Actually we had Posted P.V.C bills to Indian Railway the
total bills amount is Rs.10,00,000/-, and government had
passed only Rs. 8,00,000/- and gov. had said that there are
no more P.V.c bills are lying outstanding in their a/c, so
for now are claiming Rs. 2,00,000/- as loss on sale, i m
totally confused what would be the impact on the Profit and
loss a/c , and in which group it will come,if I do a entry of:-
dr. Central sale @12.5% a/c Rs.2,00,00/-
Cr. Loss on sale a/c Rs.2,00,000/-
or
Will i adjust the Cst@12.5% on Pricipal Value, or will i
pass on the entry on total amount i.e Rs.2,00,00/-
Plz guide,me soon.
- 4 Answers
- 6765 Views
- I also Faced
- E-Mail Answers
Answer Posted / punit shah
Above Answer no. 1 Wrong Due to We have not Reverse Sales
it effect on Stock Balance. We assume it is Bad debts.Entry
is
Dr. Bad Debts......Rs. 2 Lacs
Cr. Indian Railway A/c....Rs. 2 LAcs
| Is This Answer Correct ? | 4 Yes | 1 No |
Post New Answer View All Answers
how to make a project accounting in tally erp9 ?
differnce between the 4.7 & 6.0 versions?
What is the role oF Jr Financial Analyst ? And what are the General Questions Asked for this Profile For freshers ?
HOW CALCULATE ADVANCE TAX ? PLEASE EXPLAIN IT ?IN CASE OF FIRM, IF WE PAID FIRST INSTALMENT OF ADVANCE TAX.
what are the customization u have done in sap mm
what do u mean by single error and double error in accointing errors?
Calculate the total Depreciation for four or five Years so practice some problems on depreciation?
what is futures and options?
please send me some previous sbi clerical interview questions to my email id....
What is money measurement concept
example of SOP
Expand---------MRDT
Hi friends ineed finacial analyst interview question Pls share it
helo sir, i want to know the writen exam pattern for finance and accounts ang general apptitude test of ongc.
what is organic profit? and how it is calculated?
