sangeetha


{ City } chennai
< Country > india
* Profession * sr. exc
User No # 48920
Total Questions Posted # 0
Total Answers Posted # 8

Total Answers Posted for My Questions # 0
Total Views for My Questions # 0

Users Marked my Answers as Correct # 177
Users Marked my Answers as Wrong # 53
Questions / { sangeetha }
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Answers / { sangeetha }

Question { Study Overseas, 31833 }

how to prepare Profit and los accounts ?


Answer

from the Trial Balance we can prepare profit & Loss A/c

Is This Answer Correct ?    72 Yes 33 No

Question { 3217 }

What is MEan By Sundry?


Answer

Sundry mean by "Various" as per accounting sundry creditor
& sundry debtors means variety of person/company.

Is This Answer Correct ?    2 Yes 0 No


Question { MAHINDRA, 35329 }

how to pass journal entries for recivables & payables if
they are paid next asses year


Answer

Journal entries for receivable :

Debtors/Accounts receivable Dr. ****
To Sales ****

Next year payment entry would be
Cash/Bank Dr. ****
to Debtors ****

Journal entries for payable :

Expenses Dr. ****
To Creditors /Accounts payable ****

Next year payment entry would be
Creditors /Accounts payable Dr. ****
To Cash/Bank ****

Is This Answer Correct ?    46 Yes 0 No

Question { Reliance Construction, 32146 }

how to pass entries for suspense account?


Answer

Suspense means unknown transaction. For exp, we have
received wire transfer without clear description, it means
unknow payment received from customer (unknown customer)

So the entry would be:
Bank Dr. *****
To suspenses account ******

Is This Answer Correct ?    28 Yes 10 No

Question { DLF, 16968 }

WHAT IS THE ENTRY FOR BOOKING PROVISION...? IS IT
COMPULSARY FOR BOOKING PROVSION IN ACCOUNTING?


Answer

Provision entry is not compulsory. When we have not
received routine expenses like telephone expenses, postage
etc. we have to make provision for the month of closing so
that we can have exact profit otherwise the profit may
high.

Entry for provision:

Expenses (P&L) Dr. ****
To provision a/c (BS) ****

Is This Answer Correct ?    14 Yes 0 No

Question { HP, 12558 }

what is suspense account?


Answer

Which is known transaction is suspense account. for exp we
received money via wire transfer but unable to identified
who has sent money is called suspens and recorded in
suspense account as follows:

Bank Dr.
To suspense

Is This Answer Correct ?    0 Yes 6 No

Question { 3223 }

I am going to take interview of some candidate for the
position of Accountant.

Therefore, I want to know what type of question I shall be
ask to the candidates.

Please suggest.


Answer

1. What you mean by Cash flow, why do we have to prepare
and what are the activities have cash flow?

2. What is the different between Trad a/c and Porfit & loss
a/c.

3. What is depreciation, For what purpose do we depreciate
and what are the method to depreciate?

4. What is prepaid exp. give some exp?

Is This Answer Correct ?    0 Yes 0 No

Question { 7077 }

company office interior work payment paid by MD on his
personal account what is entry in company accounts book & md
personal a/c book?


Answer

Interior (Asset & Expenes) Dr. ****
To MD a/c ****

Is This Answer Correct ?    15 Yes 4 No