Interested to Buy Any Domain ? << Click Here >> for more details...
hi
What is entry when goods/material reced on 31st March
but,invoice yet not received.
- 3 Answers
- 5228 Views
- I also Faced
- E-Mail Answers
Answer Posted / reddy
Inventory of rawmaterial A/c Dr
To Gr/Ir A/c
(Here Gr/IR Account means goods receipts and invoice receipts
here we did not received that is the reason we did not
treat the vendor as liability
so we create one suspense A/c (GR/IR Account)
| Is This Answer Correct ? | 5 Yes | 3 No |
Post New Answer View All Answers
Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
How do I record a prior year property tax refund on sale of asset due to overvaluation
What is accounting period?
how we can calculate sundry debtors and crditors a/c?show some examples
what is opening stock formula?
Dillution effect on EPS
Time limit for payment of divident for listed limited companies & Unlisted public limited companies are? 30 or 45 or 60 or 90
Explain me the difference between accounting and auditing?
Who is debtor purchaser
What is mutual fund what is derivatives what is capital market what is TDS.breifly
What is accounting & why it is used?
What is meant by turnover?
What's the accounting entry when an Invoice is created in AR?
What is recording damage inventory in books of account?
Tell me what is the difference between accumulated depreciation and depreciation expense?
