tag:blogger.com,1999:blog-70620332572481581812024-03-13T12:06:59.643-07:00Accounting ! AnswersAccounting ! Answers is The best answer to any accounting question.Vinod Kumar ( Educator )http://www.blogger.com/profile/05331144653044775142noreply@blogger.comBlogger187125tag:blogger.com,1999:blog-7062033257248158181.post-30796655656093207612017-02-09T08:30:00.001-08:002017-02-09T08:36:46.684-08:00How to Pass LIC Policy Premium Entry<div dir="ltr" style="text-align: left;" trbidi="on">
I pay LIC policy premium through my savings account by ECS mode. My business accounts are through bank CC account. How do I pass entry of monthly premium of Rs. 10802/- ( premium for 15 policies). Which account is to be debited and credited? - Raghu<br />
<br />
<span style="font-size: large;"><b>Answer</b></span><br />
<span style="font-size: large;"><b><br /></b></span>
<span style="font-size: large;"><b><br /></b></span><br />
<span style="background-color: white; font-family: "verdana" , "geneva" , sans-serif; font-size: 14px; line-height: 19.6px; word-wrap: break-word;"><a href="http://education.svtuition.org/2009/12/about.html" style="color: #0202f2; cursor: pointer; text-decoration: none; word-wrap: break-word !important;">Prof. Vinod Kumar</a></span><br />
<span style="background-color: white; font-family: "verdana" , "geneva" , sans-serif; font-size: 14px; line-height: 19.6px;"><span style="background-color: transparent;"><br /></span></span>
<span style="background-color: white; line-height: 19.6px;"><span style="background-color: transparent; font-family: inherit;">First of all, you should know the basic concept of accounting. As per business entity concept, business is different from your personal identity. You can not mix your personal expenses with your business expenses. Because LIC is your personal expense, so, need not to pass any journal entry in your business book. Yes, if you do the insurance of your employees. Then, it will surely pass the journal entry in your business book with following way. LIC Policy of employee is your indirect expense and it is decrease in capital. Capital is the part of liability. So, decrease in the liability will be debit and bank balance is your asset. It has decreased. So, decrease in asset will be credit.</span></span><br />
<span style="font-family: inherit;"><span style="background-color: #0b5394;"><br /></span></span>
<b style="background-color: white;">LIC of employee Account Debit Rs. 10,802</b><br />
<b style="background-color: white;"><br /></b>
<b style="background-color: white;">Bank Account Credit Rs. 10,802</b><br />
<b style="background-color: white;"><br /></b>
<span style="background-color: white;">If your saving accounting is your individual business account. Then, if you are withdraw the money from it as personal use. Then it will be drawing of your capital. So, it will be debit and bank account credit.</span><br />
<b style="background-color: white;"><br /></b>
<b style="background-color: white;">Drawing Account ( Payment for LIC premium ) Account Debit Rs. 10,800</b><br />
<b style="background-color: white;"><br /></b>
<b style="background-color: white;">Bank Account Credit Rs. 10,800</b><br />
<b style="background-color: white;"><br /></b>
<b style="background-color: white;"><span style="font-family: inherit;"></span></b><br />
<span style="background-color: white;">If you want to learn all journal entries more deeply, please read our<a href="http://www.krantikari.org/2015/09/journal-entries-ebook.html"> Journal Entries MADE Easy eBook</a>.</span></div>
Vinod Kumar ( Educator )http://www.blogger.com/profile/05331144653044775142noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-20654814950874211542015-11-29T01:51:00.001-08:002017-01-13T01:17:23.265-08:00Which should be Debited in Accounting Journal Entries?<div dir="ltr" style="text-align: left;" trbidi="on">
Which should be debited and which should be credited in accounting journal entries? - Rama Krishna<br />
<br />
<h3 style="text-align: left;">
<span style="font-weight: normal;"><span style="font-size: large;">Answer</span></span></h3>
It depends totally which transaction you are recording in the form of journal entries. Every transaction is unique. But it will follow the three basic rules of debit and credit. If transaction refers the personal accounts, then debit is the receiver and credit is the giver. If transaction refers the real account, then debit is what comes in and credit is what goes out. If transaction refers the nominal account, then debit all the losses and expenses and credit all the incomes and gains. For better understand of debit and credit in journal entries, you should buy our written <a href="http://www.krantikari.org/2015/09/journal-entries-ebook.html">Journal Entries Made eBook</a> which is in simple word.</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-41986363682368352052015-11-29T01:46:00.001-08:002017-01-13T00:59:13.326-08:00How to Learn Basics of Accounting?<div dir="ltr" style="text-align: left;" trbidi="on">
Sir, I completed my CA IPCC But I am failing about accounts in practical work. Can you help me learning from basic terms and suggest me good book to learn - <b>G</b>opal Undavalli from India<br />
<div>
<br /></div>
<br />
<span style="font-size: large;"><b>Answer </b></span><br />
<br />
