It is a system in which accounting entries are made on the basis of amount having become due for payment or receipt. This system recognizes the fact that if a transaction or an event occurred, its consequences cannot be avoided and therefore, should be brought into book in order to present a meaningful picture of profit earned or loss suffered.
Please Help Members By Posting Answers For Below Questions
A company acquires new taxi fleets on 1April 2006 with
intention to provide services during the World Cup period
and thereafter dispose the taxis .The World Cup runs for
three months to 30 June 2006.The company's year end is 30
June 2006.how do you account for taxis at initial
What is account
What is Split And buy-back?
What Settlement details are required on the delivery
I WANT TO KHOW IS THE CFP (CETICFIED FINANCIAL PLANNER) IS
A GOOD COURSE, IS THEY ANY INSISTUTE IN HYDERABAD,IF ANY
ONE DOING THIS COURSE PLEASE REPLY ME.
What are the legal entities that constitute your business?
Does a legal entity have a seperate Federal Tax Id?
In which country does a legal entity operate?
In which currency does a legal entity operate?
When does each legal entity's fiscal year begin?
my boss (Managing Partner of a firm) promoted along with
his wife a private limited company. he and she spent some
Rs. 75,000/- (approx) for the promotion of the company. i
know that they usually fall under the head of preliminary
expenses. but after receiving the certification of
incorporation of the company how shall i repay them to the
promoters i.e. what is the accounting entry in the books
(initial books of accounts) for the expenditure incurred.
they have kept in hand 5,00,000/- each to meet the expenses
and they were allotted shares of equal to the amount. can i
allot shares for a consideration of cash from and excluding
the preliminary expenses. can i take cash towards the share
application money (being the cash more than Rs. 20,000/-)
as the company has not opened a bank account yet. please
give me the detailed answer with journal entries that can
be entered in tally. thank you.
what are the payroll procedures?
wHAT ARE EVENTS
what is a depository?
All shot cut key use in the tally software & it's uses
What z d diff of accounting principle,accounting
standard,accounting rules,accounting procedures,accounting
what is similarites between tata motors and airtel