Question { HPCL, 26532 }

what is branch reconciliation?what is the Procedure of
Branch reconcile step by step?

Answer

Inter company accounts can be reconciled in order to ensure
all transactions are accounted for properly.

Goods, services, financial transaction take place between
different branches of a company, between different
departments or between different subsidiaries of the
company. It is essential to account for each transaction
correctly, with each sale or purchase correctly recorded and
the appropriate debit or credit note passed.

Question { 4791 }

If We Paid 15000/- For Advertising Exp To XYZ Co,What IS The
Entry And In which Ledger It Entered? Is It Necessanry To Make
2nd Entry? Plz Discribe All.

Answer

Entry:

Advertising Exp. A/c Dr.
To XYZ Co. A/c


At the time of Payment :

XYZ A/c Co. A/c Dr.
To Cash/Bank A/c

Question { GTS, 3799 }

on 01/04/2009 Goods sold to Mr."A' on Credit at $ 1000.
Exchange Rate :- 01/04/2009..........$50.00 at payment Date
Exchange Rate :- 01/05/2009..........$48.00
What is Journal Entry..?

Answer

At the Time of Sale:

A's A/c Dr. 50000
To Sales A/c 50000
(Being Amt due towards sale of goods @$50 for $1000.)

At the Time of Payment:

Cash/Bank A/c Dr. 48000
Forex P&L A/c Dr. 2000

To A's A/c 50000
(Being Amt received against sale of $1000 goods @ $48)

Question { 8306 }

what is waybill ? when we supplied a machine to Gujarat
from Hyderabad they asked waybill. How it is different from
consignment note?

Answer

A document (that looks like a bill of lading) issued by a
carrier that describes the goods to be transported and that
details the shipping particulars. Waybills are issued by
both air carriers (air waybills) and ship lines (sea
waybills). They merely indicate that the stated goods were
received by the carrier for transport, they do not convey title.
Consignment note & waybill is one & the same thing.