You are not alone who face it. There are lots of students like you. Even after clearing CA, there may be lack of confidence of doing practical accounting work in any company. Everyone has strength and weakness. We have to make the list where points are weak. So, we have to focus for solution of these points. If you are failing about accounts in practical work, you need to check its reasons. It may be your fake believe also. Try to do it with full confidence. If you will lose, you will learn from your mistake. So, try is best solution. You can also buy my written <a href="http://www.krantikari.org/2016/09/financial-accounting-ebook.html">Financial Accounting eBook</a> which is written in simple words and hope your understanding relating to basic terms of accounting will increase by reading it.<br />
<br />
<br /></div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-66717173423872876932015-11-29T01:43:00.000-08:002017-01-13T01:17:37.006-08:00Is it Possible to Get All Journal Entries in One Set?<div dir="ltr" style="text-align: left;" trbidi="on">
I am looking for all journal entries. Can you please provide me all journal entries in one set? - Vinod Dawkhar<br />
<br />
<h3 style="text-align: left;">
<span style="font-size: large;"><b>Answer</b></span></h3>
<br />
There is no beginning point and end point of any area of knowledge. Journal entries are not its except. Every day, new businesses are opening. New transactions are coming to record. So, journal entries also are increasing in numbers. Yes, there may be basic fondamental journal entries which every accountant should know. For this, we have written<a href="http://store.svtuition.org/2015/11/journal-entries-ebook.html"> journal entries made easy ebook</a> which can give better answer to you.<br />
<br />
<br /></div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-65235341171975483622015-11-29T01:42:00.001-08:002017-01-13T01:23:50.602-08:00What are Case 1 and Case 2 in Garner v/s Murray Rule?<div dir="ltr" style="text-align: left;" trbidi="on">
In Garner v/s Murray rule when should we use case 1 and when should we use case 2? - Ananya<br />
<h3 style="text-align: left;">
<span style="font-size: large;"><b>Answer</b></span></h3>
When a partner's capital account shows debit balance , it means that partner is insolvent . In other words he is unable to pay his loan . This is extra loss which must be tolerated by other partners . Why ? Because the whole liabilities of partnership firm is unlimited . Now one question is arised that in which proportion or ratio , the rest partners divide this extra loss or deficiency of firm . Before the decision of Garner V/s Murray case , this extra loss deems as normal loss and it is distributed rest partners in their profit and loss sharing ratio<br />
<br />
Decision in Garner V/S Murray Case :-<br />
<br />
In this case , the judges decided that in the absence of any anti- agreement , insolvent partner's deficiency will be distribute in capital ratio in rest partners after bringing cash equal to their loss on the realisation .<br />
<b><br /></b>
<b>Result of above decision :-</b><br />
<br />
1) Solvent partner will bring his loss from realisation in cash form.<br />
<br />
2) Insolvent partner's capital account's deficiency will distribute in solvent partners in their capital ratio</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-64223172314699494622015-11-29T01:40:00.000-08:002017-01-13T03:19:02.432-08:00What are Main Type of accounts?<div dir="ltr" style="text-align: left;" trbidi="on">
Explain your question in detail :: How many type of accounts are there in accountancy? Plz tell me the name of accounts and definition? - Sucheta Ghosh<br />
<br />
<h3 style="text-align: left;">
<span style="font-size: large;"><b>Answer </b></span></h3>
<br />
<div class="post-body entry-content" id="post-body-3828594445215947152" itemprop="description articleBody" style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; font-stretch: normal; line-height: 1.5em; padding: 5px 0px 0px; width: 634.25px; word-wrap: break-word !important;">
<div class="post-body-inner" style="word-wrap: break-word !important;">
<div class="MsoNormal" style="word-wrap: break-word !important;">
Account is T – form table in which accountant records different transaction systematic and classified way after posting from journal.</div>
<span class="fullpost" style="word-wrap: break-word !important;"><div class="MsoNormal" style="word-wrap: break-word !important;">
For passing journal entries, you should know the rules of double entry system. Rules of double entry system apply on different accounts which we classified into two category.</div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
1. Personal accounts</div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
2. Impersonal accounts </div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<br /></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;"><span style="color: navy; font-family: Arial; font-size: 18.2px; word-wrap: break-word !important;">1. Personal accounts </span></b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<strong style="word-wrap: break-word !important;">PERSONAL</strong> accounts are of persons. From watching these accounts we can find what amount, we have to give or what amount, we have to get. Personal account can also divide into following sub parts. </div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;">( A ) Natural person’s personal account </b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
These accounts are of natural persons. These persons are made of blood, bones , skin and other living organs. We can touch them physically and they can feel us . They can sells the goods to us or we sell them goods. So, we need to make these account for tracking the amount receivable and payable. </div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<br /></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<span style="background-color: #ebebeb;">For example Visual’s account, Mohan’s Account etc.</span></div>
