why the net profit arises on the debit side of profit and loss account wen the nominal acount rule states debit all expenses and losses and credit all incomes and gains

1 Answers  

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Tell me what is ledger?

0 Answers  

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what is Purchase Book & sales Book?

0 Answers   EDS,

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How to make a entry in tally for Land & Building Purchased for RS.1,65,00,000/-(Total Consideration)Paid Installment wise as 30 lakh,10 lakh,20 lakh & 1,30,87,500

2 Answers   Consortexe,

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What is the basic difference between bond and debenture? it,s very urgent please guys give me a quick reply

5 Answers   Capital IQ,

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What is mean by assets

2 Answers  

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What is the Difference Between (A/c Payable / Receivable ) AND ( Bills payable / Receivable )................?

3 Answers   GTS,

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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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A business sold goods valued at R1000 excluding vat on credit to a customer. What would be the debit to the customers account if vat is 14% ?

1 Answers  

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As per accounting standards, what is the meaning of "Short Term Liabilities and Long Term Liabilities:? As the Company can change the classification based on their business? Or these meanings are fixed?

4 Answers  

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What is a contra entry

5 Answers   Genpact,

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what is the diffrence between accounting and finance?

4 Answers   Genpact,

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