Question { Genpact, 49531 }

interest paid to bank for journel entry

Answer

Mr sandeep according to you you recd interest from
Bank .Think before u answer

visit once a trail WEB Site
www.therealaccountants.com

Question { 2572 }

I m 26 yrs old & I m now in accounting field But I want to
changed my line & I want to go in Web designing then It
would be benificial for me or not?& how much I will get at
the start salary from Webdesigning?

Answer

My dear friend why dont you develop the present field.
Under any circumstances accounting profession wont be
affected by any recission. The demand will be always high
than supply. I am the living example for that.I am a B.com
graduate doing Income tax practice earning an average nett
of Rs 50,000/ a month. I recently started my own Website
with a main intention to encourage the commerce youth to
start independent life. We will extend our conversion if
interested in the next vist. Pl visit my trail site today.
It is going to be in full pledged functioning by the end of
this month. It is going to cover unique living topics

www.therealaccountants.com Satyanarayana Raju

Question { 21368 }

What is contra entry?

Answer

Contra means transfer of Funds position. Example. cash deposited into bank means Cash was taken from cash source and deposited in bank. It means cash balance will be tallied with cash at office and cash at bank

Question { 13033 }

What will be the journal entries in case of tax collevted
at source.

Answer

TDS will be there while making payment. Likewise TCS will
be there when collection towards Royalties,Sale of Forest
Produce etc
When sale of Forest produce made or Royalties collected.
Tax will be collected along with the main Transaction. So
the entry will be

Customer/Client a/c Dr
To Sale of Forst produce/Royalty
To TCS a/c
(Being TCS made along with the main transaction)

Question { TCS, 11524 }

How anyone calculate HRA exemption from taxable salary for
Exam. HRA is 12000 and rent paid is 11500 and total salary
is 50000 thousand???????? plz. clear with example!!

Answer

My dear Un Known.pl go thru my answer with example
To get HRA exemption from taxable salary you have take the
following three steps into consideration
1.Actual HRA recd
2.Rent paid-10% of salary
3.40% or 50% of salary as the case may be
The least of the three will be exempted from salaried income

Here I calculate the exemptio with the given figures
1.HRA recd 12000
2.Rent paid(11500)-(10% salary)50000*10%=6500
3.40% salary 20000
The least of the three is 6500. hence we have to take 6500
as exempted one.
In this context I would like say one thing. If you really
want to know the answer put question with your email id.If
you do so you will be intimated when ever a new answer is
posted.Pl also visit New Web www.therealaccountants.com
today

Question { Siyaram, 7425 }

What is trail balance? what is Profit & loss a/c ? what is
Balance sheet?

Answer

Trial Balance is a statement prepared to know the
arthematical accuracy of the books of accounts prepared.
Profit and Loss account is the financial statement prepared
to know the result of the business.
Balance sheet is prepared to know the Financial Status of
the business at a given period

Question { OPI Global, 41639 }

Sales A/C belongs to which account type?

Answer

sales is Nominal account. It relates to incomes and gains of business. If we treat it as real account it wont support Accounting equation . As per equation Capital= Assets minus Liabilities. Assets means inventories possed by the unit. Here inventories gone out thru sale. With that the value of inventories possessed by the unit will come down. So under any circumstances sales should not be considered as Real . More over as per rules Going out items are Cash and fixed assets and services only.

Question { 5058 }

what is t.d.s ?

Answer

As per the provisions of Income tax Act Employer is at obligation to deduct taxes as per the rates prescribed from time to time. For TDS Payment is the source to deduct Tax and to deposit under the PAN of the payee

Question { Capital IQ, 22798 }

EBIT stands for?

Answer

In accounting and finance, earnings before interest and
taxes (EBIT) or operating income is a measure of a firm's
profitability that excludes interest and taxes

Question { IBM, 80313 }

What is the nature of bank account:
a) nominal
b) real
c) personal

Answer

Bank account is a real account.Cash on Hand is devided into two cash at office and cash at Bank But bank loan account it is personal account

Question { Capital IQ, 27719 }

what is the difference between contra entry and double entry?

Answer

Contra means transfer of funds from cash to bank or vise versa

Question { CPT, 13066 }

Loss on issue of debentures is treated as ____________.
(a) Intangible asset
(b) Current asset
(c) Current liability
(d) Miscellaneous expenditure

Answer

Miscellaneous expenses(asset)

Question { Capital IQ, 13997 }

what will be the entry if advertisement suspence a/c is on
asset side of balance sheet?

Answer

Advertisement A/C Dr
To Advertisement suspense A/c

Question { 23295 }

journal entries..
1. sold goods for cash $2500
2. sold goods for $5000 on credit
3. received from customer
4. paid creditors $5000

Answer

Respected guest try to learn about the natural positions
of ledger accounts and then answer

Suppliers, laibilities and income are always Debit natured
and cash is always on debit if you want to decrease the
value or close you have to reverse the natural positions. I
wrote a book specially designed to educate the commerce
students in depth if you want that pl send your mail
address to me
satyaki_raju@yahoo.co.in

Question { Capital IQ, 5755 }

what do you mean by the word Purchase

Answer

Purchase means which is meant for sale or for consumption in the process of manufacturing or consumed in the process of execution of work in contracts