Answer Posted / lakshmi

Example: ABC International has a beginning balance in its inventory asset account of $500,000. It buys $450,000 of materials from suppliers during the month. At month-end, it counts its ending inventory and determines that there is $200,000 of inventory on hand. The cost of goods sold journal entry is?


Cost of goods sold expense 750,000
To Purchases 450000

to investory(5L-2L) 300000

How the Depreciation will calculate in Company?

2187

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what are cost accounting and its applications?

1074

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Who created snapit accounting?

1104

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When Tds is applicable to deduct and wht is rate for different work panel?

1948

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Can a company deduct TDS & provide TDS certificate for a bill without actually making payment towards the same??

1933

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Explain the types of ledger?

4043

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Mention what is bank reconciliation?

1178

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Does the accounting system appear to facilitate one specialty from financial, auditing, or cost managerial or tax accounting over the others?

1062

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Mention in simple terms what is the difference between asset, equity, and liabilities?

985

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Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not?

2667

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Opening stock 17499565 purchses 89693855 expanditure 1735800 deprciation 223309 patner salary 300000 interst paod 937500 provisions 119265 sales 91600120.adjustment 1 gross profit is 6.72percentage on sales.2.net profit is 3.10 percent on sales

1678

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Define each Flexfeild qualifiers (natural accounts, balancing acc., secondary tracking, cost center)

2037

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Explain me what do you think is bank reconciliation statement?

1078

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a company recive 5 demand draft in different parties 2 DD sumittted to bank for collection and it's collected. what is the closing entry of other 3 DD in the company on that date?

1788

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Debit Card Come Under Which group in Tally 9?

1907

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