While closing books for the year end, We had Closing stock which is inclusive of VAT(i.e Cost price + VAT), What is the treatment of this Closing Stock in the P&L and BS , is Closing Stock Shown Inclusive of VAT (ie. Cost price +VAT) or, without VAT (ie. Cost Price)

5 Answers  

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when a customer buys a good. we have to debit bank and credit inventory equaly. but wouldnt selling a good make a profit?

0 Answers  

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is it software companies also using Tally software for their accouts?

1 Answers  

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Journalize the Following: 2. Monthly credit sales were $ 35,000 3. Received Cash receipt payments on Receivables in the amount of $ 10,000. 4. Customers’ cheque in the amount of $ 100 bounces and was re-deposited. Book both entries. 5. Material is bought on account for £ 100,000. The exchange rate is Four pounds to One Dollar. Then, later, merchandize is paid for. The exchange rate is Five pounds to One Dollar. Book both entries in Dollar when merchandize is bought and when it was paid. 6. Materials worth $ 20,000 was purchased on account and paid for with 1% discount. Book both entries. 7. Record the purchase of Direct Material on Account in the amount of $ 20,000. Half of it was for stock and the other half for a specific job order. 8. Record the disbursement of $ 1,000 raw material to shop floor for use on specific job

0 Answers  

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what is BRS? How to prepare it?

5 Answers   Deloitte,

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what is good will

10 Answers   Capital IQ,

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What can go wrong if you have a balance sheet with a lot of debt? What can go wrong if there is negative owner's equity? What does a good cash flow statement look like and why?

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Tell me what are the three factors that can affect your cash flow and business profitability?

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What can go wrong if you have a balance sheet with a lot of debt? What can go wrong if there is negative owner's equity? What does a good cash flow statement look like and why?

0 Answers  

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How to make a vat entry in books including setoff?

0 Answers  

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wat is capitalbudgeting?methods for cb?

1 Answers  

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what is balance sheet, capital budgeting, financial statements, current ratio, profit maximization?

0 Answers   IBM,

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