Answer Posted / rahul jaiswal

Since cogs is computed by the following equation i.e opening stock+ net purchases+ all direct expenses-closing stock. There can't be single journal entry for this. The following journal entries are required to pass.
(1) for transfer of opening stock to trading a/c.
Trading a/c dr.
To opening stock a/c
(2) For transfer of net purchases to trading a/c.
Trading a/c dr.
To purchases a/c
(3) For transfer of direct exp. to trading a/c.
Trading a/c dr.
To direct exp. a/c
(4) For transfer of closing stock to trading a/c.
Closing stock a/c dr.
To trading a/c

sir, I wanted to know what is the difference between cash and cheque payment in terms of tax.

3573

---

Tell me what do you believe makes a successful account executive?

1023

---

What is normative accounting?

1031

---

i wana give an interview as sr. excise officer what r the question will asked by interviewer ??? Please suggest me so I can clear inteview.thank u

5627

---

Describe the proof of cash type of bank reconciliation?

1901

---

What is meant by balancing?

1100

---

journal entry for goods withdrawn for personal use

2246

---

HOW WE MAKE A RESERVE AND AFTER ITS USE HOW WE NIL IT PLEASE MAKE A PROPER ENTRY.

2038

---

Do you know what qualities and skills make an account manager successful?

1099

---

what is loan operations and what are the complete process form from making customer to closure of loan

2117

---

ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10

2459

---

Explain me by saying, perpetual or periodic inventory system; what do we mean?

1141

---

What are the 4 phases accounting?

1027

---

Explain which accounting application you prefer most and why?

1002

---

Define overhead in terms of accounting?

1074

---