WINDOWS SOFTWARE PURCHASES FROM MICROSOFT BY PAYING A
CHEQUE OF RS. 35000/- FROM AXIS BANK LTD. PASS THIS JOURNAL
ENTERY
Answers were Sorted based on User's Feedback
Answer / nichit pandurang
1)Asset Booked Thrg JV
Software (Asset)A/c Dr 35000
Micro soft A/c CR 35000
2)Payment entry to party
Micro Soft Dr 35000
Axix bank Cr 35000
Is This Answer Correct ? | 19 Yes | 0 No |
Answer / musthafa
windows software (asset) a/c DR 35000
AXIS BANK A/C CREDIT 35000
Is This Answer Correct ? | 16 Yes | 3 No |
Answer / sachin
(1)journul entry
Software (Asset)A/c Dr 35000
Micro soft.. A/c CR 35000
2)Payment entry to party
Micro Soft Dr 35000
Axix bank Cr 35000
Is This Answer Correct ? | 4 Yes | 0 No |
windows software is assets of the company
journal entry
windows software dr 35000/-
microsoft cr 35000/-
payment entry
microsoft dr 35000/-
bank axis cr 35000/-
if above entry is wrong so plz give me correct entry
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / shiva
please tell me tha present rates of taxes and and
percentage of all taxes pleas please tell i need very
urgent i will be thank full to u plesa i waiting for ur
answers thank u my mobile no is 09848083705.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / shiji
Purchases a/c Dr
To Axis Bank a/c
(Being the software purchase made by cheque)
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / satish
windows software is not an asset. we cannot get money in future. so it should be treated as expenditure. we cannot sale the software to any other company.
the first entry is
software ac...dr
to microsoft ac (sundry creditors)
after payment through bank or cash
microsoft ac...dr
to bank (or) cash ac
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / vinay kumar
1) Booked assets by Journal
Software purchase A/c Dr. 35,000/- (Assets)
To Microsoft Co.A/c Cr. 35,000/- (Sundry Creditor)
(being software purchase to M/s Microsoft Co.)
2)Payment to Party(Sundry Creditor)
Microsoft Co. A/c Dr. 35,000/-
To Axis Bank Ltd. Cr. 35,000/-
(being purchase software paid by cheque)
Is This Answer Correct ? | 0 Yes | 0 No |
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Case Study: Deepak Hand tools Private Limited DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
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