ravi


{ City } hyderabad
< Country > india
* Profession * faculty
User No # 98162
Total Questions Posted # 4
Total Answers Posted # 122

Total Answers Posted for My Questions # 3
Total Views for My Questions # 15894

Users Marked my Answers as Correct # 1719
Users Marked my Answers as Wrong # 1186
Answers / { ravi }

Question { IBM, 22879 }

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


Answer

the entry is
rent paid a/c 2000
to cash / bank 2000
this is the entry in the month of jan

rent paid a/c 2000
to cash/bank 2000
this is the entry for the month of febrauary

Is This Answer Correct ?    40 Yes 7 No

Question { 4200 }

why balance sheet should tally?


Answer

Balance sheet describes financial position of a company
it is the final statement which describes the assets amount
&liabilities amount should be matched

Is This Answer Correct ?    2 Yes 1 No


Question { 6414 }

How do u calculate closing stock in training account?


Answer

op stock + purchases + direct expps + manufacturing exps -
sales =closing stock

closing stock is the stock which remains as stock at the
end of the financial year

the closing stock of this year becomes a opening stock of
next year

Is This Answer Correct ?    0 Yes 0 No

Question { Sundaram Motors, 9466 }

what is current ratio formula


Answer

current ratio explains the relatin ship between current
assets and current liabilities

current assets - cash,stock,debtors,bills receivable e.t.c
current liabilities - sundry creditors, bills payable

current ratio= current assets / current liabilities

the ideal ratio for this is 2:1 this indicates for every 2
rs of asset there must be 1 rupee of liability

Is This Answer Correct ?    2 Yes 0 No

Question { 7937 }

What is 'Rights Issue' ?


Answer

issue of shares to the existing share holders is nothing but
right issue

Is This Answer Correct ?    0 Yes 0 No

Question { 4177 }

WHAT IS R/3 IN SAP.


Answer

R/3 is nothing but three tier architecture which consisting
of three layers

data base layers - which explains significance of data which
was maintained

application layer - which converts in to computer language


presentation layer - which presents the data in the soft
ware -

Is This Answer Correct ?    4 Yes 0 No

Question { 61061 }

When we paid tds on rent how will journal entry will come and how to enter in tally software?


Answer

while booking a bill in journal in tally -f7
in journal - party a/c dr 5000
to tds 5000
(being bill booked)

in journal deduction entry - alt+s is the short cut key-f7
party 510.10
to tds 510.10

payment entry after deducting tds -f5
party a/c dr 4490
to bank 4490

deducted tds payment made to the dept -f5
tds a/c dr 510.10
to bank 510.10

Is This Answer Correct ?    7 Yes 0 No

Question { Narayana, 23938 }

what is vat rates in andhra pradesh


Answer

Below are the tax rates of vat

1% -precious goods
4% - necessary goods
14.5% - capital goods
32.55% - petrol
21.33% - for diesel

Is This Answer Correct ?    16 Yes 4 No

Question { 5639 }

Service tax rates


Answer

The rate of service tax is 10.3% where 10% is service tax
.3% is e.d. cess

Is This Answer Correct ?    1 Yes 1 No

Question { Capital IQ, 6249 }

debit note related to which returns?


Answer

The entry will be passed in debit note when purchase returns
takes place. just reverse the entry of purchase in debit note
when purchase returns takes place

if you recorded in debit note automatically vendor should
pass that entry in credit note

Is This Answer Correct ?    0 Yes 0 No

Question { Tally Solutions, 4761 }

How to make calculation of salary for an employee of an
Indian company? Please give me an example to understand,
also consider all the aspect of salary?


Answer

basic+D.A+H.R.A = GROSS SALARY
GROSS-PF-PT= NET SALARY

Is This Answer Correct ?    13 Yes 5 No

Question { BoA, 11435 }

what is finalisation of accounts.


Answer

Finalisation of accounts include journal entries,ledgers,
trial balance,p&la/c & balance sheet.p&l a/c & balance sheet
plays a very imp role

p&l a/c - which describes financial performance
Balance sheet - which describes financial position of company.

EVERY COMPANY HAS TO FINALISE THE ACCOUNTS EVERY YEAR
AND VERIFIED BY THE AUDITORS FOR THE EXPANSION OF THEIR
BUSINESS

Is This Answer Correct ?    4 Yes 0 No

Question { TATA, 9289 }

What is the difference between a TDS and an income tax?


Answer

"T.d.s means tax deducted at source from the salary "
"income tax is a direct tax which is paid to the govt on
the income earned by the assesse for the relevent assesment
year"
the expenses is of two types
1.allowable exps 2 dis allowed exps
out of total income earned by the assesse in previous year
the income of an assesse can be defined after considering
the allowable exps in to consideration the income of the
assesse - allowable exps can be regarded as income tax
payable to the dept on slab or flat basis

"if any modifications pls be free to post new answers thank
you"

Is This Answer Correct ?    1 Yes 1 No

Question { TATA, 9289 }

What is the difference between a TDS and an income tax?


Answer

T.D.S IS THE TAX DEDUCTED BY THE EMPLOYER AT SOURCE WHERE AS
INCOME TAX IS THE TAX WHICH IS LEIVED ON THE INCOME EARNED
IN A FINANCIAL YEAR PREVIOUS YEAR WILL BE TREATED AS ASSESMENT
YEAR TOTAL INCOME IN A YEAR -ALLOWABLE EXPS GIVES INCOME
EARNED IN A YEAR

Is This Answer Correct ?    0 Yes 0 No

Question { 15082 }

1. we pay rent of Rs:62500/= for that we deduct tds =6250.00
and the landlord claim service tax 6437.10(62500*10.3/100),
we normaly paid on 05th of next month. My Question is
1. What is the Journal Enrty for this
2. Journal Entry when at Payment of TDS

Please help me
Regards
sakthi


Answer

renta/c 62500
TDS 6250
LAND LORD CLAIM SERVICE TAX 6437
BANK 49813

Is This Answer Correct ?    15 Yes 17 No

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