Question { 30515 }

net worth is:
1)total assets less outside liabilities
2)total liabilities plus owner equity
3) current assets less current liabilities
4) total accumulated profit less liabilities
choose correct and with deatail.

Answer

For a company
total asset- total liability

For Individual

value of person including cash & bank - all liability

Question { BOC, 8123 }

Can we issue "Form E1" to party for same state?
If yes please give procedure for invoiceing

Answer

No you can not issue Form E-1 in the same state because that
is applicable in interstate sale not intrastate sale

Question { 12735 }

ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT
DURING THE TRANSPORTATION ALL GOODS ARE DESTROYED.ACCORDING
TO AGREEMENT INSURENSE CO. PAID 75% OF DESTROYED GOODS TO
SELLER.
WHAT WILL BE JOURNAL IN BOTH PERSON ACCOUNT.

Answer

NO ENTRY IN ABC LTD BOOK

in XYZ LTD

1- ABC LTD Dr. 4,00,000/-
SALE A/C Cr. 4,00,000/-
2- SALE A/C Dr. 4,00,000/-
ABC LTD Cr.4,00,000/-
3- LOSS IN TRANSIT (EX.) Dr. (PURCHASE AMOUNT + DIRECT EX.)
CLOSING STOCK Cr. (PURCHASE AMOUNT + DIRECT EX.)
4-BANK A/C Dr.75% OF PURCHASE AMOUNT + DIRECT EX.)
INSURENCE CLAIM Cr.75% OF PURCHASE AMOUNT + DIRECT EX.)