Question { Syntel, 296435 }

What are accounting Principles?

Answer

An account is a summary of record of all the transcations
releating to a Person, Asset, Expences are gain. It is 2
sides the Left hand side called Debit and Right hand side
called Credit. Accounting is a bradly classfice in to 3
types. These are..
1) Personal Account :- This accounts of Persons with whom a
concern carries on business personal account may be
a) Account of Natural persons such as Ramakrishna,
Kishore etc..
b) Account of Artifical persons are a Group of Bodies
Such a Bankers, Universal trading co. etc..
c) Represenative personal a/c. such as Salaries, Prepaid
Insurance etc..
2) Real Account :- This accounts releating to Properties
are Assets of a Trader known as Real a/c. It's include
Tangable Assets. Eg. Building, Furniture.. Intigable Assets
Good will, Petent..
3) Nominal Account:- Account dealing with Expenses, Losses
and Gains, Incomes. Eg. Salaries Rent etc

Question { 5027 }

journelising the following?
dpereciation of plant & machinery rs 30000/-
interest accrued but not received Rs 15000/-
prepaid insurance Rs 10000/-
drawings of cash Rs 5000/-
withdrew goods for personnel use Rs 2000/-
what is cost centre?
How do you verify the correctness of material control
system?
How many directors are required at a minium for Private ltd
and public ltd companies?
How do you compute the following ratios?
current ratio
net profit ratio
gross profit ratio
debt service coverage ratio
sales turnover ratio

Answer

1)Depreciation a/c Dr 30,000/-
To Plant&Machinery a/c. 30,000/-

2)Accured Interest a/c. Dr. 15,000/-
Interest a/c. 15,000/-

3) Prepaid Insurance a/c. Dr. 10,000/-
Cash a/c. 10,000/-

4) Drawings a/c. Dr. 5,000/-
To Cash a/c. 5,000/-

5) Drawings a/c. Dr. 2,000/-
To Purchased a/c. 2,000/-
Current Rato = Current Assets/Current Liabilities
Net Profit Ratio= Net Profit/NetSales*100
Gorss Profit Ratio= Gross profit/Net Sales*100
Debt service = Credit Sales/Avg.Debtos
Sales T/O Ratio= Cost of Good sold/

Question { Genpact, 25137 }

The Actual Rent was 12000,in the month of Feb i had paid
15000 and in the month of march i had paid 3000. Pass the
necessary Journal entry for this.

Answer

Rent A/c. Dr. 12,000/-
Prepaid Rent A/c. Dr 3,000/-
To. Cash A/c. 15,000/-
(Being Actual rent is 12,000/- 3,000/-Rs. is considered
prepaid rent it is a Current Assets)

Question { FIC, 35173 }

What is Current Assets minus current Liabilities?

Answer

Net Working Capital

Question { Genpact, 17417 }

Is closing stock will recorded in Trail balance?

Answer

If Closing Stock will given in Trial Balance. That means
Nex year is No Business that firm.

[If Closing Stock is given the Adjustement next
year is run the business. These closing stock will charged
to Trading A/c. Credit side and Balance Sheet Asset side.]

Question { 15416 }

foreign currency revaluation why it is required ?

Answer

Foreign Currency Valuation is required to valuating the Customers and Vendors open items, where the transactions has been done in Foreign Currency and also G/L A/C's which are operating in other then Local currency.

Question { 3622 }

Describe in brief introduction of Account.

Answer

ACCOUNT: It is a "Statement consolidated picture of
Transcation"

Question { 4408 }

what is cost of captial

Answer

Contribution of the Profit called as cost of capital or
Profit Distrubuted to the share holders called also cost of
capital

Question { Cap Gemini, 9846 }

what is use of BRS ,Could you please Explain

Answer

Finding the reasons difference between Cash Book and Pass Book called Bank Reconciliation Statement (or) BRS is depending on entries passed in Bank Main G/L Account and Bank Intermediate G/L Account.

Eg:
1) Check Issued But not
appearing in the Bank Statement.
2) Check Deposited But not appearing in the Bank Statement.
3) Customer Directly deposited in the Bank.
4) Bank Charges Directly made by Bank
5) Interest Debited/Credited.etc.,

Question { Cap Gemini, 9424 }

If invoice amount is USD 1000 @Rs.62 and directly posted at Rs.62000 on 01-01-2014 and paid amount is USD1000 @Rs.64
and posted amount is Rs.64000 on 10-01-2014. Where will go the Rs.2000 amount. And what are all entries.

Answer

Here is the Journal Entry.

01.01.2014-Invoice-$1000*62=62000
10.01.2014-Payment-$1000*64=64000

Dr Vendor 62000
Dr Exchange Loss 2000
Cr Bank 64000

This 2000 amount will go and stand in Exchange Gain & Loss A/c