What will be the journal entry for advance payments made to the other parties?
Answer Posted / khalid yousf
prepaid expanse a/c Dr
to chase a/c r BANK A/C
Is This Answer Correct ? | 1 Yes | 4 No |
Post New Answer View All Answers
Hi, I am working at Himachal Pradesh, there we pay entry tax for purchase other state. but now govt decide this tax will be deposited with Sale Tax return, now my question is that where column i show this tax or which challn i deposit this tax
in tally ,professional fees head will come under which income group ,direct or indirect if the business of owner is designing work or related to creativity
Tell me by saying, perpetual or periodic inventory system; what do we mean?
Accounting for vc money in financials
What is recording damage inventory in books of account?
Hai Experts can any one send me some finance interview questions ,my mail id is c.sujatha2008@gmail.com,please send quickly it's so need.
is WCT aplicable on educational institutions also??????
why you want to lecturer
How can i learn shortly Tally from computer coz, i want to take a company Balance Sheet
When you prepare Profit and loss A/C either you will get profit or loss but not both.Then why we are saying it as profit AND loss A/C,why cannot we say it is as Profit OR loss account?
The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
Describe the advantages and disadvantages of the different accounting packages/systems you have used recently in your accountant jobs
Explain me the term material facts in accounting?
Interest received 5,000 and still receivable Rs. 2,000 PLease give journal entry for this!
What are the purposes of maintaining control ledgers?