Answer Posted / santosh kumar pattanaik

It is a nature of trading business, In that we have
installed one TV.Electronic items like TV, Washing
Machines, Refrigerator, etc., and TV, Washing machines,
Refrigerator are sub-head of accounts under the main head
of account purchases.

So first we have to pass the entry.
TV a/c Dr. 10000
To Cash/Vendor A/c 10000

(Being cost of TV qty 10 nos@ 1000/- vide Invoice/Cash Memo
No._________)

Second entry we have to pass.
Office Equipment a/c Dr. 1000
To TV a/c 1000

(Being installed tv qty. 1 No. in office for Business
Development)

Now your stock will be shown 9 TV.

what happens to each of the three primary financial statements when capital expenditures decrease?

1582

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What is meant by advance ruling? What is the scheme of advance rulings?

1548

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Deposited Rs 25000 in Canara Bank of ABC co towards dealership deposit thru our SBH Bank Pass necessary entry

1750

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would gross expenditure vouch the correctness or otherwise of the given expenses?

1591

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when calculating for np% do i include interest or do i take it off

1969

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my qustion is what is H foam and where use

1386

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Can anyone give comparative data of NPA(non performing assets) of nationalised banks or BANKS IN INDIA for the last 5-10 years if possible with bifurcation substandard doubtful loss asset

1709

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2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.

1811

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in accounts welding institute which category will come for example 1. recruitment con.pvt ltd. is man power recruit category ,so iwant to welding institute (learning welding and fibrication)

1646

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Assets are held in the Business for the purpose of____________________

1774

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i did mba finance in 2010,but i came from life sciences to mba,i know in interview they ask y u came from sciences,so what i tell?pls reply me.

1812

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Expand----------SAMC

1615

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Expand-------ANCS

1571

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Whats the Balnace of Closing stock so if we issued the materil then the Closing stick will be dr and in case we pirchsed the materil the closing stock will be cr so tell me that i m correct or not

5497

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How to maintain Purchase Orders ? Please explain by proper format.

1802

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