Answer / suryakant lokhande

There are three accounting etries commonly generated they:
1.Personal Accounts
2.Real Accounts
3.Nominal Accounts.

Answer / vikas

I don't need the name of accounts. I want to know what are
the various debit and credit entries which are geneerated
in P2P cycle.

Answer / h.r. sreepada bhagi

Vikas,

Expand P2P Cycle. If the questions are not clear, wrong
answers will be posted. Many readers have marked the answers
with out understanding the question & relating the answer to
the question.

Answer / balasundaram

P2P cycle -

Approved Purchase requisition from concerned department -
Choosing appropriate vendor for purchase of goods/materials
(done by the procurement dept.) - Purchase Order (including
agreement in terms of price,payment
terms,quantity,transportation,delivery date etc.,) -
Receipt of goods from the vendor (GRN CUM DELIVERY NOTE) -
Depending upon the quantity ordered,issuance of debit
note/credit note to the vendor - Receipt of Invoice from
the vendor after adjusting DN/CN- Payment to vendor.

Accounting Entry -

1. accounts payable a/c dr
To vendor account
(Being goods received from the vendor and payment due)

2. Vendor a/c dr
To Bank a/c
(Being the amount paid to vendor vide chq. No.xxxx)

3. Vendor a/c dr
To cash a/c
(Being the amount paid by cash to vendor for the goods
purchased)

If a company Purchased Cotton Waste.. it comes under which expense/ how to treat in account

3 Answers  

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what is the effect of surplus in p&l account? or what is its significance

1 Answers  

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what is o2c and cycle

1 Answers   Accenture,

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explain me what steps would you take to increase revenue for this company?

0 Answers  

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Is purchase itself a direct expense?

1 Answers   NAL,

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Principles of accounting

4 Answers   Bank Of America, Genpact,

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can anyone help in service tax part if we give a service on credit basis (Credit invoice) how should we pay service tax on invoice basis or reciept basis

1 Answers  

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if i get salary of Rs.12000/- p.m. then as per statutory compliance Is there Tds deduction to be made?????

1 Answers  

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I am going to take interview of some candidate for the position of Accountant. Therefore, I want to know what type of question I shall be ask to the candidates. Please suggest.

1 Answers  

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kanika enterprises follows the written down value method of depreciating machinery year after year due to: 1.comparability 2.convenience 3.consistency 4.all of the above

1 Answers   CPT, Infosys,

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What is a accounts? and why have u prepare Accounts only one methods ?have a possible a different pattern?

5 Answers  

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Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.

0 Answers  

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