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Accounting Answers - Part 1

Question - 1. What are the effects of creating provision for doubtful debts on the balance sheet ?


Answer # Balance sheet is the list of capital nature items. Means one side, we show assets and other side, we show liabilities and its total will always be equal. If any concern creates provision for doubtful debts, it will decrease the total amount of debtors. If we do n't deduct it from debtors, it will increase our current liabilities. Any way, we can show it in balance sheet but its aim is to bring correct value of working capital. Creating of provision for doubtful debts also affects balance sheet indirectly via profit and loss account. Net new increase in provision or estimation of loss due to not receiving money will show in profit and loss account as loss. Profit will reduce and same will add in the liability side of balance sheet. Indirectly shareholders will also affected if company estimates more % of provision for doubtful debts than previous year.

Question - 2. How can i get my saving account balance information on my mobile phone?

Dharmraj Rathod

Answer #  Just Go to ATM and add your mobile no. in ATM machine. After this, you will receive automatically updates. If you are using mobile banking via Internet on mobile, then you will can update it but you can use your secure password one time. See update of RBI.

Question - 3. Respected sir, i like know that i am completed my m.com and persuing cfa from icfai.....sir, is their any scope for.........cfa from icfai-tripura.......replay....soon. thankyou


Answer # This is the first question which has come from Tripura state's student. Dear Sunny, to learn anything from any course never goes to waste. It may be possible that you have to struggle even after CFA or any other professional course. I think, we should not measure learning in the form of how much will we earn after particular degree or course. But we should compare whether our skills has been increased after particular degree or course. If not, it means it is waste of our time. So, think this way! My best wishes are always with you!

Question.- 4 I long to know about the basics of TDS. What is TDS? Who is eligible to submit TDS? What are the next steps?


Answer :  Basics of TDS : Actually, it was the scheme to rob Indians by English Govt. When India was slave of UK, at that time, English Govt. was introduced Income tax act 1860 for getting 50% to 70% tax on income of Indians and for carrying it UK. When good Indian businessmen resisted this robbery, English Govt. started to collect the tax from  the source of earning. So, they introduced new section in Income tax act 1860 and its name was Tax deducted at source. Means with this section, employer and other persons who were responsible to pay money, will pay tax of their employee and creditors.  Same law and its provision TDS  is still in India with the new name Indian Income Tax Act 1961. Same way, robbery is continue under law and they teach young commerce students how to rob with English Govt. style. Section 192 to 206C are made for this purpose. As a teacher, I teach you that you should understand this law only to change it not to follow it. It is my own desire that Govt. of India must close this English law. For working, Government should do work like non profit organisation and should  take  only donation. If Indian Govt. will do best, I am ready to pay Rs. 1 in donation form.

Meaning of TDS : Tax deducted at source. Some earning like salary, dividend, interest on securities and some other incomes are under these TDS provisions.

Eligible to submit TDS : The person who is responsible to pay money to other.

Question - 5. hello sir,
as a M.C.A graduate, i searched for a job, now i worked as a s/w developer in a small concern,now i got selected as TDL developer, just started learning tally of my own, any way i am getting something from tally, but how can i get thorough knowledge in accounts, in tally,
suggestions plz.....

thamarai selvan  

Answer # Tally is accounting software which is made by Indian Tally solution company and very popular in India. It is good you have interest to learn this nice software. If you want to learning tally software, you have to learn accounting more deeply. Tally software has been made by 50 Chartered Accountant's team. So, there are many advance tool in it for making you career in professional accountant.

Question - 6 How to clear net exam????????? is it true that few people cn clear the net exam of computer science???????? wht are my chances of clearing the exam???????


Answer : # Before answering your question, I want to ask, why do you want to clear net exam? If you want to real teacher, you need not to clear UGC NET. If you want to become guest of Govt. of India in the form of govt. lecturer, then I am tellling  you the way of this. Get post graduation degree with 55%, second give UGC NET exam. which is conducted by UGC in every six month. Yes, because govt. wants to make guest to very few people. Your chance can be calculated with probability rule. There are many factors affects it like number of vacant seats in colleges, number of colleges, your qualifying marks under UGC rules. Learn also Real Education Part 1 and Real Education Part 2 for becoming real teacher instead of becoming guest of Govt. by clearing UGC NET.


: 1
  1. If I purchase some raw material where I'll do its entry
    In purchase a/c. or In direct expenses a/c?

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Accounting Education: Accounting Answers - Part 1
Accounting Answers - Part 1
Accounting Education
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