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Journalise the following Entries?
Outstanding salary of rs. 20000/-
Prepaid insurance of rs. 5000/-
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Answer Posted / mudunoori
Areena very good question put by you. Insurance is not
related to Aprils expenditure. Generally Genaral insurance
will be paid for a period of one year. It is quite usual to
pass an adjustment entry for the expenses which benifits
more than a year.More over to reduce the ependiture or
income we have to reverse the natural poostion of ledger
accounts.So crediting expenditure is quite justifiable. To
confirm my answer you can refer any practicing person or
our commerce books. Another example for recersing entry is
about fixed assets. The natural position of fixed assets
are always DEbit. While creating depreciation on asset we
are reversing the natural position into credit
I think you may be satisfied with my answer.Pl refer
if any thing thru this or with my mail
id.satyaki_raju@yahoo.co.in
| Is This Answer Correct ? | 1 Yes | 3 No |
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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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