Answer / syed iliyas

As per the business entity concept of accounting person and
business was treated seperately and thus the loan raised by
partner or by the other party was treated as loan recieved
from the third party and it was entered as usual by cash
voucher (if revieved by cash and bank voucher if recieved
by cheque)by debiting the cash/bank account and crediting
the person(who raised loan) and finally it was taken into
balance sheet under current liabilities.

Answer / shanmukha srinivas sega

a partner is not a third person to business entity. When ever a loan is received from a partner, either in kind or cash the concerned asset a/c must be debited and patners loan account should be credited. It should be posted under the head Loans and Advances. If the loan is for a short period, i.e for i yr or less than 1 yr then we can classify under Current liabilities.

IFRS and its applicability in India

2 Answers   CA,

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3. Cash Flow from Operation: Assume a company with an Income Statement showing: Net Income …. $ 180,000/- Depreciation …. $ 80,000/- Amortization … $ 60,000/- Deferred Income … $ 40,000/- What would be the: a) Cash Flow from operation b) Ratio of Cash Flow

0 Answers  

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How to File CST & VAT?

1 Answers   IBM,

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Is it possible to change the accounting period under Indian GAAP from 1/Apr-31March to 1/January-31/December? There is any restriction in doing that, i mean for example for fisal purposes? Thank you all!

3 Answers  

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being a b.sc(biotechnology) student, am i eligible to work in accounting sector. If yes what all i need to do.???

1 Answers  

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in reply of sreedapa answer ,suppose for the m/o march telephone expense is Rs.800 and for the m/o april Rs.200 For this we will pass tthis entry : Telephone expenses Dr 800 To Tel expenses payable 800 Telephone Expenses Payable Dr 800 to Bank/cash 800 (For the m/o march) And for the m/o april, we will make the provision in the m/o March Telephone expenses Dr. 200 To Telephone Expenses Payable 200 Plz advice

1 Answers  

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I have recieved a payment from hmrc on Friday morning and by the afternoon it was removed from my bank account by contra entry what does this mean? Will I recieve the money?

2 Answers   ME,

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please explain briefly about account receivables and payables

2 Answers   Siemens, Wipro,

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what is the rate of purchasing computer goods from Gujarat, with C form, and what is the rate to sale it in Diu (Union Territory).

1 Answers   ASD Lab,

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how to pass year ending entries for VAT treatment?

5 Answers  

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why and how does bills receivable increases assets??

1 Answers   Wipro,

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5. What would be the pay-back period of a project requiring initial investment of $10,000/- and expected to generate a cash flow of $ 2,000/- per year?

1 Answers  

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