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What is bank reconcillation statement ?

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

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

Answered by: Joseph Dayondon on: Sep 26th, 2011

BRS is a statement prepared by the company matching the bank ending balance as stated per bank statement to the companies ending book balance. Normally, BRS is prepared monthly after the bank has sen...

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

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

Answered by: Harshal on: Mar 28th, 2014

Real A/c - Debit all exp and loss, Credit all income and gains.

Answered by: GAUTHEM on: Jan 28th, 2014

Personal accounts is related with persons, banks, office etc. debit the receiver and credit the giver. Real account means if any comes in company it is debited, and out going transaction is credited...

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

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

Answered by: pushpa c bonal on: Jun 7th, 2012

Outstanding salary is representative personal account but salary is a nominal account since it represent expenditure. This is point wort noting since lot of confusion exists among various people in th...

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.

Reconciliation

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

Number of reconciliation

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

Reconciliation is the part to tally every transaction.

Answered by: madhu on: Feb 26th, 2014

Reconciliation simply means comparison and matching of two books in order to check the accuracy and making necessary changes. bank reconciliations refers to comparison and matching of data or transac...

Trading applications

Asked By: jiya.rai | Asked On: Oct 8th, 2013

Can anybody give me example regarding trading applications i.E. What are the sample test plan/test cases for trading applications???

Answered by: Hemant on: Mar 19th, 2014

Trading application is the part of trading business.the business which transaction made none productable business.

Depreciation

Asked By: nictian | Asked On: Aug 24th, 2008

Why depreciation is not charged on land?

Answered by: nabasmita bordoloi on: Feb 28th, 2014

depreciation refers decrease the value of tangible fixed assets due to wear and tears, technology obsolesces , passes of time etc. but land is a tangible asset which value never decreases. land value is always appreciated.

Answered by: Dasrath on: Aug 10th, 2013

Depreciation in known as gradual decline in the usable value of the asset due to various factors i.e technological changes etc.

What is the fictitious assets?

Asked By: ravin | Asked On: Jun 15th, 2006

Answered by: Narasimhaprasad K on: Feb 24th, 2014

Fictitious Asset mean is an asset which can added as advantage for instance a preliminary expenses for registration of asset and copy right and trade mark expenses is called fictitious Asset...

Answered by: chelu on: Feb 21st, 2014

fictitious assets are called intangible asset, the assets which is not having physical presence and which cannot touch it, only we can feel and realize. Ex: Goodwill, copy rites and patents etc.,

What is difference between retail invoice and cash receipt? Can retail invoice be considered as cash receipt?

Asked By: Suresh Shah | Asked On: Jan 3rd, 2013

Answered by: Narasimhaprasad K on: Feb 24th, 2014

Retail invoice is for detailed product or services details as price per Quantity, rate, and Tax on product and Unit of measure...etc.,

Answered by: seema on: Feb 24th, 2014

Retail invoice is issued against cash or unregistered dealer & it can be considered as cash receipt if retail invoice is to be issued against "CASH".

Account for letter of credit in the books

Asked By: Hitesh Khandhadia | Asked On: Aug 2nd, 2007

How to account for letter of credit in the books of accounts of the company ?

Answered by: a. kalyanaraman a. kalyanaraman on: Jan 24th, 2014

difference between inland lc and foreign lc in accounting journals

Answered by: From: PIPFA on: Aug 17th, 2013

LC for Imports !! You will have to pay LC Margin to Bank . At that time you will have pass this entry ! LC margin with the Bank - ( Advances) - Debit - XXX Bank - Credit - XXX When LC is realized !...

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: lakhan lal on: Dec 24th, 2013

vat entry full

Answered by: ramana on: Dec 8th, 2012

1)purchese a/c dr,input vat a/c dr, ramana a/c cr
2) RAJU A/C DR ,SALES A/C CR,OUTPUT VAT CR ,

What is dividend wareents?

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

Answered by: shubham singh on: Nov 24th, 2013

yes u have to follow some formalities u have to fill transfer form and also put a revenue stamp on this form

Answered by: rama krishna on: Jul 16th, 2007

Generally dividends are paid from out of profits derived by the company to the investors. A dividend warrant is an instrument sent by the company with the amount to be received by the investor.

