what will be the journal entry for this transaction?
purchased furniture for personal use of rupees 2000.
now tell me is it business transaction or a personal
transaction??
- 3 Answers
- 11972 Views
- ICA, I also Faced
- E-Mail Answers
Answer Posted / narender kumar
if it is business transaction
it will be:
drawing a/c dr.
To cash a/c
and if it is personal transaction
there will be no entry bcoz of accounting concept.
| Is This Answer Correct ? | 17 Yes | 13 No |
Post New Answer View All Answers
If a bank lends money to FFMC's for working capital requirement, whether the Bank can have charge on the currencies FFMC deal/exchange, by way of hypothecation or is it just a clean loan.
How does the ration analysis help in depicting profit and loss
WHICH IS MORE RISKY TO A BANKER, A CASH CREDIT OR A LETTER OF CREDIT
For the production of 10,000 units the following are the budgeting expenses: Per Unit Rs. Direct materials 60 Direct labour 30 Variable overhead 25 Fixed overhead (Rs.1,50,000) 15 Selling expenses (10% fixed) 15 Variable expenses (direct) 5 Administrative expenses (Rs.50,000 fixed) 5 Distribution expenses (20% fixed) 5 Total cost of sales per unit 160 Prepare the flexible budget for the production of 6,000 , 7,000 ,and 8,000 units of production
EXPAND______________IARCS
What is cash clearing account
I WANT ACCOUNT ASSISTANCE INTERWIEV QUETION IN L&T
what do you mean by accounting?Explain the various concepts of accounting and the need for having accounting standards?
please give the sbi bank clerk exam paper model in last five years?
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.
what are the financial ratios that a manager see in accounting?
Expand-------CAN
define accounting,scope of account , types of account ?
what is ment by master in tally?
let me know the difference between net cash flow and income
