*
Updates
Centralised Accounting System
Centralised accounting system is that system in which all records are kept in one place. This place may be physical or digital. Its small form is CAS. It controls all departments and branches budgets, accounts receivables, account payable, expenditures, incomes and other transactions' records.
Labels:
Accounting,
financial accounting
How to Pass Vat Adjustment Entry in Tally
>> May 20, 2013
Yesterday, one of my follower (who is experienced accountant) came in my office for solving his accounting problem. He was taken one week ago appointment on my telephone. So, he told following problem.
Labels:
Accounting,
Accounting Software,
tally,
tax
When do You Adjust the Amount of Outstanding Expenses?
>> May 16, 2013
We know that outstanding expenses are those expenses whose services, we have taken but we did not pay the cost of service. It is possible, there are lots of times when we do not pay on the time.
Labels:
expenses,
financial accounting
Why will Some Liabilities Accounts have a Debit Balance?
>> May 15, 2013
Normally all liabilities account have a credit balance, because we have to pay the liabilities to the outside of company. But it is possible some liabilities account have a debit balance. I can explain, when this situation will happen?
How to Configure Ratios
>> May 14, 2013
Configure's dictionary meaning is to give shape or try to best for calculating optimized answer according to our requirement. Configure the ratios means to calculate the ratios on your calculator and try to change the figure and check whether answer is more close of our requirement. For example, we need our current ratio 3 :1, so we will change some current assets or change some current liabilities and then check the answer.
Estimation for Working Capital
>> May 12, 2013
From the following information prepare an estimate of working capital required to finance level of activity of 312000 units p.a.. (52 weeks) and how will you finance the working capital
Particulars Per Units (Rs.)
Raw Material 90
wages 40
Overheads
Manufacturing 30
Administrative 40
Selling 10
------------
210
profit 40
---------
Selling Price 250
-----------
Other Information:
1. Raw Material are held in stock for a period of 4 weeks.
2. Materials remain in process for 2 weeks requiring 50% wages and 40% overheads.
3. Finished goods remain in stock for period of 4 weeks
4. Credit allowed to customers is 8 weeks but 20% of the invoice price is collected immediately.
5. Time lag in payment of wages is 1.5 weeks and in overheads is 4 weeks.
6. Credit available from suppliers is 4 weeks but 20% of creditors are pain 4 weeks in advance. 7. Bank balance is to be maintained at Rs. 60000.
Abhijit from India
Labels:
Accounting,
solution
Consolidated Per Shares, Stocks
Sam Corporation has 100,000 outstanding shares of $10 par common stock and 5,000 outstanding shares of $100 par, cumulative 10% preferred stock. Sam's net income for the year is $300,000, and its stockholders' equity at year end is as follows:
Total Stockholders' Equity
$5000 10% cumulative preferred stock, $100 par
100,000 Common stock, $10 par
$ 600,000 Additional paid-in capital.
$ 400,000 Retained earnings
Par Corporation owns 60 % of the outstanding common stock of Sam, acquired at a fair value equal to book value several years ago. Compute Par's investment income for the year and the balance of its. Investment in Sam account at the end of the year.
Suganya from India
Dear Suganya, Answer is very simple, you just multiply 60% with $ 10,00,000 and it will be $ 6,00,000
Labels:
Accounting,
solution
Reimbursement Entry
Sir
Generally we used to pay various taxes on behalf of our client through online and after that collect the cheque of that same amount so in this regard please advise the best journal entry for these type of payment in tally Erp 9.
Ex Suppose we paid Rs. 100 of Mr. Ram as Income Tax Payment and subsequently takes a cheque of Rs. 100 from Mr. Ram so what type of entry has to passed in Tally. Please guide
Himanshu from India
Labels:
education,
journal entries,
solution
Subscribe to:
Posts (Atom)
Learn Step by Step through Our Educational Video-Guides...
