journelising the following?
dpereciation of plant & machinery rs 30000/-
interest accrued but not received Rs 15000/-
prepaid insurance Rs 10000/-
drawings of cash Rs 5000/-
withdrew goods for personnel use Rs 2000/-
what is cost centre?
How do you verify the correctness of material control
system?
How many directors are required at a minium for Private ltd
and public ltd companies?
How do you compute the following ratios?
current ratio
net profit ratio
gross profit ratio
debt service coverage ratio
sales turnover ratio
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Answer Posted / vadeendra
Depreciation A/c dr 30,000
to plant and machinery A/c 30,000
Accrued intrest A/c dr 15,000
to income A/c 15,000
Prepaid insurance A/c dr 10,000
to Expenses A/c 10,000
Drawings A/c dr 5000
to cash A/c 5,000
Drawings A/c dr 2000
to purchases A/c 2,000
Minimum members required to form a public company is 7 and
private company is 2.
current ratio = current assets/current liabilities
net profit ratio = (net profit after tax/net sales) *100
gross profit ratio = (gross profit/net sales) *100
debt service coverage ratio =
(profit before income and tax)/{Intrest+(principal
payment intrest) /(1 - tax rate)
I hope there is no ratio like sales turnover because turn
over ratios can be calculated on net sales only. if there is
any thing like that please let me know.
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