Answer Posted / h.r. sreepada bhagi

Input VAT, Excise Duty, Service Tax (i.e. on Purchase of
goods or services) under 'Current Assets, Loans & Advances'
- These are assets and can be set-off against payable.

Output VAT, Excise Duty, Service (i.e. on Sales or on
service income) under 'Current Liabilities & Provisions' -
These are liabilities and payable to the respective
government department after setting off the Input Credit.

In the period end Balance Sheet the balance should be shown
either under assets or liabilities after setting off the
respective accounts.

what is difference among credit, loan, advance

1825

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Tell me what are the key tasks for account executive?

967

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How to create a liability for Service Tax in SAP

2800

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while raising credit note for price difference,is it mandatory to charge excise duty 12.36% and vat 14.5% on local supplies

2367

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Explain me the term material facts in accounting?

1064

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Where do we show "Dividend paid in FFS ,either in FFO or in FFS? what is teh concept behind?

1959

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Why is accuracy important in accounting?

1024

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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.

3306

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What are mis reports and do you prepare it?

1025

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What is the difference between accumulated depreciation and depreciation expense?

1131

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Do you know company's payable cycle?

1047

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What are the activities that are included in the cash flow statement?

956

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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.

3499

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In the balance sheet, where do you show tds?

1075

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What is the importance of accounting standards?

1168

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