Question { 13064 }

if salary is paid what will be entry?

If it is given on advance?

If it is paid on delay

Answer

salary a/c.....Dr
To cash a/c
(Being salary paid)

Advance salary a/c....Dr
To cash a/c
(Being salary paid in advance)
Arrears a/c .......Dr
To cash a/c
(Being salary paid in delay0

Question { Nestle, 7418 }

what is the use preparing balance sheet

Answer

By preparing the balance sheet we can know the final
position of the particular organisation,firm or the
business in th balance we will record the total total
assets and liabilities .Throush the tally of the balance
sheet we can identify the finacial position of the
business. These are the uses of the balance sheet.

Question { Berger Paints, 24417 }

What is imprest a/c ?

Answer

Imprest account is maintained for the entry of the petty
expensese which ultimately known as clewar explanation of
petty expenses and these expenses will be entered in the
analytical petty cash book under imprest system.

Question { 10979 }

Pass necessary journal entries for the following.
1.Goods supplied by surjit for rs 15000 were entred in
sales book.

Answer

Purchase sales a/c Dr 15000
To sales A/c 15000

Question { 6519 }

How bank reconciliation statement is prepared

Answer

BRS means Bank Reconciliation statement
It shows both the pass book balance and the cash book
balance
Which means the cash which we have deposited in our account
it is clearly shown in the pass book and also the entry is
given which will be with us.Cash book entry will be done
and that will be with the bank.

Question { ABB, 6925 }

what is goodwill?

Answer

goodwill is a good name which a company or a particular
firm earn .This may be in terms of money or the company or
a firm in good position.It is a merit of a particular
organisation or a firm , company.

Question { 63322 }

are loose tools come under current assets ?

Answer

loose does not comes under current assets.

Question { TATA, 4647 }

when is real ,nominal, & personal a/c's used

Answer

Real Acoount:
Debit :What comes in
Credit:What goes out

Nominal Account:
Debit:All expenses and losses
Credit:All incomes and gains

Personal Account:
Debit: The receiver
Credit:The giver

These are the rules of real,nominal and the personal
accounts these accounts are used according to the situation
occured in the particular organisation,company or a firm.

Question { HCL, 5703 }

What is Accounts Recivable & Payble???

Answer

Money owed by customers (individuals or corporations) to
another entity in exchange for goods or services that have
been delivered or used, but not yet paid for. Receivables
usually come in the form of operating lines of credit and
are usually due within a relatively short time period,
ranging from a few days to a year.

On a public company's balance sheet, accounts receivable
is often recorded as an asset because this represents a
legal obligation for the customer to remit cash for its
short-term debts
An accounting entry that represents an entity's obligation
to pay off a short-term debt to its creditors. The accounts
payable entry is found on a balance sheet under the heading
current liabilities.

Accounts payable are often referred to as "payables".

Another common usage of AP refers to a business department
or division that is responsible for making payments owed by
the company to suppliers and other creditors.

Question { 4236 }

what is a promissory note ?

Answer

A promissory note, referred to as a note payable in
accounting, or commonly as just a "note", is a contract
where one party (the maker or issuer) makes an
unconditional promise in writing to pay a sum of money to
the other (the payee), either at a fixed or determinable
future time or on demand of the payee, under specific
terms. They differ from IOUs in that they contain a
specific promise to pay, rather than simply acknowledging
that a debt exists

Question { 12475 }

define contra entry?

Answer

In the three column cash book there will be some cross or
contra entries i.e., transfer of money from cash to bank
(amount deposited) and vice versa (amount withdrawn from
bank for office use). In all such cases both entries occur
in the cash book and no ledger entry is required. This is
indicated by a contra sign (C) in the folio column
indicating thereby that the double entry aspect of this
transaction is complete and it requires no posting to the
ledger.

"Deposits in the bank of cash: debit bank column 'To Cash'
and credit the cash column 'By bank'."

Question { 27910 }

What is personal a/c ,real a/c

Answer

Personal Account
Dr:the Reciever
Cr:the giver

Real Account
Dr:what comes in
Cr:What comes out

Nominal Account
Dr:expenses and losses
cr:incomes and gains

Question { 27910 }

What is personal a/c ,real a/c

Answer

There are three types of accounts namely :

Personal Account
Dr: the receiver
Cr:the giver


real acccount
dr: what comes in
Cr : what goes out

Nominal Account
Dr: All expense and losses
Cr: All incomes and gains

Question { 5694 }

what is the meaning of contra, give the example

Answer

contra entry is an entry in which opposite entry is posted &
it should be posted on both sides of three column cash
book.It occurs in case of two transactions namley :

when cash deposited into bank
Bank a/c ......Dr
To cash A/c

when cash withdrawn from bank
cash a/c ..........Dr
To Bank a/c

Question { Capital IQ, 18029 }

What is bank reconciliation statement?

Answer

From time to time the balance shown by the bank and cash
column of the cash book required to be checked. The balance
shown by the cash column of the cash book must agree with
amount of cash in hand on that date. Thus reconciliation of
the cash column is simple matter. If it does not agree it
means that either some cash transactions have been omitted
from the cash book or an amount of cash has been stolen or
lost. The reason for the difference is ascertained and cash
book can be corrected. So for as bank balance is concerned,
its reconciliation is not so simple. The balance shown by
the bank column of the cash book should always agree with
the balance shown by the bank statement, because the bank
statement is a copy of the customer's account in the banks
ledger. But the bank balance as shown by the cash book and
bank balance as shown by the bank statement seldom agree.
Periodically, therefore, a statement is prepared called
bank reconciliation statement