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Q. Show Transactions affecting the income statement?
To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services to customers must exceed the expenses incurred. In July 2010 Metro Courier Inc starts selling services and incurring expenses. The descriptions of transactions that follow allow you to participate in this process and learn the necessary accounting procedures.
Explain the term- Salaries Expense and payment The Accounting Entry for Employee Earnings and Deductions Employer is the "agent" who is responsible for withholding the a
Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
when creating a trial balance, which account balances carry over from previous months
a 50 petty cash fund has cash of 20 and valid receipts for 40. The entry to replenish the fund would include a
Q. Transactions affecting only the balance sheet? Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
Cross indexing is made up
Assume in Balance sheet Furniture is given @ rs.1200000. and an adjustment tells that half of the building is used for residential purpose... then what is treatment in accounts?
WHAT IS ACCOUNTING STANDARDS
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
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