<br style="word-wrap: break-word !important;" /><br style="word-wrap: break-word !important;" /><div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;">( B ) Artificial person’s personal accounts </b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
Artificial persons are those which are not living human being but have existence in the eye of Law. They can operate their business by board of directors, managers and other authorities of organization. </div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<br /></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<span style="background-color: #ebebeb;">For example : - Chatanya Gorya Charitable trust account , Tally solution Company account , ICICI bank accounts , School account etc.</span></div>
<br style="word-wrap: break-word !important;" /><br style="word-wrap: break-word !important;" /><div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;">( C ) Representative person’s personal accounts </b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
These accounts are of Representative persons who represent following:- </div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;">( i ) Outstanding Expenses account </b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
Outstanding expenses account are those personal account to whom, we have to pay expenses, we have already taken services from them. But still we have not paid them. This is also called liability account because its balance will be shown in liability side of organization’s balance sheet.</div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<br /></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<span style="background-color: #ebebeb;">For example outstanding salary account , outstanding lighting bill , outstanding Internet charges account etc.</span></div>
<br style="word-wrap: break-word !important;" /><br style="word-wrap: break-word !important;" /><div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;">( ii ) Advance expenses account </b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
If we have paid the expenses in advance but still we have to obtain services .So, we make advance expenses account which represents the person to whom we have paid expenses in advance. </div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<br /></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<span style="background-color: #ebebeb;">For example Advance salary account , Advance lighting bill , Advance Internet charges account etc.</span></div>
<br style="word-wrap: break-word !important;" /><br style="word-wrap: break-word !important;" /><div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;">( iii ) Outstanding Income account </b></div>
<br style="word-wrap: break-word !important;" /><div class="MsoNormal" style="word-wrap: break-word !important;">
This account shows the amount of income which is receivable from other party. </div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
We can explain this account with simple example <br style="word-wrap: break-word !important;" /></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<span style="background-color: #ebebeb;">Suppose if Ram have given services to Sham but after providing services, if Ram does not get his income, then Ram will open outstanding income account in his books. It is Representative account of Sham. This account will tell amount which is receivable from sham.</span></div>
<br style="word-wrap: break-word !important;" /><br style="word-wrap: break-word !important;" /><div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;">( iv ) Advance income account </b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
Advance income account is also personal account. This account is made when earning is received but services are not given. So, this account is very helpful to track the amount which is taken advance before giving services. </div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<br /></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
</div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;"><span style="color: navy; font-family: Arial; font-size: 18.2px; word-wrap: break-word !important;">2. Impersonal accounts </span></b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
All accounts which are not personal are impersonal accounts. It can be divided into sub part.</div>
<br style="word-wrap: break-word !important;" /><br style="word-wrap: break-word !important;" /><div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;">( a ) Real Account </b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
Real account shows the assets. </div>
<div class="post-body-inner" style="word-wrap: break-word !important;">
<span class="fullpost" style="word-wrap: break-word !important;"><br /></span></div>
<span style="background-color: #ebebeb;">For Example : In these account we can include stock account, cash account, tangible asset account, intangible assets accounts etc.</span><br style="word-wrap: break-word !important;" /><br style="word-wrap: break-word !important;" /><div class="MsoNormal" style="word-wrap: break-word !important;">
<b style="word-wrap: break-word !important;">( b ) Nominal Account </b></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
