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What is bank reconcillation statement ?

Asked By: vijay kumar | Asked On: Aug 16th, 2006

Answered by: MUNIKRISHNAPPA K on: Oct 30th, 2014

BRS is a statement prepared by the company. The main purpose of preparing BRS to know the exact fund or bank balance as on the date.

Answered by: Karthik on: Apr 8th, 2014

It is a justification statement prepared by an accountant to justify the differences between bank balance and cash t accounts of the firm

What is the closing entry in 31st march provision for t.D.S,epf,esi against the salary?

Asked By: Sajith | Asked On: Jul 6th, 2007

Answered by: MUNIKRISHNAPPA K on: Oct 30th, 2014

TDS A/C DR
EPF A/C DR
ESI A/C DR

Outstanding liability CR

Answered by: parvez on: Oct 16th, 2014

Tds provising entry

What is the journal entry for cancelling a cheque?

Asked By: prashanthi2288 | Asked On: Jul 21st, 2009

Answered by: MUNIKRISHNAPPA K on: Oct 30th, 2014

For issuing a Cheque : Party A/c Dr Bank A/c Cr
For Cancelling : Party A/c Cr Bank A/c Dr

Answered by: sunil kumar on: Sep 28th, 2014

For issuing a check : party dr...to bank.
for cancellation bank to party.

What is the difference between personal account real account and nominal account ?

Asked By: ferozbm | Asked On: Mar 8th, 2006

Answered by: NOHA on: Oct 21st, 2014

Nominal Accounts A nominal account is an account that is used during an accounting period to summarize the cash coming into the company and being paid out of the company for that time period. Nominal ...

Answered by: Akshata R m on: Sep 22nd, 2014

Real a/c is type of accounting . it is real account which is including assets of business in permanently ,that reason debit what comes and credit what goes out .it is rule of real a/c
example - machinery a/c ,furniture a/c ,

Difference between accounts and finance

Asked By: Gorakh.sharma | Asked On: Dec 28th, 2006

Answered by: G NAREESH on: Oct 15th, 2014

Accounts is the process of recording business transaction (journal,ledger,trail balance,trading a/c,P/L A/C)
Finance means managing the money(managerial activity). How to get funds Debt & Equity and to take decisions

Answered by: falak zeb on: Jul 8th, 2014

Accounts means the record of transaction for stakeholder and decision making as well on the other hand finance means funding firm different source as equity or debt

Pre-condition for Sundry transactions

Asked By: cherco | Asked On: Apr 22nd, 2010

What would be the post condition for Sundry transaction when it comes to creditors?

Answered by: zubair on: Oct 13th, 2014

Merit and demerit depreciation

Answered by: Amrit Maharjan on: Jun 6th, 2012

It will be recorded in credit side

What is meant by finalization of accounts?

Asked By: S.GOVARDHANAM | Asked On: Feb 1st, 2010

Answered by: sohail on: Oct 11th, 2014

Somebody explain me process of A/C finalization

Answered by: samsher on: Feb 24th, 2012

After trading account a final account is prepared and the transformation of the accounts from trading to profit & loss account it is called finalizing of accounts.

How to make a VAT entry in books including setoff?

Asked By: sandeepkelkar | Asked On: Feb 9th, 2009

Star Read Best Answer

Editorial / Best Answer

Answered by: mcgozon

View all answers by mcgozon

Member Since Mar-2009 | Answered On : Mar 26th, 2009

1.  Purchases
        Accounts Payable                  xxx
        VAT Input                              xxx
            Cash in Bank                               xxx
                Purchases recorded for the month.

2.  Sales
         Accounts Receivable              xxx
             Sales                                             xxx
             VAT Output                                    xxx
                 Sales recorded for the month.

3.  Set Off
         VAT Output                            xxx
             VAT Input                                        xxx
             VAT Debit & Credit Account             xxx
                Transfer of Surplus to VAT Debit & Credit Account.

4.  Payment
          VAT Debit & Credit Account     xxx
             Cash in Bank                                  xxx
                  Payment of VAT reported for the month of ______.
             

Answered by: Gopikishan Pathak on: Sep 23rd, 2014

1)Purchase
Purchase A/c Dr 50000
VAT input A/c Dr 2000
To Vendor A/c Cr 52000
2)Sales
Customer A/c Dr 60000
To Sale 57600
To VAT Output 2400
3)VAT Set off:
VAT Output A/c Dr 2400
To VAT Input 2000
To VAT payable 400

% of VAT is 4 here

Answered by: praveen on: Aug 10th, 2014

Check

What is the difference between perpetual & periodic inventory system?

