Answer / khushbooyadav89

In the boooks of Transferee co.:-

1) Business Purchase a/c Dr.
To Liquidator of Vendor co.

2) Fixed Asset a/c Dr.
Current Asset a/c Dr.
G/W a/c(bal. fig.) Dr.
To Business Purchase a/c
To Current Liability a/c
To Long Term Liability a/c
To Capital Reserve a/c(bal. fig.)

3) Liquidator of Vendor co. Dr.
To Shares in transferee co.
To cash a/c

a company recive 5 demand draft in different parties 2 DD sumittted to bank for collection and it's collected. what is the closing entry of other 3 DD in the company on that date?

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WE PURCHASED ONE ASSET,HOW CAN WE CALCULATE EXCISE DUTY,VAT,SERVICE TAX?[IN CASE OF SELLING PURPOSE OR OWN PURPOSE].SHALL WE CLIME CREDIT ON THAT?THEN HOW?

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what is entry for salary advance? salary entry mentioned by Indusial name

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in the tds entery party ledger which group under craete

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TDS mening

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The trial balance cheks: 1)Arithmetical mistake 2)honesty of the book keeper 3) valuation of the closing stock 4) nature of the business

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Maximum retail price rs.100 including vat 12.5 % what is basic price

7 Answers   Ceramic Centre, Chartered Accountant,

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WHY NOT SHOWING CLOSING STOCK IN TRAIL BALANCE

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main features of different sources of short-term finance ?

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Explain how you can adjust entries into account?

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Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.

3 Answers  

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Goods sold by Del Credere Agent are sales of manufacturer or Del Credere Agency?

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