Nominal accounts are of expenses and income. All expenses and income are transferred to nominal account. <br style="word-wrap: break-word !important;" /></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<span style="background-color: #ebebeb;">For example: - Wages account, salary account, office expenses account,</span><span style="background-color: #ebebeb;"> </span><a href="http://www.svtuition.org/2009/12/what-is-dividend.html" style="color: #0202f2; cursor: pointer; text-decoration: none; word-wrap: break-word !important;">dividend</a><span style="background-color: #ebebeb;"> </span><span style="background-color: #ebebeb;">account</span></div>
<div class="MsoNormal" style="word-wrap: break-word !important;">
<span style="background-color: #ebebeb;"><br /></span></div>
</span></div>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-87648430390934630262015-11-29T01:39:00.000-08:002017-01-13T03:24:50.569-08:00What is Role of Accounting in Society?<div dir="ltr" style="text-align: left;" trbidi="on">
समाज में लेखाकन की भूमिका क्या है. - RAMANUJ S PANDEY<br />
<br />
<h3 style="text-align: left;">
<span style="font-size: large;">Answer </span></h3>
<br />
<br />
Accounting helps society with many ways directly and indirectly which I can explain in following points<br />
<br />
<div style="text-align: left;">
</div>
<ol style="text-align: left;">
<li>Accounting is that part of education which makes society intelligent . After getting this knowledge , person can analyze what are my income and what are my expenses and what is my net profit . After this society can use their resources effectively.</li>
<li>Accounting provides jobs to the society . Not only jobs but opens new doors of new profession and business . After knowledge of this technology , society can become self - Independent . It was the dream of Mahatma Gandhi . Accounting is fulfilling dreams of millions of peoples by making them accounting professionals and billion of earning are earned by Accounting teachers , Accountants , Accounting writers , publishers and Auditors in this world . I am proud on Accounting Education . I feel happy that I know accounting and writing on it and helping society by solving accounting problems and operating my blogging in accounting independently . Indian big Accounting Institutions like ICAI , ICWAI and all universities in which accounting subject is taught , are making self independent citizens for society who can develop society with their hard work .</li>
<li>Accounting produces logic in the brain of human being . After regular study of accounting , human being can also learn to make budget and every work is done by well planned and according to resources of society .</li>
<li>Accounting can help society by handling Corporate finance and money by recording it properly . Without this this education , big firms and companies never stay even one day because they know their resources and their liabilities with knowledge of accounting . Accounting teaches them simple rule of authorities and responsibilities . After this they understand , rights are like our assets which we gets from society and our responsibilities are our main liabilities which we have to return to society . Continuously development in accounting is the only way to develop society . What do we want in society ? Only two things . One is comfort and other is peace . We all know that society makes from group of people and accounting makes perfect to people . Every body after getting the knowledge of accounting will certainly behave as wise person and do his duty perfectly.</li>
</ol>
<br />
<br />
I think , if we study accounting deeply , then we find that accounting is like Gita book or Bible or all other holy books of world . I remember that I read basic accounting book first time in 10+1 commerce . After study of its strict double entry rules which are needed to record any business transaction , I felt that it guide also human being and society and says always that if you have taken any thing from other , it means it is not your , it is your liability and it has to give creditor . Same thing happens in society . We all take many things from society , we take the help from our parents , teachers , friends and other social network . It should be our liabilities which should show in the liability side of our balance sheet and which we have to pay by helping poor children and needy people of society . Every page of accounting teaches use the lesson of social welfare . I thanks also those person who discover social accounting , it teaches businessman that social responsibility must be the main aim of business . Accounting can easily measure it . Just to record all the benefits which is taken from society and all the benefits which is given to society . This is also great help of accounting to enterprise to access up to level of exceeding of benefits given to society over benefits taken from society .<br />
<br /></div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-26858364224888440372015-11-29T01:38:00.000-08:002015-11-29T01:38:37.243-08:00why is p & l a/c debited while transferring depreciation<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 7/11/2015 21:44:10
<br />
<br />
Name :: mary jennifer
<br />
<br />
<br />
Your Country :: India
<br />
<br />
Question Title: :: why is p & l a/c debited while transferring depreciation
<br />
<br />
Your Country :: India
<br />
<br />
Explain your question in detail :: when we charge depreciation on any
<br />
assest we transfer it to p&l a/c. why is p&l a/c debited in that case
<br />
<br />
