Answer Posted / hemkant

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using data diller and customer.

What is the analytical way of accounting?

2218

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Debit Note & Credit Note?

2154

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What is the difference between Risk, Threat & Hazard?

1976

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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.

2194

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Dear All, Please reply ASAP. I have an account with SBI and ICICI bank. I have mention the Authorised bank address of SBI in our Shipping bill and GR. But we have received the Payments in ICICI Bank. Please inform who are able to realise the Bank Realisation Certificate (BRC)ICICI or SBI. Can SBI are quolify for refuse for BRC Application. Please reply of this query on jani_janikalpesh@yahoo.com regards Kalpesh Jani 9978912950

2330

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4. Calculate the following from the particulars given below: i) Material Cost Variance ii) Material Price Variance iii) Material Usage Variance iv) Material Mix Variance v) Material Yield Variance Material Standard Actual Qty kgs. Price Rs Value Rs. Qty kgs. Price Rs Value Rs A 50 4 200 40 5 200 B 30 6 180 30 6 180 C 20 3 60 30 3 90 100 440 100 470 Loss 20 ----- 30 ----- 80 440 70 470

3096

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The Closing stock balance on the cr side of Tarding Proft and Loss A/c due to this our revenue so when we isued the material or used in production then whats happen with closing stock(I think Closing Stock will dr after Isuabce/use materil in Production)if its correct tell me

1973

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i m a student of icwai i have just passed out my foundation and i wanna no if i should go for both intermediate group together or not....

1821

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Do v call director in the partnership firm?

2092

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Give a brief explanation of the fundamental accounting concept of prudence

2167

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Received cheque Rs 250000 which is exclusive of 5% Security deposit 2.24% income tax and i% miscellaneous recovery. Pass necessary entry

2128

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Short answer on Amalgamation

2254

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WhatIs the limit of duty exemption in smal scale industries.

2126

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I WANT ACCOUNT ASSISTANCE INTERWIEV QUETION IN L&T

2476

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My name is Tasha actually I had put my file for Australia PR on basis of Hairdresser, and I have shown my qualification of 10th passed, but I done my B.Com with Accountancy, and presently I am working as Accountant,Now I want to put up my file for Australia Student is it possible, and my age is 36 yrs, I had already given my IELTS (Academic) and I have scored 6 bands, but its period has been expired,please give me some answer what to do next.

2283

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