Answer Posted / deepak kumar sharma
Liability means- : company's legal debts or obligations
that arise during the course of business operations.
It include loans, accounts payable, mortgages, deferred
revenues and accrued expenses and always show in balance
sheet (right side)
liabilites are diviede into two parts,
1 Current liabilty
2 Long Liabilty
Current liabilities means those debts payable within one
year while long-term liabilities are debts payable over a
longer period.
A balance sheet item which equals the sum of all money owed
by a company and due within one year. also called payables
or current debt.
| Is This Answer Correct ? | 16 Yes | 2 No |
Post New Answer View All Answers
can we credit depreciation of the year to the general reserves in a balance sheet of that year? and also enlist some relevant documents or standards?
Can a company deduct TDS & provide TDS certificate for a bill without actually making payment towards the same??
if at the end of the year cash book is showing debit balance whether it is meant that cash is not deposited after deducting expenses in bank and it is in hand and we should deposit in next year
WHAT ARE THE DIFFICULT ELEMENT OFF JOB
please tell me when co. owner invest money in his family members bank a/c. not any transaction came in business can we do this bank statement in tally ?
what are the processes of account reconcillation
What entry to be passed for Duty draw back as receivable
can any one send me tally professional version link
Tell me an example of a tough decision that you had to make?
non cash or bank income or expense
Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
April-25 Paid to Mr. Y in full Settlement by Cheque Rs. 4800. April-26 Received a cheque from Mr. B in full settlement Rs. 4900.
Tell us what is a cpa?
Does anybody know anything about BirlaSoft? I got a job offer, they sent me a contract to sign and return, but thank God they didn't ask for any money! But, they said they would send me a check in the mail. And as my first "task" I would have to use that check to order a bunch of accounting software, and I would need to purchase this software ONLY from the vendors that THEY provide. Is this a scam to just get money? I'm wondering if they "own" the vendor they "work" with and launder money that way. I asked the person who was getting my information, as far as my name and address to send the check to, Why would I have to buy software to install in my home computer anyway? Couldn't they just send me a link for the software to download? I'm afraid of the check being fake. Because, if I deposit the check into my checking account and it turns out to be fake, then I'll owe the bank all that money! Hope to hear from someone soon. Thanks.
A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is 7 (a) Rs.3000 (b) Rs.5000 (c) Rs.6000 (d) Rs.3500
