what is Credit?




Answer Posted / jyoti

Anything what goes out is credit.

Is This Answer Correct ?    9 Yes 8 No






Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

What is the treatment of claim settled by insurance company but still receivable in profit and loss account

69


we had company we provide work others they deducted tds how to pass entries in my company please tell me

1703


What is the networth percentage observe by banks

786


how to calculate vat,pf,esi,service tax in corporate firm

792


PRELIMINARY EXPENSES INCURRED IN THE YEAR OCTOBER 2012 MONTH 5LAKS WHICH ACCOUNTED IN ASSET SIDE AS ''PRELIMINARY EXPENSES''... IN YEAR END MARCH 2013, IN 5LAKS HOW MUCH AMOUNT SHOULD TAKE FOR PRELIMINARY EXPENSES WRITTEN OFF..?

715






Equipment A has a cost of Rs.75,000 and net cash flow of Rs.20000 per year for six years. A substitute equipment B would cost Rs.50,000 and generate net cash flow of Rs.14,000 per year for six years. The required rate of return of both equipments is 11 per cent. Calculate the IRR and NPV for the equipments. Which equipment should be accepted and why?

1406


How to create a liability for Service Tax in SAP

1635


how to pass journal entries for reverse tax on input tax paid

1315


Can you help me to pass the journal entry for work in progress for a construction company? I would like to know the debit and credit for W.I.P will be under in which accounts head. Eg: debit will be in current asset a/c head, and credit will be under in which a/c in P&L? whether under purchase a/c head, or under direct income a/c head? please give me the details. Thanks for your previous answer?

925


We bought some machines from Singapore (capital goods), payment made in rupees. but the invoice value is mentioned as USD. 1. party ledger shows (debit side) amount in rupees. now i need to make purchase entry. 2. shall i want to convert USD to rupees? 3. if i do like that the party ledger will be differ.. 4. somebody pls tell me the way to make purchase entry.

216


Pls let me know Job profile for Account Manager.

757


In the absence of any provision in the partnership agreement, profits and losses are shared (a) In the ratio of capitals. (b) Equally. (c) In the ratio of loans given by them to the partnership firm. (d) None of the above.

749


Hey can any body tell me..What are negative assets?

821


If a promoter has purchased an asset on behalf of the company before the incorporation of the same then what will be the accounting treatment to record the asset in the books of company

413


how to do asset appreciation in sap?

1115