Category :: Accounting</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-84787195433307337412015-11-29T01:37:00.000-08:002015-11-29T01:37:48.907-08:00Question Title: :: accounting<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 7/12/2015 3:07:20
<br />
<br />
Name :: anuradha gupta
<br />
<br />
<br />
Your Country :: india
<br />
<br />
Question Title: :: accounting
<br />
<br />
Your Country :: india
<br />
<br />
Explain your question in detail :: You are presented with the following
<br />
statement of financial position, which is an incorrect version. Assuming
<br />
the accounts and amounts are correct, prepare the statement of financial
<br />
position, making the necessary corrections. (2 marks)
<br />
<br />
Current Assets $ $
<br />
Cash at bank 9,000
<br />
Accounts payable 11,000
<br />
Plant and machinery 26,000
<br />
_______
<br />
Total current assets 46,000
<br />
Non-current asset:
<br />
Inventory 15,000
<br />
Asset revaluation increment 20,000
<br />
Motor vehicles 18,000
<br />
_______
<br />
Total Non-current assets 53,000
<br />
_______
<br />
Total assets 99,000
<br />
=======
<br />
Current liabilities:
<br />
Accounts receivable 6,000
<br />
Prepayments 1,000
<br />
______
<br />
Total Current liabilities 7,000
<br />
Non-current liabilities:
<br />
Bank overdraft 14,000
<br />
Land and Building 50,000
<br />
Loan 10,000
<br />
______
<br />
Total Non-current liabilities 74,000
<br />
Owners' equity:
<br />
Opening balance 40,000
<br />
Less profit 32,000
<br />
Plus drawings 10,000
<br />
______
<br />
18,000
<br />
_______
<br />
Total liabilities and owners' equity 99,000
<br />
======
<br />
And what does this statement tell you about the financial position of the
<br />
business? (3 marks)
<br />
<br />
<br />
Category :: Teaching</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-57034847469409965142015-11-29T01:36:00.003-08:002015-11-29T01:36:42.186-08:00Question Title: :: LIFE SKILL<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/6/2015 3:12:53
<br />
<br />
Name :: shanu
<br />
<br />
<br />
Your Country :: india
<br />
<br />
Question Title: :: LIFE SKILL
<br />
<br />
Your Country :: india
<br />
<br />
Explain your question in detail :: LEARN HOW SELECTED COST OF LIVING
<br />
DEPENDS ON EMPLOYMENT AND COMPENSATION POSSIBILITIES life skill training
<br />
<br />
Category :: Education</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-7643319966503773922015-11-29T01:36:00.001-08:002015-11-29T01:36:19.846-08:00distance degree of bcom after high school<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/8/2015 1:03:16
<br />
<br />
Name :: Sareena
<br />
<br />
<br />
Your Country :: India
<br />
<br />
Question Title: :: distance degree of bcom after high school
<br />
<br />
Your Country :: India
<br />
<br />
Explain your question in detail :: Dear Sir,
<br />
I am looking for a degree of Bcom like distance course.I done my pre-degree
<br />
on 1989 but not passed English subject. Actually my life circumstances are
<br />
lift me as an accountant position since 10 years. So now i would like to
<br />
take a degree and further study based on this. Kindly advise me on the
<br />
same. Hope you have to help me.
<br />
Thanks and regards
<br />
<br />
Category :: Education</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-22989480475040865882015-11-29T01:35:00.000-08:002017-01-13T01:35:05.946-08:00How will You Solve My Merchandising Topics?<div dir="ltr" style="text-align: left;" trbidi="on">
1. I would like to ask if trade discount is given then cash discount is also given would you deduct both to the list price?<br />
2. What if it is paid after the discount period?
<br />
3. And I would like to know how to prepare journal entries for this problem. On May 15, 2015, the Guzon Book Distributors acquired for resale books on account with a list price of Php 108,000. Butuan Publishing, the supplier, allowed a 15% trade discount as well as a credit term of 2/10,<br />
n/30. Guzon paid the invoice in full on May 20, 2015. - Hertz Chee Rivera<br />
<br />
<h3 style="text-align: left;">
<span style="font-size: large;"><b>Answer</b></span></h3>
<br />
1. Yes, we will deduct from both discount if we want to calculate the sale value because we did not sell on list price.<br />
2. If it paid also discount period, we will only deduct trade discount not cash discount because cash discount is given for fast payment and you will given the deadline by seller. Buyer has crossed the deadline, so need not to deduct it from list price. If trade discount has also deadline, we will also follow it.<br />
3. Guzon books distributors is the buyer and butuan publishing is the seller. So following entry will pass in the books of Guzon books distributors<br />
<b><br /></b>
<b>On 15th May 2015</b><br />
<br />
Purchase Account Debit 91800<br />
<br />
Butuan Publishing Credit 91800<br />
<br />
On 20th May 2015<br />
<br />
Butuan Publishing Debit 91800<br />
<br />
Bank account Credit 91800</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-26352447941591433542015-11-29T01:34:00.001-08:002015-11-29T01:34:51.918-08:00 regarding direct tally files storage in pendrive<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/8/2015 21:09:36
<br />
<br />
Name :: vipin
<br />
<br />
E-Mail Address :: <a href="mailto:vipinchhagla1152@gmail.com">vipinchhagla1152@gmail.com</a>
<br />
<br />
Your Country :: india
<br />
<br />
Question Title: :: regarding direct tally files storage in pendrive
<br />
<br />
Your Country :: india
<br />
<br />
Explain your question in detail :: I wanna know that may I store my tally
<br />
data into external pendrive directly without taking backup or Restoration.