Asked By: johnmathew986 | Asked On: Feb 22nd, 2006

Answered by: Mahmood on: Sep 11th, 2014

Perpetual is used for daily record or record as up to date of a good sold.. And Periodic is used for a long or a period ended record, periodic is used for a period of 1 month , 6 months or a year.. I hope u understood the difference between both.. Mahmood Latif..

Answered by: Sikander Riaz on: Jul 6th, 2012

In periodic costing we come to know about the cost incurred at the end of the time period, whereas in perpetual cost we know about the cost incurred at each and every moment. Perpetual inventory system uses LIFO,FIFo and average cost method

What are MIS reports and how do you prepare it?

Asked By: Syed Imaduddin | Asked On: Dec 6th, 2006

Answered by: Ravi kumar pandey on: Sep 13th, 2014

MIS is management information system .

Answered by: Ashwan. mohammed on: Sep 11th, 2014

MIS provides information that organizations require to manage themselves efficiently and effectively. MIS are typically computer systems are used for managing.

What is the provision? What is the entry for provision?

Asked By: vijay | Asked On: Jun 7th, 2007

Answered by: Anand on: Aug 25th, 2014

Expenses A/C Dr

To Provision A/C

Answered by: Leonard on: Jun 20th, 2014

Provision is a present obligation whether legal or constructive from the past event that is probable for an outflow of future economic events and it is reliably measurable.

Master data goverance

Asked By: sshadle | Asked On: Jul 22nd, 2014

What is the difference between master data goverance and master data management?

Answered by: Arvind on: Aug 8th, 2014

Management is an age-old term that is synonymous with ADD/MOD/DEL of Master Data (master data is those bits of info which dont change or change very rarely, for ex Customer details like Name, Address,...

Cash management service

Asked By: Hermann Robert Asha | Asked On: Jul 31st, 2014

What is the difference between payments-liquidation(disbursements) & dividend warrants liquidation? Both of these products comes under cash management services

Mro center (aviation) accounting

Asked By: hamed.m | Asked On: Jul 11th, 2014

Hi, I need information about financial and cost accounting in mro center (aviation) .

Answered by: Shrutika Rastogi on: Jul 18th, 2014

Financial accounting deals with arrangement of funds whereas cost accounting deals with management of cost and cost centers,cost control.

Liabilities are on lEFT side and assets on right side in balance sheet

Asked By: dinesh_rakwal | Asked On: Nov 14th, 2007

Why always liabilities are on lEFT side and assets on right side in balance sheet?

Answered by: Ankit Jain on: Jul 9th, 2014

Liabilities side of balance sheet deals with how the funds are raised whereas the assets side of balance sheet deals with how the funds are invested. Firstly the funds are raised (by incurring liabili...

Answered by: steadyshot23 on: Mar 18th, 2010

The accounting equation is Assets= Liabilities + Stockholders EquityAs you can see the assets  are on the left and Liabilities are on the right. On the Balance sheet Assets are reported first and Liablities and Stockholders Equity after.

What is difference between cash and fund?

Asked By: anitha | Asked On: Jul 18th, 2007

Answered by: Mou on: Jun 22nd, 2014

Cash is an asset but fund is liability (Like shareholders fund or Creditors Fund etc.). Fund is greater concept which may or may not be in liquid form where as cash is a liquid asset.

Answered by: sunandpanda on: Sep 24th, 2007

A financial institution that sells shares to individuals and invests in securities issued by other companies is called fund & we can also define this as reserve of money set aside for some purpose is ...

What account is salary outstanding

Asked By: Sajith | Asked On: Jul 5th, 2007

What account is salary outstanding? Is it real, personnel or nominal account?

Answered by: Shummy Antony on: Jun 2nd, 2014

Anith,
The rule of Nominal Account is "Debit all Expenses and Losses, and Credit all Income and Gain"

Answered by: Raj Kumar (R.S) on: Mar 24th, 2014

Salary a/c Dr.
To Outstanding salary a/c

Reconciliation

Asked By: mukesh55551 | Asked On: Jan 31st, 2013

Number of reconciliation

Answered by: priya on: May 13th, 2014

My opinion is reconciliation is a differences between the bank passbook and customers cash book

Answered by: Hemanta Behera on: Mar 19th, 2014

Reconciliation is the part to tally every transaction.

Documentation on templates of aSAP methodologies

Asked By: Gidi1206 | Asked On: Apr 14th, 2014

Blueprint template for fi/co (financial accounting & controlling, a/p (accounts payable) & a/r (accounts receivable)? documentation on templates of aSAP methodologies?

Differentiate between standard remittance and bills receivable remittance?

Asked By: shellywade | Asked On: Oct 13th, 2012

Answered by: Hemant on: Mar 19th, 2014

Standard remittance is the part credit sales against any other documents.Bill receivable remittance is the part of credit through Bank.

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