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what happens if LIFO Price Increases?
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Answer / dinesh bansal
IF LIFO PRICE INCREASE, MEANS, EITHER COST OF PURCHASE
PRICE IS DECLINING IN COMPARISON OF THE PREVIOUS RATES OR
THERE IS HIGHER PRICE STOCK WHICH IS NOT MOVING IN
COMPERISON OF LOWER PRICE STOCK
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / nazeer hussain.h
When LIFO (Last in First Out)is increases that particular
stock MAP (Moving Average Price) is increase when ever
stock is moved (i.e consumed or sold MAP will be considered.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / aman goyal
IF lifo price increases our gross profit decreases.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / vipin
Lifo means last in first out whenever any quantity comes to
before we sale first quantity and after other quantity
then adjust this amount.
| Is This Answer Correct ? | 2 Yes | 2 No |
what is the use of accounting standards
calculate the closing stock: if opening stock- rs.2327620 , purchase -23519280, direct expenses-1335225, sale:- 24884412, direct income :-286371
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DEAR ALL, HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know whether it is correct or not. If correct, in my individual ledger no entry is reflected. Alternatively, if I debit my self and credit petty cash a/c it is reflected in the P & L Account, but it is not an expense. and not reflected in the balance sheet, but reflected in P & L. I think I need to put a journal entry. Like debiting the salary account and crediting the salary advance account. Is this correct or not? Can any one help me please. my mail add: cdvijay100@yahoo.co.in or kmlnkml@live.com
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