Question { Genpact, 14359 }

what is VAT ?

Answer

VAT Means VALUE ADDED TAX, Earlier i.e up to March 2005
APGST is there, from April on The government imposed VAT
Tax.

Question { OPI Global, 7059 }

what is the entry for accumulated depreciation?n why it is
used?when it is necessary?

Answer

Depreciation should be accounted every year, to know the
exact value of the asset as on particular date. it usefull
to resale of the asset also.

Depreciation a/c. (Indirect Expenses)

to Depreciation Reserve (Fixed Assets group)

(Being depreciation accounted for the year ....)

Question { TATA, 6730 }

how to make monthly salary sheets.

Answer

in my view it will be prepared basing on the attendence.

Question { YK Industries, 9228 }

Who has to prepare credit note and debit note? whether the
account department or the concerned department like,
purchase department, sales department.

Answer

Will prepare by the accounts department basing on the
information received from purchase department/stores department

Question { 8389 }

What is the diffrence between Suspense a/c and imprest a/c

Answer

Imprest account means advance paid for expenses and suspense
account means amount paid but not recoverable (doubtfull)