what is the finalisation of balancesheet and how it can be
made
Answer Posted / shamshad qazi
Income Statement is prepared on the basis of Accrual.
Therefore we will record all expenses to be incurred
together with already incured but imcome is recorded only
when it is realised either in cash or otherwise.Fixed
Assets are the most important part of any Balance sheet
therefore we should carefully depreciate/amortize the fixed
assets accordingly.Profit should be added to the capital
and loss should be deducted. But preparation of all Ledgers
are the primary task.The carrying amount of all the ledgers
help to prepare the balance sheet.
Is This Answer Correct ? | 24 Yes | 3 No |
Post New Answer View All Answers
what is span of shares
What is DECR And for wt it is used?
what is operational risk and market risk in basel 2 norms.
AT THE TIME OF REDEMPTION OF DEBENTURES. WHEN THERE IS PROFIT/LOSS ON SALE OF DEBENTURES WE TRANSFER THAT AMOUNT IN PROFIT AND LOSS A/C BUT WHEN WE CANCEL OUR DEBENTURES AFTER BUYING IT FROM OPEN MARKET THE DIFFERENCE BETWEEN MARKET VALUE AND COST OF DEBENTURES TRANSFER TO "CAPITAL RESERVE ACCOUNT .. WHY SO ANY PRACTICAL ANSWER ??
EXPAND______________ICC
Difference between cash and merchantile system?
Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
Short Answer on _________Business
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
How Many Points include in Mat Calculation , what is the different bitween Gross Profit & Book Profits?
what are the different kinds of cash books
how many schedules are there in accounting?
How can fictitious assets be measured or valued?
Expand---------PCDB
why funds management doc is generated during migo and miro