Interested to Buy Any Domain ? << Click Here >> for more details...
why we transfer wages and salary in trading a/c,and why we
transfer salary and wages in p/l a/c?
- 2 Answers
- 17855 Views
- I also Faced
- E-Mail Answers
Answer Posted / ameet narayankhedkar
Balance in Trading a/c:
The "Trading a/c" is a nominal account. It is closed at the
end of the accounting period by transferring its balance
(Gross profit/loss) to the "Profit and Loss a/c".
Thus the trading account can be placed on par with any other
nominal account.
Balance in Profit and Loss a/c:
The Profit and Loss a/c is a nominal account. It is closed
at the end of the accounting period by transferring its
balance to either the Capital a/c or the Profit and Loss
Appropriation a/c (or Retained Earnings a/c).
The "Trading a/c" and "Profit and Loss a/c" relating to a
particular accounting period are independent of similar
accounts relating to any other accounting period.
| Is This Answer Correct ? | 5 Yes | 15 No |
Post New Answer View All Answers
how we can calculate sundry debtors and crditors a/c?show some examples
what is account reconcillation
In tally when accounts with inventory ,when working in units of measurement under this after creating unit ,if we want to change the unit due to some mistake why does the cursor does not stop in the decimal field? And why the used units do not get deleted in the alter section?
we are a trading company providing devices and some times after sales service. when any defect came we just replace the hardware from another defective device and getting the payment from the customer. how can we account that? is there any tax implications for this?
Do you know what qualities and skills make an account manager successful?
hi i want to run vendor debit memo after he paid all amount i want to give discount through miro i am giving the price and quantity and run in through miro the system will pass another two more line iteams extra and shwoing dr/cr balance +/- when i will increase the amount this is also increasing what is the reason i dont know please send me immediately
Fundamental accounting assumptions are (a) Materiality. (b) Business entity. (c) Going concern. (d) Dual aspect
what are doucement required under registration of properity firm. give the answer breif
How can i learn shortly Tally from computer coz, i want to take a company Balance Sheet
What is the difference between Accruals and Provisions?
what is the meaning of banking
i am trying to set up a recurring reversing journal in Oracle GL, my problem is i have income balance of £30k that i only want to show 1/12th in a period over 12 months. can any one help me set it up . i want to show P01-13 opening balance £30k less £27500 P02-13 reverse P01-13 journal P02-13 opening balance £30k less £25000 etc. or does anyone know of another way it can be done automatically every month.
Tell me what is public accounting?
how to record the full and final settlement of employee (salary payable,other payable,,....) when he leaves the company ? or how to pass the entry for that ?
bookkeeping, and accountancy,purchase procedure , Educational institutions ;, secretarial practices, Administratire and Academic rules and regulations in Government offices, Academic institutional , computer skils. etc
