Answer Posted / tejas birajdar

Below are the Taxes of Asset & liability side of BS
Tax assets are includes TDS receivable, VAT paid & Advance
tax
Tax liablities are - ESI collected, PF collected, PT
collected, VAT collected & TDS collected

If we paid advance tax & at the end of the year we found
the income tax is paid more than the actual liablity it
appeares to our BS as Tax asset.

During execution of Works Contract,If Contractee(Customer) supply goods to contractor, then it should be shown in Invoice as deduction or no need to show in Invoice.

1593

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What is capital adequacy ratio? What is demat account?

1032

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what is the head for stock trnasfer

2149

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i had taken one year gap in completing my graduation bcom should it be considered as backlogs i dont have any kt or anything else i have passed all exam in one trial

1997

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Tell me in which account does the unpresented cheque will get recorded?

1007

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Explain what is bank reconciliation?

3811

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Hi.. I am pursuing my MBA II year thrgh distance frm O.U HYD., Pls let me know any jobs...in Bank jobssssss

2355

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What can go wrong if you have a balance sheet with a lot of debt? What can go wrong if there is negative owner's equity? What does a good cash flow statement look like and why?

1880

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Financial Accounting

2218

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What is Normal Loss? and What is the reason for Debiting such Loss in P&L account and also Crediting in Trading Account? and how the Loss should be accounted?

1586

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Explain the Realisation concept and Accounting concept? why do you prepare p/l appropriation account? 4 difference b/w public and private caompany? How do you calculated closing stock in tradind a/c? Contents an invoice receipt? classification of Error as per accounting? Diff btwn Satutory audit & Internal audit? Diff b/w reserves for bad debts and provision for bad debts? Where the Bank book and the Cash book will not reconcile? When will the Cash book have a credit balance?

2735

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What is recording damage inventory in books of account?

988

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Tell us what is a cpa?

978

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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.

1893

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2. A budgeted profit statement of a company working at 75% capacity is provided to you 2 below, Sales 9,000 units at Rs. 32 Rs. 2,88,000 Less: Direct materials Rs. 54,000 Direct wages 72,000 Production overhead: fixed 42,000 variable 18,000 1,86,000 Gross profit 1,02,000 Less: Administration, selling and distribution costs: fixed 36,000 varying with sales volume 27,000 63,000 Net profit 39,000 You are required to: (a) Calculate the breakeven point in units and in value. (b) It has been estimated that: (i) if the selling price per unit were reduced to Rs. 28, the increased demand would utilise 90% of the company's capacity without any additional advertising expenditure, and (ii) to attract sufficient demand to utilise full capacity would require a 15% reduction in the current selling price and a Rs. 5,000 special advertising campaign. You are required to present a statement showing the effect of the two alternatives compared with the original budget and to advise management which of the three possible plans ought to be adopted, i.e., the original budget plan or (i) above or (ii) above. (c) An independent market research study shows that by spending Rs. 15,000 on a special advertising campaign, the company could operate at full capacity and maintain the selling price at Rs. 32 per unit. You are required to: (i) Advise management whether this proposal should be adopted.

2227

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