Question { 6509 }

I had complete customization for INPUT & OUTPUT taxes but
still when I am posting in f-43 or f-22, even after
selecting calculate tax check box. system is showing error
msg (Enter Exchange Rate Type is not defined for country
IN) how to solve this.

Answer

For this Assign country to calculation procedure
T.Code= OBBG.

Question { IBM, 23025 }

Rent paid rs 2000 in Jan and feb 2009. What will the entry
in Feb 1st 2009.

Answer

My dear Friends, I too faced the same question in the same
place. Your QUESTION is WRONG. Actually the question is
== in the month of February I paid January, February and
March. Then what is the entry is the question.

For that answer is:

For the month of February:
Out standing Rent a/c. Dr. XXX
To Bank / Cash a/c. Cr. XXX

For the month of March:
Rent A/c. Dr. XXX
To Bank / Cash a/c. Cr. XXX

For the month of March:
Prepaid Rent A/c. Dr XXX
To Bank / Cash a/c. Cr. XXX

Note: Friends ask any questions directly through my mail ID.

Question { 14977 }

What do you mean by the term Accounts Payables/ Receivables?

Answer

The Total Credit purchases is Accounts payable / Sundry
Creditors, which appear in Liabilities side.

The Total Credit Sales is Accounts Receivables / Sundry
Debtors, which appear in Assets side.

Question { LIC, 85987 }

What is the full form and the application of SAP?

Answer

Systems Applications and product in data Processing [SAP In
relating to Accounts FICO]

Question { 33529 }

purchased a laptop for Rs.50000 and received one calculator
costing Rs.1000 for free. Both laptop and calculator
(stationery in nature) are meant for office use.What will
be the journal entry in the books of both the parties?

Answer

Laptop A/c. Dr 50,000
To Bank / Cash A/c. Cr. 50,000

[Calculator will not treat as asset because it has't resale
value (without laptop there is no calculator)]

Question { FIC, 12975 }

Credit purchase entry

Answer

Raw Material A/c. Dr. XXX

To Sundry Creditors A/c. Cr. XXX

Note to all: Since we are receiving (any) material so it
should be debit instead of debiting Purchases .

Question { 69772 }

Pass journal entries
Purchased goods from mr x on credit 1000

Answer

Dear Friends, Actually the entry
Purchase A/c. Dr. XXX
To Mr.X A/c. Cr. XXX
[This entry is correct [ but here again the question is
what you purchased again we need to show ie,. either
purchase of Goods or Raw Material etc,.]]

so instead of that

Good A/c. Dr. XXX
To Mr.X A/c. Cr. XXX
(Goods coming in from Mr.X)

Please pass your comments on it to my mail ID:
s4sridhar@gmail.com

Question { 22253 }

Re: one customer visit the showroom of phones and purchased
the phone of Rs 750 and gave the 1000 rupees note the
showroom executive didn't have the change so he take the
change from next to his showroom's shop then he deliver the
phone to customer with the change of rs 250.and customer
went with both after sometime the shop owner of next to
showroom who gave the change of Rs 1000 with angry and told
the showroom executive that the note you give it to me is
fake! so showroom executive gave him Rs1000 to him.so
my(question) is how much the showroom executive faced the
loss on this transaction.


(the answer is neither 750,1000,1250,1500,1750 nor 2000)
please reply the answer because its urgent with the
explanation of u'r answer thankyou.

Answer

Hi to All, There are so many calculations. Please see
second line from bottom. So think in different way.

Question { 22253 }

Re: one customer visit the showroom of phones and purchased
the phone of Rs 750 and gave the 1000 rupees note the
showroom executive didn't have the change so he take the
change from next to his showroom's shop then he deliver the
phone to customer with the change of rs 250.and customer
went with both after sometime the shop owner of next to
showroom who gave the change of Rs 1000 with angry and told
the showroom executive that the note you give it to me is
fake! so showroom executive gave him Rs1000 to him.so
my(question) is how much the showroom executive faced the
loss on this transaction.


(the answer is neither 750,1000,1250,1500,1750 nor 2000)
please reply the answer because its urgent with the
explanation of u'r answer thankyou.

Answer

Hi Friends, As per second line from bottom. Loss will be
cell phone cost (which we don’t know (may be 400)) + 250
+1000.

Question { 42450 }

who is debtor? who is creditor?

Answer

*********************************************************
To be more simple.

Debtors = Total of all credit Sales to customers (Asset).

Creditors = Total of all credit purchases form Vendor
(Liabilities).
***********************************************************