Journal entries

answered on 16-Jun-22 21:46

Why? cash alc dr xxx To bank alc xxxx Can we write ? drawings alc dr xxx To cash alc xxx

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Tq

Sai G

CA Inter

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3

347

Basics

answered on 17-Jun-22 14:38

What's the difference between inventory and purchases, aren't they both almost the same?

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When you purchase goods, the actual accounting entry that should happen is INventory Dr. To Creditor When the goods are sold Cost of Goods Sold To Inventory (For simplicity sake, we directly debit purchases account and treat it as an expense - academically)

Vaibhav Gupta

CA Final

★ 18K+

6

354

Trial Balance and Journal

answered on 19-Jun-22 15:27

Sir / Madam, I request you please clarify the following (1)Provision for Bad and Doubtful debts - Asset Or Liability; Nominal or Real Account; Debit or Credit balance (2)Provision for Depreciation - Asset Or Liability; Nominal or Real account; Debit or Credit Balance (3)Opening Stock - Asset Or Expense; Nominal or Real account From the following information write the necessary journal entries (1) Amount receivable from Kumar Rs.4,00,000, written off as bad debts, nothing was realised from his estate (2) Amount receivable from Surya Rs.10,00,000, written off as bad debts, 6,00,000 was realised from his estate (3) Amount receivable from Charita Rs.20,00,000, written off as bad debts, 8,00,000 was not able to recover from his estate (4) Amount receivable from Amrutha Rs.10,00,000, Previously written off as bad debts, now realised (5) Amount receivable from Amith, Previously written off as bad debt,Rs.20,00,000, now realised Rs.14,00,000 From the following information write the necessary journal entries for the current year and next year Examples:- Current year - 2020 and Next Year - 2021 (1) Outstanding Salaries Rs.10,000 (2) Prepaid Insurance Rs.5,000 (3) Accrued interest Rs.7,000 (4) Commission received in advance Rs.8,000

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Nice explanation same diubt

Vijay Kumar Velagapudi

CA Foundation

★ 175

6

456

Profit prior to incorporation

answered on 15-Jun-22 10:28

In case of date of certificate of incorporation and date of certificate of commencement is also given then which date should be considered for calculating time ratio?

latest answer

But in case of public company date of commencement is necessary

Hrishikesh Ransing

CA Final

★ 4K+

6

305

Amalgamation of companies

answered on 13-Jun-22 09:42

Sir, In illustration 1 the study material is having rs. 8000 as purchase consideration . But we have arrived rs. 18000 as PC in class. Which one is correct sir?

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Actual purchase consideration is 18,000. The second part assuming that entry is to be made at par value then it is 8000. It is solved in the class. Please watch the video fully.

vs navin

CA Final

★ 1K+

1

264

Item of bank balance sheet

answered on 13-Jun-22 09:44

what are the undisclosed reserve? Just one example or why bank maintain it?

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Bank keeps aside some reserve without specifying the purpose to public. It could be any reserve.

Hrishikesh Ransing

CA Final

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1

256

Chapter 1

answered on 11-Jun-22 19:01

Meaning of point d last 3 lines

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Tnx bro

Sugam SM

CA Foundation

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3

301

.

answered on 18-Jul-22 14:28

Difference between money measurement concept and matching concept

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Matching concept says that revenue and expense relating to a financial year should be matched with the same year and should not be carried forward to subsequent years.Money measurement concept says that all the transactions should be denoted in terms of money and not in other terms

Be The Change

CA Inter

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5

321

Ca foundation

answered on 13-Jun-22 09:45

Why is freight on credit purchases credited to creditor's account?

latest answer

You can credit it to freight payable as well.

Monisha KM

CA Inter

★ 825

10

311

What will be the ratio of dividing COGS?

answered on 11-Jun-22 12:56

What will be the ratio of dividing COGS? Since Sales has increased do we need to take COGS in proportion of Sales.

latest answer

firstly, find out the sales ratio and then to calculate total income: - you can divide the sales and COGS separately in sales ratio, or - calculate (sales - COGS) you'll get gross profit i.e. (sales-COGS=GP) and then divide GP in sales ratio both the options give the same answer.

Hrishikesh Ransing

CA Final

★ 4K+

4

327