Question { Mphasis, 14451 }

what is long term capital gains & short term capital gains ?

Answer

long term capital gain:
long term capitalasset are those which are held for more
than 36 months preceeding the date of transfer in case of
non financial asset like land,building etc


financial assets: in case of this the asset should held for
more than 12 months months preceeding the date of
transfer.it includes security,shares and bonds.
the gain which arises from this is called the long term
capital gain.

short term capital gain:

short term capital asset are those which is less than 36
months in case of non financial asset and less than 12
months in case of financial asset the gain which arises
from this is called short term cap gain

Question { 9906 }

Where we show the Contingent Assets.

Answer

contigent asset is a asset which may come in to the
bussiness in the future
for eg some kind of compencation may be received in future
for infringment of trade marks copy rights etc
normally contigent liab is shown as footnote but in comp
act their is no prov to show contigent asset as a footnote

Question { 14854 }

what is mean by credit sales?

Answer

credit sales is the sales which has been made without
getting the cash at present but liable to get in future.
The person who is liable to pay for us is called the debtor.

Question { HGS, 110150 }

what is mean by credit purchase?

Answer

credit pur is a pur which has been made by us without
paying the money at present but liable to be paid in
future. the person to whom we are liable is called creditor.

Question { 4497 }

what indirect tax and in that whats include

Answer

indirect tax means the tax which has been paid by someone
on the behalf of the assessee (the person who pays the tax)

for eg:when we purchase the goods v pay the value of the
goods which also includes sales tax thus we dont pay the
tax to the IT authorities but on behalf of us the saller
pays the tax.

it includes the following:sales tax,CENVAT.

Question { Maersk, 70008 }

what is entry for depreciation?

Answer

Adjusting entry

Depreciation A/c Dr
To asset A/c
(dep provided)

Transfer entry

profit and loss A/c Dr
To depreciation A/c
(dep transferred to
profit and loss account)

Question { Capital IQ, 22227 }

What Does Suspense Account Mean?

Answer

it is a temporary account prepared in the trail balance for
time being in order to facilitate the preparation of
balance sheet.it may occur due to accounting errors such as
error in principle,ommission,commission etc..