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What will be the entry for transfer of fixed deposit amount
to their current a/c. (ie. if we hav a FD of Rs.600000 with
the bank, we need to close the FD and transfer the amount
to the current Account.
kindly provide me the entry for this.
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Answer Posted / naresh sharma
when we have need to entry transfer
current a/c dr
To Fd a/c cr
| Is This Answer Correct ? | 7 Yes | 5 No |
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In Pricing the gallons of petrol sold,service station 'A' follows the first-in-first-out method,while service station'B'follows last-in-first-out method.On 1st January both has the same quantity in stock viz.6,000 gallons at Rs.26 per gallon.During the month,each station recieved additional supplies of 6,000 gallons at Rs.27.50 per gallon.Sales for each of these two stations,during the month,were 8,800 gallons at Rs.29 per gallon. Determine for each service station,profit earned during the month and value of the petrol in stock at close of the month.
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