Journal entries in final account

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

CA Foundation

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162

Adding purchase and closing stock

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

CA Foundation

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181

basic of accounting

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

CA Foundation

★ 180

2

147

Indirect tax

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

CA Foundation

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1

209

AS 19

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

CA Inter

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210

AS19

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

CA Inter

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195

Branch accounting

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

CMA Inter

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2

229

Bit confused

answered on 23-Jun-24 16:23

hi what is this called in image below

latest answer

No image attached

Savi Dhakad

CA Final

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1

230

I forgot again again case 2

answered on 21-Jun-24 13:32

It was very confusing case 2 mixed up 2 casess

latest answer

Difficult adjustments - you need to note down separately.

R G

CA Inter

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48

framework

answered on 21-Jun-24 09:03

30) why answer A ? what marginal cost mean ?

latest answer

It is 100

Sushmita Chowdhury

CA Inter

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9

222