Neha

• Oct 1st, 2017

Departmental accounts is maintain by different department of an organization. For known about there profitability, growth, degree of risk, etc.

A business is generally split up into a number of departments when it sells different types of goods and services under a same roof.

Aaron peter chilot

• Jun 13th, 2017

Department account: It is an organisation that may be operative into separate department. Therefore the trading result of each department must be ascertained.

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Why depreciation is not charged on land?

nabasmita bordoloi

• 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.

Dasrath

• Aug 11th, 2013

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

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Suppose I purchased a bike, I paid down payment of Rs 25000/- and the balance in EMI of Rs 2200/- per month. Pass the necessary Journal entry.

Sk Jafirul Islam

• Mar 31st, 2021

1)Vehicle A/c Dr. 25000
To ABC Ltd. 25000
2) ABC Ltd. Ac Dr. 25000
To Vehicle Loan
3) Vehicle Loan Ac Dr.
To Bank

DEEPAK

• Jan 25th, 2020

1) Down payment entry Vendor A/ Dr 25,000 To Bank A/c 25,000 2)Due entry(Invoice Posting) Bike A/c Dr 50,000 To Vendor A/c 50,000 3)Vendor Payment Vendor A/c Dr 25,000 To ...

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mcgozon  

 Profile Answers by mcgozon Questions by mcgozon

• Member Since Mar-2009 | Mar 26th, 2009

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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 ______.
             

Jaleel

• Oct 25th, 2017

When set off
Vat output a/c Dr
Input vat a/c Cr
Vat payable. Cr
When payment made
Vat payable a/c Dr
Bank/Cash. Cr

durgesh

• Aug 22nd, 2016

I need more help about VAT adjustment and entry whole year, How to adjust carry forward entry and and what should I do when there is a mis-match?

Improve Answer

favas pakkada

• Jul 8th, 2017

A bank reconciliation statement is a summary of banking and business activity that reconciles an entitys bank account with its financial records. The statement outlines the deposits, withdrawals, and other activity impacting a bank account for a specific period

rajesh

• Jun 28th, 2017

It is a statement which shows difference between passbook and cashbook

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Kashmira

• Nov 7th, 2017

Why are Fictitious assets written on liabilities side?

Tilak Sapkota

• Mar 3rd, 2016

It is an imaginary assets i.e.,it can neither be seen nor we can touch. Lets take an example-a company after its incorporation may make an huge expenditure for an advertisement. If the company debited...

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VINOD KUMAR

• Jul 9th, 2012

Contingent liabilities are subjected to occurrence or not of a future event. Means a liability may be arise in future or not , it all depends on a future event. So these are not actual liabilities and shown as a foot note after balance sheet .

mahesh,dilip

• Jun 22nd, 2012

Contingent liability refers to liabilities which may or may not occur in the future. eg:court case

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

Khushi

• Dec 11th, 2018

How to calculate outstanding salary when it is for only 1 month

naman bagga

• Dec 7th, 2017

O/s expense is an expense which is still to be paid like unpaid rent, unpaid salary and many more. It is a type of liability actually. It is a expense in which we have used the service or taken the service but the amount is not paid or given.

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SALIMALI

• Apr 12th, 2018

When Create Provision

Expenses A/C Dr
To Provision for Expenses Cr

When We book the Invoice for the Expenses
Provision for Expenses A/c Dr
To Accounts Payable A/C Cr
When we make the payment
Accounts Payable A/c Dr
To Cash/Bank/PDC Payables

Ceaser

• Feb 25th, 2018

Provision is a liability account and not an expense account

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Awesh Darekhan

• Sep 13th, 2017

Accounts is the process of recording business transaction (journal,ledger,trail balance,trading a/c,P/L A/C)

Finance is an art and science of managing money

Akshay Raut

• Dec 18th, 2016

Accounting: Is the art of writing the day to?day transaction in books of accounts.

Finance: How to raise money & funds for company

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Laxmidhar khilar

• May 11th, 2018

How to prepare MIs report for farmers producer organisation

Jagannadh

• Nov 21st, 2017

MIS Report is not only for Financial Report it can be used to generate the reports for Production, Costing, Sales and Finance Departments. It is very useful to the Organisation for calculate the Prod...

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Aman pal (Amit bhagel S.P)

• Sep 15th, 2016

PERSONAL A/C
-DR.is the receiver
-CR. is the giver.

NOMINAL A/C:
-All expense & losses are DR.
-All income, profit & gain are CR.

REAL A/C:
-DR. whats come in.
-CR. whats goes out .

manish kumar

• Apr 28th, 2016

Personal A/C - debit the receiver
Credit the giver
Real A/C - debit whats comes in
Credit whats goes out
Nominal A/C - debit all expenses &losses
Credit all income & gains

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