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Answer Posted / yashita tripathy
*accounting entity - wherein the business considered as "a
separate and distinct entity apart from the owner"
* going concern assumption - the business is assumed to have
a continuous life of existence.
*time period assumption -since the business is assumed to
have a continuous life of existence, the life of the
business is divided into equal periods wherein at the end of
each period, the accountant prepares a financial statements.
the accounting periods can be monthly basis, quarterly
basis, semi-annual basis and yearly or annual basis (you can
use calendar year, fiscal year or natural business year).
*unit of measure - use of the country's standard monetary
unit (like dollars in U.S.A, Yen in Japan). This is to
assure that the "unit of measure| has a stable value (which
means, the purchasing power is constant regardless of
inflationrates or fluctuations in the money value.
* Accrual basis - assumes that the recording of income and
expenses follow the accrual basis of accounting. That is :
income is recognized when earned regardless of when it is
received and expenses is recognized when incurred regardless
of when it is paid.
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We did promotion activity for X co that co is our client ( S Dr) which we sold tickets through our vendor through out north india ... But those vendors adjusted cash with thir bill and remaining balance we received ,, Ticket amount we paid from our co Bank A/c to our client (S Dr) .the amount is too huge so how can i sort out this in books of acconts ..............
plz send me a solved paper on SBI of clerk post
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Prepare a trial balance from the following :- Particulars Amount Particulars Amount Rs. Rs. Purchases 8225 Premium on lease 1200 Wages 1025 Loan on mortgage 2500 Sales 12450 Plant & machinery 2000 Arun's capital 13500 Provisn for doubtful debts 300 Stock on 1/1/98 1500 Sundry debtors 16550 Salary 410 Trade charges 200 Rent & taxes 162 Bad debts 200 Sundry creditors 2572
in what form is crr kept in RBI?
We have two mandatory qualifiers nature of accounts and balancing segment, which will balance the debit and credit and recognize the nature of accounts, my question is what other qualifiers do. Like management. Thank you.
outstanding expenses are the expenses that "unpaid"at the end of the accounting period e.g.salaries rent so they all come to under nominal accounts which is debt all expenses and losses and credit all gains since they are unpaid hence they must be credited
