Answer Posted / prakash saket

when u sell goods to a party and he doesn't pay u on that time and give u a bill for payment in future date that is called bills receivable .
Bills Receivable a/c Dr.
To Debtors a/c

and when u purchase goods from a party and give him a bill for payment in a future date its called bills payable

Creditors A/c Dr
To Bills Payable A/c

From the following find out a. Profit Volume ratio b. Break even point c. Sales for 40% P/V Ratio d. Margin of safety from the sales Rs 3,00,000 e. Net profit from the sales of Rs 3,00,000 f. Required sales for the new profit of Rs 70,000 g. Required sales for the net profit of Rs 70,,000 after tax, the corporate income tax being 40% h. Additional sales required to convert an increase of Rs 3000 p.a. in the sales manager salary Sale 2,00,000 Variable Overheads 1,50,000 Profit 50000 Fixed overheads 15000 Net profit 35000 Sl No Heads of Account Debit Rs Credit Rs 1 Drawing and Capital 750 15,000 2 Stock as on 01.01.2009 69720 3 Bills Receivable and bills payable 1000 1180 4 Returns 300 320 5 Purchases and Sales 4500 8300 6 Wages 70 7 Discount 30 8 Salaries 200 9 Canara Bank Shares 3000 10 Insurance 120 11 Building 3000 12 Furniture 700 13 Debtors and Creditors 600 1300 14 Cash in Hand 470 15 Overdraft at bank 900

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Difference Between Revenue & Capital Expenditure (Give an Example of each )

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Depreciation method to using Indian company names

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HOW TO MAINTAIN BANK A/C

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Who is the maker of the promissory note

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Apportion Nett profit of rs 325600 among the partners A,B,C and D as per sharing ratios of 26%,13%,32% and the balance to D.Pass journal entry

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What is the difference between reserve and provision.

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Sales for ABC Company were Rs.150,000 for 2003.The beginning inventory was 30% of the cost of goods sold.The ending inventory was 50% of the beginning invetory.Selling expenses were 10% of sales and absorbed 30% sales.Income taxes were 30% of net income before taxes.

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objective of accounting

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helo sir, i want to know the writen exam pattern for finance and accounts ang general apptitude test of ongc.

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hi to all i have also cleared sbi exam and my interview is on 26th may 2009.can any one help to prepare for interview

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how Mis reports are used?n why it is used ? explain

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Purchase book is a ----------journal

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We have two mandatory qualifiers nature of accounts and balancing segment, which will balance the debit and credit and recognize the nature of accounts, my question is what other qualifiers do. Like management. Thank you.

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