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What is the meaning of Contingent Liability? Where is it
shown in the Balance Sheet?
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Answer Posted / manojs
it is a liabilty which may or may not arise in case of any
event or contigency
it is shown as a foot notes in the balance sheet
| Is This Answer Correct ? | 24 Yes | 3 No |
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Q A project cost Rs.6,00,000. It yields annually a profit of Rs.80,000. After depreciation of 12.5% p.a.but before tax of 50%.Calculate payback priod.
Plz Give the Inventry Accounting Procedure 1.Domestic Purchases ( VAT,CST,& Excise) 2.Import Purchases ( Direct Expences & Excise ) 3.When Will the Price Diffrence Entry Happen? 4.Cash Discount & Trade Discount On Purchases? 5.Domestic Sales ( VAT,CST,& Excise) 6.Export Sales ( Customes ,Excise ) 7.Cash Discount & Trade Discount On Sales?
Prepare a trial balance from the following :- Particulars Amount Particulars Amount Rs. Rs. Purchases 8225 Premium on lease 1200 Wages 1025 Loan on mortgage 2500 Sales 12450 Plant & machinery 2000 Arun's capital 13500 Provisn for doubtful debts 300 Stock on 1/1/98 1500 Sundry debtors 16550 Salary 410 Trade charges 200 Rent & taxes 162 Bad debts 200 Sundry creditors 2572
distinguish between Bill of Exchange and Promissory Note
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