Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / anjana.sehgal@gmail.com
Those expenditure which are expected to give utility for
more than one accounting period like purchase of fixed
assets are called Capital expenditure.
These are not charged to Profit & loss A/C in the year in
which exp was incurred but depreciation or (amortisation)
is charged on the Fixed asset till the life of the Asset.
| Is This Answer Correct ? | 16 Yes | 0 No |
Post New Answer View All Answers
The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
Please note that all the question related to VAT is belongs to pune, maharashtra. waiting for quality reply.
service tax calculated on agreement value or market value whichver is higher for builders?
please tell me when co. owner invest money in his family members bank a/c. not any transaction came in business can we do this bank statement in tally ?
What is the definition of offset accounting?
If the company acquires equipment prior to incorporation what are the accounting entries?
Is there any circumstance where an accountant is allowed to depart from accounting standards while preparing financial statements? If yes explain why, if no explain no.
Tell me do you think there is any difference between inactive and dormant accounts?
what is windows dressing final accounts?,sales a/c belongs to which a/c type?
Is it necessary after every journal entry to show its treatment in P&L a/c? Eg. if I am asked to show journal entry of purchasing furniture & fixture on 1st Aug 06, i.e. Furniture & fixture a/c Dr. To cash/bank a/c Along with this, I have to pass following journal entry on 31st Mar 07?? P&L a/c Dr. To Furniture & fixture a/c
what is mean by sample account and data transfer rule in SAP FI?
Do you know the term account payable?
Tell me what do you think is bank reconciliation statement?
What is difference between Cash Flow and fund flow
Tell me what is an over accrual?
