Answer Posted / syed iliyas

first of all say on which u are insuring and for what period if will valued. if insurance was paid on any asset and valid for one year then calculate what amount should effect for the current financial year that amount only shown as expenditure for the current financial year balance amound should be shown as prepaid insurance under current asset, if the insurance is on transit and the transit is closing in the same financial year the total amount should be shown is as expenditure otherwise same as above. no insurance charges were shown which were on the owner name. entry should be as below

1.insurance DD(under current assets) ACCOUNT DR
TO CASH ACCOUNT
2. insurance account dr
prepaid insurance account dr
to insurance DD account

What is the acceptable accounting procedure when an error is detected in a general ledger account? Explain why such a procedure is followed?

2195

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What are the types of liabilities accounts?

1113

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What else ? This is the question asked to me every where every time while facing interview. I want to know is this a real question for accounting? If yes haw or if no How? I am really confuse.

1974

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Tell me which accounting application you prefer most and why?

1023

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how to prepare brs statement for company in tally

3307

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Recall a time when you faced a dissatisfied and aggressive customer. How did you handle it?

1108

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what are the basic elements to prepare a quarterly information system and how to calculate that items?

1852

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what is "goodwill" reserve and surplus and reserve with example

2077

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What is entry of Dishonored cheque issued to supplier

1365

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what is valuation code and valuation modifier in sap fico

2495

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Knowing what you know now, walk me through what you would do differently to drive even more success?

1072

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can any body tell me the procedure to learn accountancy with easy tips.i.e., layman accounting policy and rules of debit and credit.

2176

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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.

1994

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sir i am working in construction company.we have more than one projects.i enter the attendance projectwise in payroll.if payroll autofill i want project wise salaries not overall

1991

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I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary

1900

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