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Describe what journal entry pass in case of vat refundable and in case of vat payable?
Ans) In case of vat payable:
output vat Toinput vat To vat payable In case of vat refundable: output vat vat refundable To input vat
Acquired a shop on monthly rent for Rs. 3,000 after paying cash Rs. 36,000 as advance rent ??
Q. Learning objectives of inventory turnover ratio? - Net income for an accounting period depends straight on the valuation of ending inventory. - If the ending inventory is
Trend Analysis : In the relative and common size financial statements, the data cannot be identified whether it is abnormal or normal as an essential standard is absent. To con
Q. Basic elements of financial statements? Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third
Fundamental of Accounting 1. Explain the concept of accrued income with the help of an example. 2. Explain the five disadvantages of Single Entry System? 3. Explain the s
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
Q. What is the use of balance sheet? Balance sheet -- a statement of the financial position of a company at a single specific time(often at the close of business on last day
Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu
Identify and explain the two ratios that are used to assess the solvency of a business.
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