Answer Posted / h.r. sreepada bhagi

I answer this question from the view point of a
proprietorship concern:

Capital Account shows the amount of money invested in the
business by the proprietor/proprietrix and shown on the
Liabilities side of the Balance Sheet.
Where as drawings accounts the amount withdrawn by the
proprietor/owner and the balance is shown on the Assets side
of the Balance Sheet. Capital or drawings can be adjusted
and net and excess of money invested over drawings can be
shown on the Liabilities side of the B/S or excess of
drawings over capital on the Assets side of the B/S.
The same thing applies to Partners' Capital and Partner's
Drawings Account.
However there can not be drawings account in a company
registered under the Companies' Act in India or any such Act
in other countries.

PRELIMINARY EXPENSES INCURRED IN THE YEAR OCTOBER 2012 MONTH 5LAKS WHICH ACCOUNTED IN ASSET SIDE AS ''PRELIMINARY EXPENSES''... IN YEAR END MARCH 2013, IN 5LAKS HOW MUCH AMOUNT SHOULD TAKE FOR PRELIMINARY EXPENSES WRITTEN OFF..?

1878

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Which accounting applications are your familiar with?

979

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What is the difference between provision and reverse?

1092

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Assuming that a firm pays tax at a 50 per cent rate, compute the after tax cost of capital in the following cases: I. A 8.5 % preference share sold at par. II. A perpetual bond sold at par, coupon rate of interest being 7 per cent III. A ten year, 8 percent, Rs.1000 par bond sold at Rs.950 less 4 percent underwriting commission.

3563

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My question is on Opening & Closing Stock Suppose Closing stock of 2014-15 is Rs 30 lakhs & Also we filed return & ROC too for 2014-15. Opening stock for 2015-16 should be Rs 30 lakhs but we found that some purchase for feb & March 2015 Stock has been entered in tally Its taken directly to purchase split of stock not made & in sales to same of 2 lakhs no split of stock is shown. Those stock need to make changes in 2015-16 what was the process ? And what will be adjustment entry ?

1567

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What is the difference in accounting and marketing?

1040

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IN VAT INVOICES DISCOUNT ALLOWED OR NOT

2087

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There is no item category assigned to account

2166

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correction of sundry creotors

2646

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Tell me whether the account “cash” will be credited or debited, when a company pays a bill?

1053

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i need clarification about tds will be calculate before deductions or after deductions on gross salary+incentive

1454

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Explain me bills receivable?

1049

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Which kind of transactions are not recorded in the books of account?

1828

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Define and distinguish between flexible and floating exchange rate system. What kind of exchange rate system does china have?

3762

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Explain what is bank reconciliation?

3861

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