<br />
and can I operate two tally accounts in a computer one is store in system
<br />
memory and another in external pendrive.
<br />
<br />
Category :: Accounting Software</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-91428192640115965552015-11-29T01:34:00.000-08:002015-11-29T01:34:17.914-08:00Question Title: :: yesterday<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/8/2015 23:36:01
<br />
<br />
Name :: PRASHANT MAHAJAN
<br />
<br />
E-Mail Address :: <a href="mailto:prashantmahajan94@gmail.com">prashantmahajan94@gmail.com</a>
<br />
<br />
Your Country :: india
<br />
<br />
Question Title: :: yesterday
<br />
<br />
Your Country :: india
<br />
<br />
Explain your question in detail :: Dear Sir ,
<br />
<br />
Yesterday i raised one question regarding fear about interview , but i have
<br />
not yet received ans...
<br />
<br />
Category :: Other</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-77582425512027718922015-11-29T01:33:00.002-08:002015-11-29T01:33:58.526-08:00 audit evidence<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/9/2015 3:32:19
<br />
<br />
Name :: Josefina
<br />
<br />
E-Mail Address :: <a href="mailto:nghiikumbuj@yahoo.com">nghiikumbuj@yahoo.com</a>
<br />
<br />
Your Country :: Namibia
<br />
<br />
Question Title: :: audit evidence
<br />
<br />
Your Country :: Namibia
<br />
<br />
Explain your question in detail :: Name any six commonly used methods of
<br />
collecting audit evidence.
<br />
<br />
Category :: Accounting</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-13996588130061581152015-11-29T01:33:00.001-08:002015-11-29T01:33:05.556-08:00 Management accounting<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/9/2015 12:50:57
<br />
<br />
Name :: praveen soni
<br />
<br />
E-Mail Address :: <a href="mailto:psini6863@gmail.com">psini6863@gmail.com</a>
<br />
<br />
Your Country :: india
<br />
<br />
Question Title: :: management accounting
<br />
<br />
Your Country :: india
<br />
<br />
Explain your question in detail :: function of accounting
<br />
<br />
Category :: Accounting</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-6904816159066641772015-11-29T01:32:00.002-08:002015-11-29T01:32:41.144-08:00provision<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/10/2015 10:50:25
<br />
<br />
Name :: Sagar Mallick
<br />
<br />
E-Mail Address :: <a href="mailto:chinumail12@gmail.com">chinumail12@gmail.com</a>
<br />
<br />
Your Country :: yes
<br />
<br />
Question Title: :: provision
<br />
<br />
Your Country :: yes
<br />
<br />
Explain your question in detail :: what is difference between provision and
<br />
reserve
<br />
<br />
Category :: Accounting</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-34878247455497864172015-11-29T01:32:00.001-08:002015-11-29T01:32:18.572-08:00bank<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/11/2015 6:32:58
<br />
<br />
Name :: moon kumari
<br />
<br />
E-Mail Address :: <a href="mailto:moonkumari123@yahoo.in">moonkumari123@yahoo.in</a>
<br />
<br />
Your Country :: jharkhand
<br />
<br />
Question Title: :: bank
<br />
<br />
Your Country :: jharkhand
<br />
<br />
Explain your question in detail :: deposit into sbi bank Rs 800
<br />
<br />
<br />
<br />
Category :: Education</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-43683605611202940812015-11-29T01:32:00.000-08:002015-11-29T01:32:03.434-08:00Fixed Deposite effect od financial statment<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/12/2015 10:05:19
<br />
<br />
Name :: monir
<br />
<br />
E-Mail Address :: <a href="mailto:mi027188@gmail.com">mi027188@gmail.com</a>
<br />
<br />
