Interested to Buy Any Domain ? << Click Here >> for more details...
what are all the items comes under balancesheet(liability
side & asset side) step by step.& also trading and p&l
account. somany companies asking this type of question .
please tell me...
- 7 Answers
- 111186 Views
- IBM, IBPS, Thomson Reuters, I also Faced
- E-Mail Answers
Answer Posted / ogati sucharitha
Trading account is prepares mainly to know the profitability
of the goods bought and sold by the business man.
The items which are shown under trading account relates to
purchases and production.
Trading account consists of two side debit side and credit side
DEBIT SIDE SHOWN ITEMS ARE:---
1.opening stock
2.purchases
3.direct expense:--
a.buying expense
b.manufacturing expenses
4.gross profit c/d(c/d=carried down)
CREDIT SIDE SHOWN ITEMS ARE:---
1.sales
2.closing stock
the items shown in profit and loss account debit side are:---
1.selling and distribution expenses:---
a.salesman's salary and commission
b.commission to agents
c.freight and carriage on sales
d.sales tax
e.bad debts
f.advertising
g.packing expenses
h.export duty etc...............
2.administrative expenses:----
a.salaries
b.rent
c.rates and taxes
d.audit fess
e.bank charges
f.printing and stationary etc.......
3.financial expenses:---
a.discount allowed
b.interest on capital
c.interest on loan etc........
4.maintenance,depreciation and provisions:----
a.repairs
b.depreciation
c.provision for bad and doubtful debts etc.......
profit and loss account credit side:----
1.gross profit b/d(b/d=brought down)
2.discount received
commission received
3.rent received
4.interest received
5.interest on investments
6.dividend received etc...........
balance sheet :----
balance sheet is divided into two parts liabilities and assets
LIABILITIES:---
1.SHARE CAPITAL:----
a.authorized share capital
b.issued share capital
c.subscribed share capital
2.RESERVES AND SURPLUS:--
a.general reserve
b.profit and loss appropriation surplus
c.specific reserve etc.......
3.SECURED LOANS:---
a.debentures etc.....
4.UNSECURED LOANS:---
5.CURRENT LIABILITIES AND PROVISIONS:---
a.taxation provision
b.out standing expenses
c.tax on dividends etc.........
ASSETS:---
1.FIXED ASSETS:---
a.land and buildings
b.plant and machinery
c.furniture and fittings
d.patents
e.copy rights etc......
2.INVESTMENTS:----
a.investments in shares
b.investments in debentures etc......
3.CURRENT ASSETS LOANS AND ADVANCES:----
a.cash in hand and at bank
b.closing stock
c.sundry debtors
d.prepaid expenses etc.......
4.MISCELLANEOUS EXPENSES:---
a.preliminary expenses etc.....
5.PROFIT AND LOSS ACCOUNT LOSS
| Is This Answer Correct ? | 86 Yes | 11 No |
Post New Answer View All Answers
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.
In accounting equation what is the treatment of investment in shares??
if cheque bounced what we received from customers and payed to bank what entry should we create in single entry system
Which accounting application you prefer most and why?
What does the investment of personal assets by the owner will do?
if we have provision for bad debts and RDD then on which amount we have to calculate RDD original or deducted?
Where do generally accruals appear on the balance sheet?
What would be journal entry for--Encashed a bank draft belonging to X? Ans as given in textbook is Bank account debit to Cash account credit.......But shouldnt it be Cash account debit to Bank account credit...Wat do u guys feel??And do explain ur answers..Thnx in advance
WHAT ARE THE LIMITATIONS FACING ACCOUNT CONCEPTS AND CONVENTIONS?
6. Your grandfather is 75 years old. He has total savings of Rs.80,000. He expects that he live for another 10 years and will like to spend his savings by then. He places his savings into a bank account earning 10 per cent annually. He will draw equal amount each year- the first withdrawal occurring one year from now in such a way that his account balance becomes zero at the end of 10 years. How much will be his annual withdrawal?
pass the journal as wellas ledger entries off the foll 1st jan :> started businress with cash rs 1,20,000 & goods worth rs 60,000. 2nd jan > cash purchases rs 50,000. 4th jan >cash sales rs 40,000. 6th jan > purchase good's from sonali on credit worth rs 30,000 at 10 % trade discount. 8th jan> sold sood's to komal on credit rs 20,000 at 10% trade discount. 10th jan > paid rent by a cheque rs 50,000. 12th jan > good's worth rs 4,000 lossed by fire. 14th jan > good's worth rs 3,000 withdrawn from business for personal use. 16th jan > good's worth rs 2,000 distributed as free samples. 18th jan > good's worth rs 1,000 exchange for furniture.
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?
DIFFERNCE BETWEEN RESERVE AND FUND?
Is it necessary after every journal entry to show its treatment in P&L a/c? Eg. if I am asked to show journal entry of purchasing furniture & fixture on 1st Aug 06, i.e. Furniture & fixture a/c Dr. To cash/bank a/c Along with this, I have to pass following journal entry on 31st Mar 07?? P&L a/c Dr. To Furniture & fixture a/c
Is buy or sale trade will impact on Nov? Yes/No Please explain.
