Answer Posted / asif

Personal Account:Debit the receiver
Credit the giver

Real Account : Debit what comes in
Credit what goes out

Nominal Account : Debit all expenses and losses
Credit all incomes and gains

2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.

2214

---

What type of Questions are asked for Interview in Infosys - Financial Process. Any one who is into Research Analyst or Process Executive role, kindly contribute the Questions faced by you?

2182

---

wages posted twice what is the entry for that?

2323

---

am attend to bank exam(iob)pls send model questions

2157

---

What is Free Cash?

2183

---

what are the steps used in UAT in Oracle Apps?

1777

---

why are you selecting for the profitbulity analysis costing based& active based

2099

---

how i got knowledge about custom and excise i want rate list of custome and excise how we summit return of custom and excise , Is it include with ser. tax

2092

---

What is ABC Analysis in industrial function. hw can it s maintain ?

2254

---

i did mba finance in 2010,but i came from life sciences to mba,i know in interview they ask y u came from sciences,so what i tell?pls reply me.

2228

---

give me only one transactions in both side (debit&credit) should be in real accounts

2146

---

last date of tds deposit yearly,tds proforma challan

2620

---

Pls Give me Solution for me. Bcz i m persuing b.a iii But now i m working in accounts . So what i do In future .

2221

---

how to entery pass in tally when items damage(items insured)and claim to insurance co.

2532

---

Is it correct to covered fesibility report expenses and survey expenses in pre-operative exepenses ?

2033

---