Question { Apex, 145963 }

What is WCT TDS? who is liable to deduct the WCT TDS?

Answer

Dear friends,
i want to explain the meaning of WCT, WCT is one type of
government dues, that a contractee deductes from a
contractor, and the contractee deposits the same with the
govt. account,
for example:
suppose a contractee gives a contract to a contractor for
construction work of a building, then the contractor
complets the contract and issues the bill to the contractee
of amt. Rs. 12,50,000/-, here is the right of the
contractee to deduct WCT on the total bill amount i.e.,
12,50,000/-, the the same amount should be deposited with
the govt. account before the due date.

Question { FIC, 15626 }

Computer value 5000
Deprecation 3000
Book vale 2000
Sold for 2000
Pass entry?

Answer

The question is correct but better to know the dates of
sale of computer.

according to the question : answer is
Dr Depreciation A/c Rs. 3000
Dr Cash/Bank A/c Rs. 2000
Cr Computer A/c Rs. 5000

Narration: Being depreciation charged on computer and sold
for Rs. 2000/-).

Question { FIC, 15626 }

Computer value 5000
Deprecation 3000
Book vale 2000
Sold for 2000
Pass entry?

Answer

Depreciation Dr. 3,000.00
Cash / Bank Dr. 2,000.00
Computer Cr. 5,000.00

Question { 9792 }

3 principles of accounting

Answer

Dr. The Receiver & Cr. the Giver (for personal Account)
Dr. what comes in & Cr. what goes our (for real Account)
Dr. all expenses/losses & Cr. all incomes/revenue (for
nominal Account)

Question { 17197 }

journal entry of outstanding salary

Answer

Dr Salary
Dr all allowances
cr Salary Payable
cr all allowances

Question { Capital IQ, 18766 }

What is bank reconciliation statement?

Answer

Bank Reconcilation Statement is prepared to know the
reasons of difference between the balances of Bank Book and
Bank Statement in a particular date.

Question { 6953 }

Received Invoice from Tvs Co. against purchase of 15 pcs of
Mouse @ 750 excluding VAT 4%, Pass journal entry in the necessary books of accounts?

Answer

Purchase Dr. Rs. 11250.00 (i.e., 750x15)
Input VAT Dr. Rs. 562.50 (i.e., 5% on 11250/-)
TVS Co. Cr. Rs. 11812.50 (i.e., 11250+562.50)

Question { 6953 }

Received Invoice from Tvs Co. against purchase of 15 pcs of
Mouse @ 750 excluding VAT 4%, Pass journal entry in the necessary books of accounts?

Answer

Purchase Dr. 11,250.00
Input VAT Dr. 450.00
TVS Co. Cr. 11,700.00

Question { Financial Services, 21181 }

What is the Journal entry of the Transaction -- The Horse
bought on April 20 died , its carcase was sold for rs.50.
also tell me what is treatment in P/L A/c and Balance Sheet.

Answer

first let me know what type of business was that in which
horse bought and for what purpose that bought.
and secondly the purchase cost of horse.

Question { 10138 }

What is the meaning of contra entry

Answer

contra entry is one type of accounting entry, which is used
when we make transaction in between bank to bank, and bank
to cash.

Question { Morgan Stanley, 8977 }

please tell me debit credi entry , in respect of salary
advance and how to deduct,advance paid to employee

Answer

at the time of salary paid in advance :

Advance against Salary Dr.
Bank / Cash Cr.

At the time of salary due :

Salary Dr.
Advance against Salary Cr.
Salary Payable Cr.