Question { 59681 }

Hi Everybody,

1). Can anybody tell me the Journal entry for Bank charges
Rs.100 and under which account it will come.
2). Received interest from Bank what is the journal entry,
under which account it will come,

Awaiting for soonest reply,

Thanks,
Khan

Answer

KHAN TO KHAN

BANK CHARGES IS AN INDIRECT EXP WHICH IS A NOMINAL A/C

BANK CHARGES A/C DR 100
TO BANK A/C 100

YOUR SECOND ENTRY INTEREST RECEIVED IS AN INCOME

BANK A/C DR 100
TO INTEREST REC A/C 100

PLEASE REMEMBER ME IN YOUR PRAYERS

Question { 3108 }

hai , please explain wherther output tax a/c comes under
duties & taxes or indirect expenses?

Answer

hello

has the input tax comes under duties and taxes, then the
output tax will also comes under duties and taxes

suppose you purchase some thing by paying 104 which include
4% tax know you sell it and your marging of profit is 10
then 104 + 10, 114 will be your selling price on which you
will charge 4% which comes at 4.56 know when you will fill
return your libility will be 4 - 4.56 i.e. .56 OK

Question { College School Exams Tests, 20320 }

what is the meaning of rates in(rent,rates and tax)
what is the meaning of contribution in margin of safety.
what is the equity? and what single entry system?
i want heavy explanation regarding these questions. thank
you in advance reply soon bye!

Answer

EQUITY

Equity is the capital or fund raised by the company through
public for it finincal need because at the bigger level all
of fund cannot be taken as a loan due to heavy interest
rate which bank charges so company goes for a public
offering by issuing shares in the market with the
guidelines giving by sebi ( security and exchage board of
india )a company cannot raised fund in excess of paid up
capital specified in the memorandam and article of
association.

Single Entry

Single entry system of accounting is that system of
accounting where an entry as single effect only unlike
double entry system having double effect it use by small
business because details are not required, the primary
bookkeeping record in single entry is cash book in which
only income and exp are recorded in short it does not serve
the purpose of accounting

Question { CyberSoft, 76643 }

Why provisions are made & what will be the Journal entry
for different types of provisions.

Answer

provision are made because they are payable in future not
or next accounting year.

JOURNAL ENTRY

company pay gratuity and each year an entry is pass for the
same which is called Provision for gratuity

so entry will be

Gratuity A/c dr
Provision for Gratuity a/c

this is a provision entry ( above )

Profit & loss a/c DR
Gratuity A/c

Question { 17448 }

what should by the journal entries for tds payble

Answer

suppose you hire a vechile for transportation of xyz. road
ways for which you pay Rs 20000 as freight

this transportation exp is liable for tds and the entries
will be

1) Transportation A/c dr 20000
To,tdx A/c 200 @ 1%
To,xyz. A/C 18800

2) Tds A/c dr 200
To,Tds payable 200

When making paymene

Tds payable A/c dr 200
To, Bank/Cash

Question { 7718 }

Which Entries Or Transactions Are Entered In Journal Voucher?

Answer

only exp. voucher are enter in journal

Question { 7659 }

HI FRIENDS CAN ANY BODY PASS THIS JOURNAL ENTRY: LOSS OF
STOCK PLS PASS THIS JOURNAL ENTRY FRIENDS?

Answer

loss of stock Dr. ( this will be indirect exp.)

To stock A/c ( which is loss )