Finance

Asked By: kar yee | Asked On: Mar 3rd, 2013

Power bhd is considering raising new finance by a right issues of 2million new ordinary shares of rm0.50 each at rm1.60. Currently the share price is rm1.80 and the issued ordinary share capital is rm8million. Shareholders are entitled to 2 new shares for every 8 shares held. (a) how much will be...

Answered by: amit singh on: Oct 16th, 2013

Finance means it is the provision of money at the time when it is required for the business. its inflow and outflow of the business. without money their is money.

Provisions and reserves

Asked By: Muralidharan J | Asked On: Jul 25th, 2007

What is the difference between a provisions and reserves?

Answered by: Mir Raashid on: Jun 5th, 2013

Provisions: provisions are made for meeting known liabilities..e.g.,provision for doubtful debts ,provision for depreciation e.t.c..
1. It is charged against profits .
2. provisions are compulsory ,whether there are profits or loss.
3. it cannot be used for distributing dividends.

Answered by: rajesh.GOPI on: Dec 25th, 2007

PROVISIONS: These are made aganist charge. Provision are made if there is profit or not for company.ex: Bad debts, income tax.

RESERVES These are made on profits. Generally every has kept minium 10% as reserves.

Difference between accounts and finance

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

Answered by: Reza Mahmud Mithu on: Apr 29th, 2013

Accounts means information system but Finance means play with money

Answered by: lakshmi on: Apr 15th, 2013

accounting:Is an art of recording classifying and summarizing the business activities.

Finance" finance is nothing but cash.every business should maintain only cash.

VAT procedure

Asked By: VAD016 | Asked On: Sep 15th, 2012

Procedure of VAT and its return filing with full details?

Answered by: Dharmesh on: Mar 24th, 2013

Prepare 201 This is a summery of all purchase and all sales All purchase including folloiwng Taxable purchase on which In put tax credit is receivalbe Taxable purchase on which In put tax credit is n...

Cheque

Asked By: bhanuprasadgollapudi | Asked On: Dec 9th, 2012

What is account payee cheque? Expand CTC cheque?

Answered by: gsrinivas on: Mar 4th, 2013

Account payee means, who wrote cheque to whom, That person must and should have bank account.

CTS : cheque transferred system.

Answered by: tracy on: Dec 12th, 2012

How do u get your information from other tax years so that you can provide the right notification to the IRS.

What is short term solvency ratio?

Asked By: divyagarg09 | Asked On: Nov 11th, 2008

Answered by: anil joshi on: Feb 2nd, 2013

Ratios used to judge the adequacy of liquid assets for meeting short-term
obligations as they come due, including
1) the current ratio,
2) the acid-test ratio,
3) the inventory turnover ratio, and
4) the accounts receivable turnover ratio.



Answered by: suji on: Feb 29th, 2012

Short-term Solvency Ratios Its a ratio to measure the firms ability to meet short-term financial obligations. With this the firm will avoid financial distress in the short-run. There are two most important Short-term Solvency Ratios
1. Current Ratio.
2. Quick Ratio.

What are MIS reports and how do you prepare it?

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

Answered by: sujthajerin on: Jan 18th, 2013

MIS Reports means management information system.which helps to analysis the monthly inflow and out flow of money, stock, staff performance.Not only monthly through MIS reporting we can compare yearly performance .

Answered by: Aarti on: Jan 3rd, 2013

Report which gives the clear picture of input and output also helps us to improvise the business. The data for this report may vary business to business.

Example:
1. For finance it could be balance sheet.
2. For HR it tells about the attrition rate, headcounts.

Introduction accounting

Asked By: girma | Asked On: Oct 22nd, 2012

How to work with a balance sheet, components needed to prepare a balance sheet

Answered by: Chandan Kumar Singha Roy on: Nov 21st, 2012

Balance Sheet is Prepared with the compliance of Accounting Equation A=L+C and Accounting Standards and Schedule Vi of companies Act 1956.

Answered by: saththar on: Nov 13th, 2012

Balance sheet is prepared by the accounting equation. ie Assets=Capital+Liabilities .

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