Question { 12974 }

Explain the effect of closing stock on gross profit and net profit.
comment on the financial health of their business.

Answer

When we purcahe then the Cloing stock against this purchase
increased so due to this its not effect on G/P as Per N/P
after issued and consumed this item Closing stock will be
decrease then G/P and N/Palso Decrease.

Question { ITC Infotech, 5462 }

Whats the Balnace of Closing stock so if we issued the
materil then the Closing stick will be dr and in case we
pirchsed the materil the closing stock will be cr
so tell me that i m correct or not

Answer

ya i think accoridng to Income Statement

Question { 4745 }

Hello, i am rohit sharma. i want to ask you that i can
taken credit input of sercice tax of telephone bill.

Answer

Dear parveen u r right but this is only for electricity bill and gass bill not for telephone bill.

only this condition when the STR no is printed on bill of Manufacturer

Question { 10355 }

I want to know that can we get input vat credit against tax
invoice/retail invoice/& commercial invoices. Our auditor is
saying that only tax invoice is libel for vat input credit.
But many parties issue us retail invoice & commercial invoice.

Answer

Dear we just take input vat credit only against Invoices in which vat is paid.

the parties who issued you retail invoices, Commercial Invoices if they are not registered then u cannot claim
for vat u just take this invoices gross value as unreg taxpayer in purcase annex



Thanks

Question { 11101 }

What the journal entry pass for appreceation
Fixes asset Dr
Cash/Bank/Supplier Cr

Is i m Wright

Answer

so whats the effect on Trail balance and balance sheet

Question { 5270 }

what mean rtgs & nfts

Answer

RTGS stand for real Time Gross Settlement its mean transfer of fund in real time and in Gross settlement in this system funds are transfer instantly approx within 2 Hrs to beneficiary's bank account, which is more then 2 Lake,

NEFT stand for National Electronic Fund Transfer in this system funds are transfer in net settlement, its take more time and transferable less then 2 Lakes.this method is mostly adopt by Small Enterprises.

Some bank have this facilities but not all.