Account Receivable is the receivable from the parties
against the services & goods provided to them, ,
& similarly the amount payable is amount to be paid to the
Party against the service or goods received from them.
Account Receivable-- receivable means what business has to
receive form outside parties on revenue account. .In other
word amount due from debtors and for bill receivable is
jointy known as receivable.
Account Payable-- payable means what business has to pay to
outside parties. in other words amount due to creditor and
for bill payable is jointly known as payable.
Accounts Receivable - Amount receivable from the Customers
towards the products sold or services rendered to them. It's
also called "Sundry Debtors".
Accounts Payable - Amount payable to the vendors who have
supplied the goods/products/materials or who have rendered
services. It's also called 'Sundry Creditors".
if a company has opened its new branch in delhi ,so while
preparing Balance sheet for that company we will be
preparing depreciation chart.
So i want to know whether depreciation chart should be
prepared as per IT Act or Companies Act?
sir if we make purchase and sale for the same pary for the
same amount what adjusting entry have to be passed to close
that entry in tally. while taking bill wise details we can
see the dr. cr.and have to cancell that
Your grandfather is 75 years old. He has total saving of
Rs. 80000. He expects that he live for another 10 years and
will like to spend his saving by them. He placed his saving
into a bank account earning 10 per cent annually. He will
draw equal amount each year- the first withdrawal occuring
one year from now in such a way that his account balance
becomes zero at the end of 10 years. How much will be his