1. If i receive one invoice from our contractor on 01.08.10
, but the invoice date 30.07.10. My question is in what date
i should take into account this transcation (i.e 30.07. Or
01.08.10)
2. If i receive a cheque from our customer on 30.08.10 but
its not possible to deposit in the same date, because of
closing of bank hours, it is possible only to deposit the
cheque on next day only. In this case which date i should
taken for account the transcation.
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Answer / malli
if u receive invoice from u'r costumer u have to enter that
date only. whenever u deposit in bank that cheque thy will
enter when u'r cheque clear..the total different clear in
Bank BRS.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / k.ganesh
For Bill Received from Your Customer your supposed post it
on the Bill date itself.
And for Cheque Received from your Customer, if you post as
per the date in the instrument in your books and deposit it
on the next day it will be shown in the difference of BRS at
the end of month under the head of Cheque deposited but not
Cleared. It's Better to Post the Depositing Date as Cheque
date to avoid these type of confusions.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / muhammed ansar
when we receive an invoice from the creditor it should be recorded on the invoice date itself. On the other hand in case of a cheque it is better to record it on the recieving date.
Cheque is treated as same like cash. When it comes in our hand it is supposed to be credited to the creditors account. In case of any bounce ; it can be returned .
| Is This Answer Correct ? | 0 Yes | 0 No |
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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
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