Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / suresh raichur
We have two pass two journal entries for depreciation.
One at the time of creation of depreciation:
Depreciation account Dr
To Particular Asset account Cr
at the end of the year for transferring depreciation to
Profit & Loss account:
Profit & Loss Account Dr
To Depreciation Account Cr
| Is This Answer Correct ? | 14 Yes | 1 No |
Post New Answer View All Answers
is there is mentioned that we can adjust excess debtors with creditor in the stock statement while calculating Drawing Power
What other careers are you considering?
I purchased a machine and finance it by bank with the amount 1900000 and bank apply the finance charge 440000 for 3 years finance how to pass this entry still machine value is 2200000 is finance charge is interest (indirect exp.) pls help me.
What is the difference between cost accounting management accounting and financial accounting?
What is dividend warrants?
discuss seperate determination concept
A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
Explain what is balance sheet?
What does an accurate trial balance suggest?
while preparing insolvency account deficiency account is wich account? why we do not prepare it with general rules?
What do you mean by balancing of ledger account?
Tell me about an invoice discrepancy you discovered and how you resolved it
What are the three factors that can affect your cash flow and business profitability?
what is wct ? who take its benefit? e.g. we are works contractor, we are liable to take its benefit or not..
List of Indian accounting standards and international financial reporting standards
