.e. to avoid 4 %CST for one party.