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?

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why you change the company?

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WHAT IS DIFFERNCE BETWEEN CREDIT & DEBIT

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What is Balance sheet in Tally?

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What is the difference between Open Items and Reconciling Items on a Balance Sheet Reconciliation?

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are loose tools come under current assets ?

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What are non performing assets in banking?

2 Answers   Jammu and Kashmir Bank,

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Is it possible to change the accounting period under Indian GAAP from 1/Apr-31March to 1/January-31/December? There is any restriction in doing that, i mean for example for fisal purposes? Thank you all!

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is we can prepare any account for partnership in tally

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Tell me what does the investment of personal assets by the owner will do?

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what is depreciation ? and its entries ?

8 Answers   Genpact, HC, HCL, HP, TCS,

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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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