Your Country :: Bangladesh
<br />
<br />
Question Title: :: Fixed Deposite effect od financial statment
<br />
<br />
Your Country :: Bangladesh
<br />
<br />
Explain your question in detail :: fdr
<br />
<br />
<br />
Category :: Accounting</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-54444874991519043812015-11-29T01:31:00.001-08:002015-11-29T01:31:47.702-08:00Single to double entry system<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/13/2015 4:19:24
<br />
<br />
Name :: Haris
<br />
<br />
E-Mail Address :: <a href="mailto:mharis152@gmail.com">mharis152@gmail.com</a>
<br />
<br />
Your Country :: India
<br />
<br />
Question Title: :: Single to double entry system
<br />
<br />
Your Country :: India
<br />
<br />
Explain your question in detail :: I,m not getting how to make Single TO
<br />
Double entry system,
<br />
Can you please teach me,,,,
<br />
<br />
Category :: Accounting</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-78385053060970429382015-11-29T01:31:00.000-08:002015-11-29T01:31:24.647-08:00voyage account<div dir="ltr" style="text-align: left;" trbidi="on">
Timestamp :: 9/13/2015 7:40:01
<br />
<br />
Name :: raj kevat
<br />
<br />
E-Mail Address :: <a href="mailto:rajkewat4895@g.mail.com">rajkewat4895@g.mail.com</a>
<br />
<br />
Your Country :: india
<br />
<br />
Question Title: :: voyage account
<br />
<br />
Your Country :: india
<br />
<br />
Explain your question in detail :: x ship ltd.mumbai acquired a ship bc
<br />
chennai rs 2500000
<br />
<br />
<br />
Category :: Finance</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-23525312329315442492015-09-08T00:12:00.001-07:002015-09-22T01:15:42.336-07:00Fear about interview?<div dir="ltr" style="text-align: left;" trbidi="on">
<blockquote class="tr_bq">
<b>Name ::</b> prashant mahajan<br /><b>Your Country :: </b>india<br /><b>Question Title: ::</b> fear about interview<br /> <b>Explain your question in detail :: </b>Hello Sir ,<br />I have received many calls from top company regarding job interview for the<br />
post of accountant, but i am not attending the interview because i cant<br />
speak in English hence i am afraid about interview. i skip good<br />
opportunity because of my english fear. please suggest me what should i do.<br /> Thanks & Regards<br />
Prashant Mahajan<br /> Category :: Other</blockquote>
<div dir="ltr">
<br /></div>
<div dir="ltr">
<b>Answer </b></div>
<div dir="ltr">
Dear Prashant Mahajan, </div>
<div dir="ltr">
I can understand your problem. If you think, I am your teacher. I can tell you some tips regarding this.</div>
<div dir="ltr">
1. No one can kill you if you speak wrong English. It is the duty of other to correct your English mistakes. So near fear from it.</div>
<div dir="ltr">
2. Every day English kills you, why you don't kill it. You have power. Just start to speak. English will fear from you. Because you now kills it daily.</div>
<div dir="ltr">
3. One day, all will die whether we speak English or hindi. Death is only powerful. No need to think English powerful. Fight it and you will win.<br />
</div>
</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-39288943514465169942015-09-07T03:22:00.002-07:002015-09-22T01:16:51.904-07:00Goodwill?<div dir="ltr" style="text-align: left;" trbidi="on">
<blockquote class="tr_bq">
<blockquote class="tr_bq">
Timestamp :: 9/6/2015 11:00:30<br />Name :: Poonam<br /><br />Your Country :: India<br />Question Title: :: Goodwill<br /><br />Explain your question in detail :: Goodwill is asset for company but how we<br />can evaluate it in Monetary term because it is intangible assets and what<br />will be the journal entry?
