Answer Posted / Kalpana Gangwar
Yes, offset accounting is a technique used to record transactions that have both debits and credits in the same account or in related accounts. It allows for the net effect of a transaction to be recorded rather than the individual amounts.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
WHICH QUESTIONS ASKED IN EPFO IN 2009.
Tell me an example of a tough decision that you had to make?
Why did you choose the a-levels you did?
hi, this is shanthi kumar(M.Com). i would like to attend interview in genpact company.please send finance interview questions and interview details. thank u very much
Explain a time when you have not met your goal?
what are your current financial and accounting projects? What is your role?
describe any accounting process that you have developed or revised
formula of reduction in tax credit of vat form 201(gujarat)
Can you send me advertisement format for lost of E-1 form. kindly do the needful urgently. Thanks AP
Do you have any professional experience in this field?
can any one send me tally professional version link
Have you ever made mis reports and what are they?
what is the new rate of c.s.t in uttraklhand
The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
