deepak


{ City } gudgaon
< Country > india
* Profession * accounts executive
User No # 60006
Total Questions Posted # 0
Total Answers Posted # 4

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Questions / { deepak }
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Answers / { deepak }

Question { 3824 }

Among financial and cost accounting,which is more important?
why?


Answer

I think Cost Accouting is more Important,
the reason being, The profir margin Cannot be Decided
without the costing of thr product.Proper Costing of the
product must b calculated in order to make
profits.Financial Accouting comes after the Cost Accouting.
Make me right if I m Worng.

Is This Answer Correct ?    2 Yes 0 No

Question { 4880 }

Here is a question i was asked below is the scenario need
to enter journal entrries for both accounting system Cash
and Accrual
:-

1) Landlord A/c
2) Tenant A/c
3) Bills Receivable A/c
4) Cash A/c
5) Bank A/c

Situation:-
1) Bill is created.
2) Bill is sen to the tenant, journal entry =?
3) Cash is received from the tenant, journal entry=?
4) Receipt is created.
5) Receipt is sent to the tenat, journal entry=?

Its urgent, please help.


Answer

in the book of landlord
bill is created & sent
1.)tenant name a/c.........dr
to rent (income)a/c

cash is received from tenant
2.)cash a/c ......dr
to tenant/name a/c
in tenenats book
3.Rent A/c. Dr
Rent Payable A/c
4. Rent payable A/c. Dr
Cahs Bank A/c.

Is This Answer Correct ?    0 Yes 1 No


Question { 5130 }

hi,
M a fresher who started work in an event management firm as
an accountant recently, and i don't know the head o tail of
what to be done., worse part is its a small firm, and i have
to learn everything on my own,:( so if anyone could guide me
pllleeeeeesssssssseeeeeeee help... its really very urgent..
I'd be very grateful...


Answer

Best you can do is to ask to the person in the same kind of
Job. Search Google is there any special treatment given for
accounting transactions of event managemrnt business. I
think most of the transactions would be general as we use
in case of other businesses.Purchases, Salaries, these must
be given general accouting treatments. Service tax wouyld
be applicable to your company as a service provider.TDS
wouild also be applicable. Rest you can ask with your CA.
he will surely guide you.

Is This Answer Correct ?    1 Yes 0 No

Question { 3625 }

why the net profit arises on the debit side of profit and loss
account wen the nominal acount rule states debit all expenses
and losses and credit all incomes and gains


Answer

As per Accouting concept, The Company is a separate legal
entity from its owners. hence the profit arises is a
liability of the company to be distributed to the owners .
As accounting rule says that all liabilities should be
debited, the Profit is shown on Debit side. PLEASE CORRECT
ME IF I AM WRONG.

Is This Answer Correct ?    4 Yes 2 No