Question { Maersk, 70008 }

what is entry for depreciation?

Answer

Depreciation a/c DR

Depreciation Reserve a/c CR

Example

Depreciation a/c DR

Depreciation Reserve ( computer ) a/c CR

We have to create Reserve account head under Fixed
Assets Group for each Fixed Asset items and we have to
credit reserve account instead of Fixed Assets directly.

Question { 20701 }

sir, i have charged labour charges with material bill to x
party for Rs.211000/- plz explain me how much TDS amount
will deducte by party..

Answer

Party has to deduct TDS only for the labour charges not for
material supply

Question { IBM, 11128 }

What is the entry for Salary for the month of March if the
books closed on 31-03. Before 31st March and after 31st
March?

Answer

ON 31st March

Salary a/c DR

Salary @ Other allowances Reserve a/c CR


After 31st March

Salary @ Other allowance Reserve a/c DR

Cash / Bank a/c CR