What is the difference between debit and credit?

3 Answers   FIC,

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my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.

0 Answers  

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What is the rule of accounting

8 Answers   Genpact,

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what is mean by leverage ratio?

1 Answers  

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Expand SOIT

2 Answers  

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wht is INSTITUTIONAL INVESTMENT?

2 Answers  

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Whether the medical bills( both Hospitalization and out- patient)submitted and reimbursed to the service provider has not taken initially as value for the purpose of Service Tax, now demanding retrospectively i.e. from 2009-10 on wards(as Demanded by Service Tax Department). Whether Reimbursement is Service Tax chargeable?. Further, Vehicles were provided to them by the service recipient and the Fuel bills were directly paid to the Petrol bunk by the Service recipient. Is that also Service Tax chargeable?

1 Answers  

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Expand-------NAST

0 Answers  

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WHAT IS 'MORTGAGE AND REVERSE MORTGAGE'?

3 Answers   BA Continnum Solutions,

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Expand---------RSTB

1 Answers  

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what is the basic function of accounting?

2 Answers  

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what is interest invoice

2 Answers  

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