Answer Posted / hemant

Advance payment to supplier A/c ---- Dr. 500
To bank A/C 500

Purachse A/C------------------------ Dr. 1500
To Supplier A/c 1500

Supplier A/C ----------------------- Dr. 1500
To Advance payment to supplier A/c 500
To Bank A/c 1000

what are the items falling under the category of reserves and surplus? whether bills of exchange is a reserves and surplus item 2.whther errors of omission will affect the trial balance

1922

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Explain the types of ledger?

4062

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What are the different fields of accounting?

1045

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Is it necessary after every journal entry to show its treatment in P&L a/c? Eg. if I am asked to show journal entry of purchasing furniture & fixture on 1st Aug 06, i.e. Furniture & fixture a/c Dr. To cash/bank a/c Along with this, I have to pass following journal entry on 31st Mar 07?? P&L a/c Dr. To Furniture & fixture a/c

1556

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Explain the accounts payable cycle

1150

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What Entery Should Made When Godown Rent Paid in Advance At The Time Of Agreement.Transation Is as Below * Rent Paid To XYZ (OWNER OF PROPERTY) For Running Month. * One Month Rent In Advance Tenent will Always pay rent amt 1st of every month. How can we do entry every month and How can party's a/c will due on ending every month. How can party a/c Show ADVANCE RENT. Please enter every entery including JV. With time when it is necessary.

3279

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You are using the accounts approach to parallel valuation and classic assets accounting. You need to create a new financial statement version to valuation based of IFRS principles. In asset accounting, what posting options can you choose for the new depreciation area? (any 2 answer) Area post in real time Area posts APC directly and depreciation periodically Area posts APC only directly Area posts APC and depreciation periodically

1555

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M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances

1863

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What are the elements of the accounting equation?

1099

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Tell me the stages of double entry system?

1081

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what is difference among credit, loan, advance

1876

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What is customer account?

1100

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Unrealised profit will be debited to ?

1924

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How does Cheques work while processing it in SAP? What are the effects and the methods.

2219

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what is the Journal entry for credit card bill paid from same bank account

1721

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