Answer Posted / raghavendra kiran
Contra Entry is an entry passed when debit and credit
relating to cash/bank transaction.
Ex:- When cash deposited in bank
Bank A/C
to Cash A/c
in this entry debit & credits are relating to bank & cash
Is This Answer Correct ? | 10 Yes | 0 No |
Post New Answer View All Answers
How Many Accounting Principale
Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
Do you think accounting standards are mandatory and why?
Which accounting application you prefer most and why?
What is Provision Entry
when receieve cheque from a party and we deposite cheque in bank how do this entry
Who is the sundry creditors
Explain have you ever heard about tds, what it is?
how in the big companies the budget are prepared and controlled?
Sir, we have investment shares some company how to calculate gain/loss please send format brefly fifo, lifo and average method
Tell me how much statistics knowledge is necessary or required in accounting?
what is the meaning of banking
what is a difference between public and private accounting?
Tell me what is working capital?
Where I can Found Cost Reduction Techniques Implemented by Various cement Companies