</blockquote>
</blockquote>
<br />
<b>Answer : </b>Yes, we can easily calculate goodwill value in money. For example I am operating this website from 2008. I worked hard. There are lots of people come here for reading accounting contents. If I sell it to 3rd party,<br />
<br />
I will take website payment + reputation value which can be easily be calculated on the basis of page views. Any web hosting company can calculate it and fix the price of goodwill of my website. Like any offline shop, there is the value of goodwill on the basis per month sale. If a business shop will sell 500000 Rs. Per month sale and normal sale of same market is 300000 rs. , it means he has right minimum 50% of total exces sale estimation in the form of goodwill. Search svtuition.org, you can find its journal entries.<br />
<br />
<br />
<br /></div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-24112009292064783662015-09-07T02:58:00.000-07:002015-09-22T01:17:56.298-07:00Transfer of goods from h.o. to branch?<div dir="ltr" style="text-align: left;" trbidi="on">
<blockquote class="tr_bq">
Name :: RADHAKRISHNAN<br />Question Title: :: transfer of goods from h.o. to branc<br />Explain your question in detail ::<br />Transfer of goods from ho to branch accounting of transfer value of goods either inclusive or exclusive of vat</blockquote>
<br />
<b>Answer ::</b><br />
<br />
Dear Radhakrishnan,<br />
<br />
To record transfer of goods in the books of h.o. and branch is necessary. H.o. will debit branch account and credit inventory account. There is no need of VAT because it is not going for sale.<br />
<br />
Branch will debit inventory account and credit h.o. account.</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0tag:blogger.com,1999:blog-7062033257248158181.post-30778504485609814132015-09-06T04:55:00.001-07:002015-09-22T01:13:22.800-07:00Prepare an accrual-based income statement?<div dir="ltr" style="text-align: left;" trbidi="on">
<blockquote class="tr_bq">
Name :: anuradha gupta<br />
Your Country :: india<br />
<br />
Explain your question in detail :: Southern Cross printing company prepares<br />
its income statement on a cash basis:<br />
<br />
Sales $100,000<br />
Less: inventory purchases 30,000<br />
________<br />
Gross profit 70,000<br />
Less expenses:<br />
Salary and wages 20,000<br />
Rent 15,000<br />
Insurance 2,000<br />
Advertising 3,000<br />
Other 4,000<br />
______<br />
<br />
Total expenses 44,000<br />
_______<br />
<br />
Net profit 26,000<br />
=======<br />
On further investigation you have found the following accrual balances:<br />
Beginning End<br />
Accounts receivable 6,000 1,500<br />
Accounts payable (for inventory) 700 4,100<br />
Inventory 8,400 6,500<br />
Prepaid rent 3,000 1,200<br />
Prepaid insurance 800 1,000<br />
Accrued advertising Nil 600<br />
<br />
Furthermore, there should be depreciation of plant and equipment of $2,400<br />
and bad and doubtful debts of $300.<br />
<br />
<b>Required:<br />
</b><br />
Prepare an accrual-based income statement explain the difference between<br />
accrual and cash based income statements and why accrual income statement<br />
is more useful?<br />
<br />
<br />
<br />
<b>Category :: </b>Teaching</blockquote>
<br />
<br />
<span style="font-size: large;"><b>Answer : </b></span>You should know first the basics of accrual and cash based income statements. If we will add outstanding expenses in the end time in same year expenses and outstanding incomes will add in same year incomes. Except this, if we deduct prepaid expenses (end) from same year expenses and we will deduct advance income at end time from income, then this will be accrual based income statement. You should also add credit purchase and credit sale in cash sale and cash purchase. If we will not do this adjustment, then it will cash basis income statement.<br />
<br />
<b> Now, we come on your question. </b><br />
<br />
Sales $100,000<br />
<br />
+ Credit Sale Value ( you have to calculate it by opening debtors - cash payment - closing value of debtor)<br />
<br />
Less: { inventory purchases 30,000 + credit purchase (( you have to calculate it by opening debtors - cash payment - closing value of debtor)}<br />
<br />
________<br />
<br />
Gross profit ( it will be different)<br />
<br />
Less expenses:<br />
<br />
Salary and wages 20,000<br />
Rent 15,000 ( add prepaid rent opening balance and deduct prepaid rent closing balance)<br />
Insurance 2,000 (add prepaid insurance of opening balance and deduct prepaid insurance closing balance )<br />
Advertising 3,000 ( Less opening balance of accrued advertising and Add closing balance of accrued advertising.<br />
<br />
Other 4,000<br />
______<br />
Total expenses ( it will be different)<br />
_______<br />
Net profit ( It will be different)<br />
=======<br />
<br />
Please <a href="http://www.svtuition.com/p/donate-how-can-i-donate-1.html">Donate </a>if you like the answer or Call at Our mobile No. +91-8557888436</div>
Anonymoushttp://www.blogger.com/profile/08782008694123037934noreply@blogger.com0