Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / h.r. sreepada bhagi
A wrong question & an incorrect answer by the same person.
Praveen if you can answer your own question, this forum need
not be used, isn't it? Be clear on the meaning of the words
you use.
If you say acquired income, it implies, income received &
this terminology is not in use in Accounts. There is
accounting term called 'Accrued Income'- Which means, income
earned or receivable for a period but not received at the
end of that accounting period. For example a property is let
out and at the end of the month rent for that month is not
received, this is called Rental Income accrued but not
received. Accrued Income appears in the P&L A/c as well as
in the Balance Sheet.
A wrong question & wrong answer would misguide others, so
desist from posting such things.
| Is This Answer Correct ? | 9 Yes | 0 No |
Post New Answer View All Answers
What is service tax & excise?
what is the minimum & maximum amount paid by company per day
what is the accounting treatment in tally of free goods received with goods purchased.
A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
What is batch input? why we use batch input session in SAP(FICO)?
1.Which type of records maintaing for Hotels and provision Stores. 2.in Which type of returns we are going to file. tell me whos know brefiely,,
how to prepare brs statement for company in tally
Explain me some of the examples for liability accounts?
Capital secure should be shown in which side of the balance sheet?
Accounting Questions
What is the purpose of accounts like e.g. expense accounts assigned a account number 0040, principal account assigned anumber 0060.In our general ledger software such numbers are assigned.I want to know how these numbers (accounts) help in maintaing accounts of a company (like bank reconciliation).
Tell me under the accrual basis of accounting, when revenues are reported in the accounting period?
If i pay for general expense (and party provide me gst details) through credit card then how i can enter party details
Productive Investment is Working Capital. Is it correct?
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
