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Final account

Accountancy

answered on 12-Jul-24 11:38

I want to know treatment of bad debts, discount on debtors and discount on creditors

latest answer

For calculation of debtors, Reduce landlord amount and goods sent on approval. From that amount reduce the bad debts ANd then calculate provision for bad debts.

Sathya S

Sathya S

CA Foundation

100

1

79

Discount received

Accountancy

answered on 12-Jul-24 11:51

Why discount received is debited with p/l account

latest answer

for debtors, we give discount which is an expense.

Sathya S

Sathya S

CA Foundation

100

1

69

Journal entries in final account

Accountancy

answered on 27-Jun-24 17:22

In final account journal entries sales, return outward,are debited and why trading account is credited

latest answer

Initially when sales or return outward takes place. The journal entries will be cash/ debtor account debit TO sales/ return outward account. Now while finalizing the Books of accounts all the nominal accounts should be closed and transferred to trading and p&l. Hence sale/ return outward which normally hold a credit balance is closed by debiting the sales/ return outward account and crediting the p&l account

Sathya S

Sathya S

CA Foundation

100

1

73

Adding purchase and closing stock

Accountancy

answered on 27-Jun-24 18:51

Why closing stock is added to purchase when closing stock exist in trial balance

latest answer

When closing stock is existed in the trail balance, it means that from the total purchases of the accounting period the unsold stock has been deducted and shown as asset . If there want to get total purchases there have to add back closing stock whcih deducted earlier.

Sathya S

Sathya S

CA Foundation

100

2

55

basic of accounting

Accountancy

answered on 27-Jun-24 21:28

difference between the purchase returns and sale returns

latest answer

Purchase returns is an expense going down so it's a credit. Sales return is an income going down so it's debit.

Akshara Agrawal

Akshara Agrawal

CA Foundation

0

2

67

Indirect tax

Accountancy

answered on 26-Jun-24 11:47

Why is it that the dealer cannot charge CST against CST if he does not charge ED?

latest answer

Different states were involved. So set off was not allowed.

Devika Venu

Devika Venu

CA Foundation

0

1

67

AS 19

Accountancy

answered on 25-Jun-24 15:21

why are we taking 22000 as residual value instead of 15000 for computation?

latest answer

Here the value is to be found for lessee's book. therefore GRV is taken from the standpoint of lesser.

Niveta Rajkumar

Niveta Rajkumar

CA Inter

460

2

96

AS19

Accountancy

answered on 25-Jun-24 10:57

In what situations should we calculate IRR under leases AS19

latest answer

If not given in question?

Niveta Rajkumar

Niveta Rajkumar

CA Inter

460

1

65

Branch accounting

Accountancy

answered on 26-Jun-24 11:48

MS/C and Sons has a branch at Kolkata where it sends goods at cost plus 50%. From the following particulars regarding the branch, prepare branch stock account, branch adjustment account, branch debtor account and branch profit and loss account as would appear in the books of C ltd.'s head office.[ Fig. in ₹] Stock at cost(1.4.21) : 40000 Debtors(1.4.21) : 36000 Cash(1.4.21) : 10000 Goods sent to branch (at IP) : 198000 Sales: Cash: 54000, Credit: 158000 Normal loss at cost : 4000 Sales returned to branch : 6000 Bad debts : 400 Cash remitted to H.O : 160000 Expenses paid by H.O : 10000 Cash(31.3.22) : 12000 Stock at IP(31.3.22) : 54000 Debtors(31.3.22) : 60000

latest answer

what is your doubt here?

Arti Sharma

Arti Sharma

CMA Inter

0

2

88

Bit confused

Accountancy

answered on 23-Jun-24 16:23

hi what is this called in image below

latest answer

No image attached

Savi Dhakad

Savi Dhakad

CA Final

0

1

87

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