Answer Posted / max

Entry from the Issuing Party Debit Credit
Accounts Payable - ABC 20,000.00
Cash in Bank 20,000.00
To record payment to ABC

Purchased Discount 2,000.00
Miscellaneous Income 2,000.00
To record discount received upon payment

ABC Party Entry
1.Cash 20,000.00
Accounts Receivable 20,000.00
To record Cheque Collection

2.Sales Discount 2,000.00
Cash 2,000.00
To record cash payment of Sales Discount
3. Accounts Receivable 20,000.00
Cash 18,000.00
SAles Discount 2,000.00
Cheque collection uncleared at Bank

Tell me what is reversing journal entries?

988

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Do you possess any knowledge about accounting standards?

1020

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What are mis reports and do you prepare it?

1021

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i have pay to 250000 excise duty so i ask to all how can maintain entry in tally ?

1665

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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?

3692

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Explain financial accounting.

1128

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what is wct ? who take its benefit? e.g. we are works contractor, we are liable to take its benefit or not..

4705

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Are there any questions you would like to ask?

1100

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Payment Blocks . What is "A" and "R" Blocks in Account payables.. ??

1565

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Plz Ask from me New Accounting Questions.

1853

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What and How to compute an unsecured balances?

2153

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WE PURCHASED ONE ASSET,HOW CAN WE CALCULATE EXCISE DUTY,VAT,SERVICE TAX?[IN CASE OF SELLING PURPOSE OR OWN PURPOSE].SHALL WE CLIME CREDIT ON THAT?THEN HOW?

1731

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cheque deposit is a contra entry?

2092

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want to know the questions and answers frequently asking in banks at the time of interview for any cadre

2023

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What elements of your job do you find most difficult?

6786

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