Answer Posted / ashish
Double entry system is used to correct the transactions
either the dr. side or cr.side.
under this both answers debit side and credit side is same
and chances of errors are reduced.
| Is This Answer Correct ? | 4 Yes | 1 No |
Post New Answer View All Answers
What is contract accounting?
Can anybody tell me how much salary m show in my resume for expection for the next job m graduate 2year accounts experience?
what is the use of special general ledger if the normal trasaction in usage.
OUR BOOKS & ITR MISMATCH FOR RS.15000/- ON ACCOUNTS OF TDS ON RECIEPTS FY-09-10 . KINDY GIVE CORRECTION ENTRY TO MATCH THE BOOKS WITHI ITR. DEVENDRASINGH086@GMAIL.COM
what is the process of excise duty?
What is the rate of basic excise duty and specific duty And I want to know that how can I see that vat rate in up ,excise duty and tds details Please tell me site plese
Short Answer on _________Accounts Receivable
how to download online - old ECR CHALLANS
how enter service bill in the tally and what is the process of service bill. aganst service charge @ 10.3%, sercharge 2% cess 1%
How you implemented a chargeback system?
what is new updates in account
Calculate the total Depreciation for four or five Years so practice some problems on depreciation?
What is the defination of job costing, batch costing and contract costing?
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
Expand-------NAC
