Why discount on issue of debenture is shown as ficitious
assest in Balance sheet ..? same why preliminary expenses
ia also shown as ficitious assets in Balance sheet :?

Answer Posted / sumanta

Discount on issue of debenture is capital loss.and the total amount needs to charge every year into PL a/c to written off it and the remaining amount come under asset side under the head of Miscellaneous expenditure.

Is This Answer Correct ?    2 Yes 2 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

What is quality discount?????//// pls mail ur answers at my e - mail ID : kamalsodhi24@gmail.com

1882


The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).

1695


Explain an example of a tough decision you had to make quickly?

615


If we started new project of Housing with Construction linked payment plan . How can booked our revenue or Sales .

1699


what is revenue recognition rule, and can you specify the answer.

1305






credit card all entry pass in tally

1034


Define "book value" as applied to accounting

586


List the type of transactions entered in journal proper.

583


What is creative accounting?

665


What are mis reports?

664


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

1907


Tell me what does the standard journal entry includes?

3586


Is it mendatory to provide deferred tax asset, where the management not expecting taxable profit in the subsequent financial years.

1716


In india i did MA BE.d but now i am applying for student visa in australia in masters of professional accounting will i face any problem in interview call that why u change ur course how i ill support my answer

1455


Imagine you have to solve problems for multiple clients at the same time. How do you prioritize?

645