Answer Posted / k. phalguna rao
Plant and Machinary are fixed assests which are being used
for producing the goods, once the asset (P&M) is being used
for one year for production of goods it's effiency will be
decreased for the next year hence that asset value should
be reduced in the financial year end hence the reduced
value will be loss to the company so as per the Nominal A/c
Losses/Expenses always debit and if any assets value goes
out or reduce as per Real Account should be credit
Depreciation on P & M A/c Dr. xxxx
To Plant & Machinary A/c xxxx
| Is This Answer Correct ? | 33 Yes | 6 No |
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India me ,suppose that hmare pass 190000 Rs hai,to kitna tax lgega,or kis heshab se lgega,
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Define social responsibility accounting
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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Why did you select accounting as your profession?
