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Answer Posted / kiran
Amortization Writing off of he assets of a company over a
number of years, not necessarily depending on the life of
the assets, for the purpose of their replacement of
renewal. It is different from depreciation, which is
periodic writing off of the asset based on its normal life
expectany. Amoritization is usually accompanied by putting
aside money in a SINKINGFUND, so that the considerably
increased cost of replacement or modernization can be met,
when it is needed.
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pass journal entries of the following transaction in the books of AG sindh, AGPR,FTO and SBP: 1)DDo sindh house submitted a bill for purchase of furniture to AGPR islamabad for Rs.200000 on 20th March 09; 2)AGPR issued cheque on 2nd april which was cleared by SBP on 5th April; 3)On 26th may, voucher were exchanged in the clearing house; 4)On 28th May, AG sindh issued advise to settlement to SBP karachi; 5)On 5th june,SBP HQ karachi sends a copy of clearnce memo along with bank statement to AG sindh and AGPR for settlement made on 31st May.
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