Answer Posted / kanika
The direct costs attributable to the production of the
goods sold by a company. This amount includes the cost of
the materials used in creating the good along with the
direct labor costs used to produce the good. It excludes
indirect expenses such as distribution costs and sales
force costs. COGS appears on the income statement and can
be deducted from revenue to calculate a company's gross
margin.
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my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
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