What is account?
What is finance? What do you mean by finance and accounts?
- 10 Answers
- 36876 Views
- CIS, ITC Hotels, I also Faced
- E-Mail Answers
Answer Posted / vibhor
ACCOUNTS:-its basically the record one keeps for all the
transaction he/she did.....or in simple words it is the
record of credit and debit....
Finance:-it is basically to deal with money that from where
its come and where its spend....
| Is This Answer Correct ? | 10 Yes | 2 No |
Post New Answer View All Answers
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.
Name the Accounting Concepts
Zee Ltd. uses material—A for the production of Product M. The safety stock of material A is 300 units; the supplier quotes a delivery delay of two or three weeks. If the company uses 500 to 800 units a week according to the activity levels, the re–order level of material–A will be A. 2300 units; B. 2400 units; C. 2700 units; D. 28 units.
difference between office expense and miscelleanous expense with some examples
Expand-------NBTA
Received an order from Babu for the supply of goods Rs.200/-. state whether the the following transcation is business transcation or non business transcation? with reson or explaination?
what is the main link between the income statement and the balance sheet?
What are the legal entities that constitute your business? Does a legal entity have a seperate Federal Tax Id? In which country does a legal entity operate? In which currency does a legal entity operate? When does each legal entity's fiscal year begin?
when assessing the credit proposal of a prospective borrower if he gets internal rating below the hurdle rate what will you suggest as a banker
is it necessasary to make a partnership deed
What are events occuring after the balancesheet date?
after directing tally 9 to calculate interest as per 30 day option basis on a loan account.........,it still calculates interest as per calender month when checked on to display>statements of accounts>interest payable in tally 9 ...where is the error?? how to correct the function.
what is the organisation chart for accounting and finance ?
A crushing unit blasted 1650Mts in the month of March 2009. The rate of Royalty to be paid is rs 35/- Per MT. Advance royalty was paid rs 250000/- on 1-3-2009. pass journal entries from the advance royalty
Straight line method to using Indian company names
