Answer / madhumita

Insurance a/c Dr
To, Bank A/c

Answer / syed iliyas

first of all say on which u are insuring and for what period if will valued. if insurance was paid on any asset and valid for one year then calculate what amount should effect for the current financial year that amount only shown as expenditure for the current financial year balance amound should be shown as prepaid insurance under current asset, if the insurance is on transit and the transit is closing in the same financial year the total amount should be shown is as expenditure otherwise same as above. no insurance charges were shown which were on the owner name. entry should be as below

1.insurance DD(under current assets) ACCOUNT DR
TO CASH ACCOUNT
2. insurance account dr
prepaid insurance account dr
to insurance DD account

Answer / mahesh kumar n

bank a/c dr
to cash a/c
being dd purchased for cash along with charges

insurance a/c dr
bank charges a/c dr
to bank a/c
being insurance paid by dd

Answer / kavita

Cash A/c Dr
To, DD A/C Cr

DD A/C Dr
To, Insurance A/C Cr

what is the Difference between CC & OD accounts

4 Answers   Amul, ITC Infotech, Northern Trust,

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Why Accountants have to or must prepare INCOME STATMENT in two stages Gross Profit And Net Profit

2 Answers  

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while preparing insolvency account deficiency account is wich account? why we do not prepare it with general rules?

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I am kind of confused between VAT and income tax! and am i supposed to use them both in the income statement?

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what are examples of marketable securities ? wat are marketable securities?

1 Answers  

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How to pass entry in tally for payment of vat penalties?

1 Answers  

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I have raised a Invoice of Rs. 78964 including service tax rs. 964 in month of April and service tax paid to Govt for April month/ We have voide this invoice in May'12 due to services cancelled by the customer, pls let me know can we adjust this paid service tax amount in our May service tax payable....and how to pass voide bill entry.....

1 Answers  

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if cheque bounced what we received from customers and payed to bank what entry should we create in single entry system

0 Answers  

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if rent paid by the head office of their branch than what would the accounting enrty and why?

4 Answers  

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The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2

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What is the distinction between cost accounting and management accounting?

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consultancy charges receivable Rs 30000 from abc & co. tds receivable 3000

0 Answers  

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