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Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this?
Ans) First we require to write-off the old asset ( by reversing the asset, accumulated depreciation and depreciation for the present FY by Cr the Fixed asset Write-off and Dr Proft/Loss on sale of asset under P&L account )
briefly explain the accounting concepts which guide the accountant at the recording stage
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What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
collection of data and methodology
The basic functions of a balance sheet are: 1. It provides the financial place of a company on any given date 2. It provides the liquidity picture of the concern. 3. It p
As part of their divorce agreement , Harry transfers to Mary, his former spouse, GM stock with a market value of 30000, Harry had $20000 invested in the stock. How does this transf
Q. Explain about Amortize? Amortize -- to charge a regular part of an expenditure over a fixed period of time. Forinstance if something cost $100 and is to be amortized over te
Acid test ratio = 2.5, current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share holder''s fund = 15,00,000 Stock inventory =? Bank overdraft =? Share capital =
Cost sheet is sheet Where all the cost should be recorded which related to the produc.
Q. Example of adjusting entries? Regulate entries bring the amounts in the general ledger accounts to their proper balances before the company prepares its financial statements
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