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Journal entry
Accountancy
Can anyone explain this four4 transactions?
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Thread Starter
Sai G3 how drawings?
Here.. I forget to tell about this sorry... This income tax liability is Properitor's personal income tax liability. It's no way connected to business hence it's a drawings from the business for personal expenses
1. Here there'll be a two entries.. First, for taking inventories and for reduction in salary for the same in subsequent month.. In Current month employees will take the inventories and in the next month they'll be charged for such value by the way of deducting it from salaries.. 2. Here, wages paid for installation of the machine, which will be added to the cost of the machine. 3.in this case, like other expenses, income tax liability also paid by the owner out of petty cash.
Manoj Raj
1. Here there'll be a two entries.. First, for taking inventories and for reduction in salary for the same in subsequent month.. In Current month employees will take the inventories and in the next month they'll be charged for such value by the way of deducting it from salaries.. 2. Here, wages paid for installation of the machine, which will be added to the cost of the machine. 3.in this case, like other expenses, income tax liability also paid by the owner out of petty cash.
2 nd one why wages alc dr xxxx To machinery alc xxxx Is wrongâ??â?? entry?
Thread Starter
Sai G2 nd one why wages alc dr xxxx To machinery alc xxxx Is wrongâ??â?? entry?
In the second case you have to increase the cost of the machine so machine as an asset will be debited and cash will be credited
Manoj Raj
Here.. I forget to tell about this sorry... This income tax liability is Properitor's personal income tax liability. It's no way connected to business hence it's a drawings from the business for personal expenses
Why cash alc we are taking ii &iv And petty cash alc in iii
Thread Starter
Sai GWhy cash alc we are taking ii &iv And petty cash alc in iii
There is not a big difference between petty cash and cash account.. Petty cash means a certain portion of amount will be kept and managed by a cashier called petty cashier for day to day operating expenses.. But cash account is not like that.. In the 3rd question there is a specific mention about the usage of petty cash that's why we drawn out of petty cash..