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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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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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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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?

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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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How to prepare finalisation accounts?

khaleel ibrahim

• Apr 24th, 2015

Finalization?accounts?means?prepare?to?final?account.first?of?all?journal entries,ledger?and?trial?balance?and?trading?and profit/loss?accounts.and?also?balance sheet.

lakshmi

• Feb 6th, 2015

Finalization ac is a statement which is considered to know financial statement of a business. for a business it is very necessary to know. it is prepared after profit and loss ac.

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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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Mohamed Gazzali

• Oct 9th, 2011

The reason why rule of nominal account is opposite with the rule of personal and real account is that Nominal Accounts CANNOT be SEEN & TOUCHED. So it has a different application in Accounting logic. ...

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vasudeo007  

 Profile Answers by vasudeo007 Questions by vasudeo007

• Member Since Jul-2008 | Aug 19th, 2008

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The word "Turnover" has many meanings.

For a trader/manufacturer/service provider it means total sales (cash+credit).

While when a bank gives loan to any person or company they see the turnover.

Here the turnover generally refers to the total credits in any given period in account holder's account.

While bank's own turnover is the total loans disbursed + outstanding recovery of earlier period - bad debts (loans written off) in this period.

Considering the disclosure norms in Accounting Standards the announcement of turnover is required. I am not sure for which industries it is mandatory and for which industries it is not. But it is nevertheless announced.

Balance sheet of any company can be easily window dressed. So to understand whether whatever profits that are shown are really from turnover or not the announcement of turnover becomes necessary.

In case if a person/investor finds out that the turnover of any company is not high but the company is saying that they have made big profits then he can probe in details as to how the company is making its money.

In case if the investor finds out that the company is selling the goods to a huge quantity but not making much profits then he can investigate the books of accounts to find out what are the causes of low profitability.

Vasudeo.

mech.sanjay

 Profile Answers by mech.sanjay Questions by mech.sanjay

• Mar 24th, 2011

An aspest-how the management efficiency is being turned around in terms of quantity being sold on technology, cost, human & time constraints.note-these constraints can be prioritized.

vasudeo007

 Profile Answers by vasudeo007 Questions by vasudeo007

• Aug 19th, 2008

The word "Turnover" has many meanings.For a trader/manufacturer/service provider it means total sales (cash+credit).While when a bank gives loan to any person or company they see the turnove...

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