Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / abdulla koya
To debit means entering a transaction on the debit side of
an account and to credit means entering a transaction on
the credit side of an account.It may sound a vague
explanation of the terms, but it is confusing to assign any
other meaning to the terms.A simple rule for debiting and
crediting is:
Dedbit when there is an increase in assets or decease in
liability and
credit when there is an decease in asset or increase in
liability
Plese remember that any business transaction would result
in in any one the following situations:
1.Increase in an asset and decrease in another asset
2.Increase in a liability and decrease in another liability.
3.Increase in an asset and increase in a liability.
4.Decrease in an asset and decrease in a liability.
| Is This Answer Correct ? | 1 Yes | 1 No |
Post New Answer View All Answers
Imagine you have to solve problems for multiple clients at the same time. How do you prioritize?
HI I AM WORKING IN A INTERIOR DESIGNING COMPANY.WE ACTUALLY GET PROJECTS FROM CLIENTS & WE SUBCONTRACT THE WORK WE USUALLY SUBCONTRACTS THE SUPPLY OF LABOUR & SUPPLY OF MATEIALS TO SUBCONTRACTORS.WE DONT HAVE LABOURS OF OUR OWN & ALSO PRODUCTION OF MATERIALS.HOW CAN I TREAT THIS IN TALLY IS THERE ANY OPTION AVAILABLE IN TALLY FOR SUBCONTRACTING OR SHALL I ENTER THE NAME OF SUBCONTRACTORS AS SUNDRY CREDITORS AS WE DO USUALLY IN TALLY.PLEASE DO LET ME KNOW ABOUT THIS 0554125475 IS MY NUMBER
Do you know how many types of business transactions are there in accounting?
What are the different fields of accounting?
Purchase and sales sahres accounting entry which have stt brokerage and other taxes
Please give me a suggession to calculate the T.D.S,E.S.I,P.F, From salary which is in gross Rs. 15000/.
Which kind of transactions are not recorded in the books of account?
What is quality discount?????//// pls mail ur answers at my e - mail ID : kamalsodhi24@gmail.com
What is fair value accounting definition?
Tell me what is project implementation?
What is book profit? How it was calculated
Spinoff,Spelloff
Explain what is bad debt expense?
what is an ideal organisation
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
