1) XYZ Ltd bought goods for Rs.200000 from ABC Ltd. The co
gave 10% discount. give journal entries in the books of ABC
Ltd and XYZ Ltd.
2) Goods bought for Rs.400000. While transporting goods
destroyed. Insurance co agreed to pay 75%. post journal
entries.
- 6 Answers
- 16118 Views
- I also Faced
- E-Mail Answers
Answer Posted / narendra kumar
Purchase A/c. Dr. 200000
ABC Ltd. A/c. Cr. 180000
Discount on purchases a/c. cr. 20000
| Is This Answer Correct ? | 4 Yes | 6 No |
Post New Answer View All Answers
What are the 4 phases accounting?
what is service tax & excise? How will it be charged?
how many view the tally backup erp9 after the tally backup in tally
what will be the treatment of preliminery expenses if due to preliminary expenses being written off there results a loss?
under which ledger should i make opening work in progess and closing work in progress
Define trade bills?
Explain me what is assets minus liabilities?
what is consumer product accoutning?
contents of an invoice receipt? difference b/w statutory audit & internal audit? Where the bank book and the cash book will not reconcile? difference b/w income & expenditure a/c & p/l a/c? what is ERP? what is full form & the application of SAP? Why income statement prepared? What are the reasons where Balance sheet will not tally? How do you calculated Closing stock in the trading a/c? When will the cash book have a Credit balance? Why do you prepare p/l appropriation a/c? What are the 4 difference b/w public and private company? What do you mean by Contingent liability? Explain: Accrual Concept 1. Realisation concept? 2. Accounting concept?
What is service tax & excise?
Tell me what is reversing journal entries?
Explain what is involved in the process of double-entry accounting?
I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 -300000 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?
Capital secure should be shown in which side of the balance sheet?
WHAT ARE THE MOST ELEMENTS OF YOUR JOB?
