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Outstanding salary in profit and loss account

WebPrepare Trading and Profit & Loss Account for the year ended 31st March 2024 and Balance Sheet as at that date after taking into account the following adjustments : (i) Closing Stock was valued at ₹ 19,000. (ii) Depreciation to be provided on Land and Building @ 5% p.a. and on Plant & Machinery @ 10% p.a. (iii) Write off ₹ 2,000 as Bad debt. WebSep 13, 2024 · The correct answer is Salaries paid are shown on the debit side of the Profit and Loss Account but outstanding salaries (when given in additional information) is …

C and D Are the Partner in a Firm Sharing Profits in the Ratio of 4:1 ...

WebHIMANSHU SHARMA OBJECTIVE To serve the company with the best of my ability and efforts trying to gain and disperse as much as I can with the experience that I have acquired with time. WORKING EXPERIENCE Working with Welco infoteach Pvt. Ltd. In New Delhi, one of the leading Telecom company, as an accounts Executive from 01April2015 to … WebJul 5, 2007 · Jul 12th, 2007. Salary outstanding is an administrative expense or rather an Indirect expense. If the salary outstanding is related to previous year then it shall be debited to profit and loss account as an expense and the amount related to current year shall be shown as current liabilities under the liabilities side of the balance sheet. chrysler ypsilon obd port location https://thetoonz.net

Salary Payable: Definition, Example, Journal Entry, and More

WebJul 28, 2024 · Profit & Loss Statement/Account is prepared for two main reasons. To know the profits/losses earned/incurred by a business, Statutory requirements (Companies Act, Partnership Act or any other law) Traditionally, there were two steps to know the profit/loss. It meant, the preparation of : Trading Account. Profit & Loss Account. WebSuppose salary to be paid Rs 10000 but not paid the salary. here our due date of payment of salary has arrived but the salary is not paid therefore we have shown our liability which is … WebPrepare Trading and Profit and Loss Account for the year ending on 31 st March, 2024 and Balance Sheet as on that date from the following balances of Trail Balance: Adjustments: 1.) ... Wages outstanding were Rs. 6,000 and salaries outstanding were Rs.5,000 on 31st March, 2024. (iii) Depreciate Land and Building @ 2 %, ... chrysler z20 recall

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Outstanding salary in profit and loss account

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WebMar 31, 2024 · Tally Erp 9 ledger creation under the proper group of accounts is the main part of Tally ERP 9 implementation. In every implementation of a Group-wise Tally ledger list is prepared first which affects Trading a/c, Profit and loss a/c and Balance sheet. Here is the list of ledger heads and respected groups of ledger. WebAndrew and Binta have been in partnership, sharing profits or losses in the ratio 4:3. They agreed to admit Chen to the partnership, with profits or losses being shared between Andrew, Binta and Chen in the ratio 3:2:1. On the date of the change in partnership, the partners’ capital and current account balances were:

Outstanding salary in profit and loss account

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WebStar Corporation Restaurant Management LLC. فبراير 2014 - الحالي9 من الأعوام 3 شهور. Abu Dhabi, United Arab Emirates. • Preparing bank reconciliation and … WebWith strong inner motivation and sharp sales insight, I excel at assessing customer needs, accounts management, implementing effective sales …

http://www.dacc.edu.in/wp-content/uploads/2024/02/MCQs-103-BUSINESS-ACCOUNTING.pdf WebOct 28, 2024 · Profit and Loss account questions for practice. Question 1. prepare Profit and Loss account from the following particulars for the year ended March 31, 2024: Gross Profit ₹1,50,000. Indirect Income ₹50,000. Indirect Expenses ₹85,000. Net …

WebPrepare the Trading Profit and Loss account of Ms Mohit Traders as on 31 st March 2024 and draw necessary Journal entries and balance sheet as on that dateD . ... Adjustments a) Salaries outstanding- 12,000 b) Wages outstanding - 6,000 c) Commission is accrued - … WebThe outstanding expense is a personal account with a credit balance and is treated as a liability for the business. ... Outstanding expenses are reflected on the liability side of the …

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WebOutstanding Expenditure a/c is a personal account and an equivalent of a creditor. It is cleared by repaying the due indicated by the account. It is a liability liquidated by payment. Prepaid Expenditure a/c is not an asset that can be realised. It is not cleared by collecting the due indicated by the account. describe taylor swift appearanceWebProfit and Loss Accounting Explained. Profit and loss accounting generates a profit and loss statement, also referred to as an income statement Income Statement The income … chrysler ypsilon goldWebPreviously worked in a bank prior to joining Irwin Mitchell LLP and have spent ten years developing my experience and skills across 3 departments, settling very happily in Costs Management. • Irwin Mitchell LLP - Costs Draftsman: Currently drafting bills of legal fees, preparing Part 8s, default costs, and various court applications related to costs … chrysler z76 recallWebNov 10, 2024 · Considering the above, it would be appropriate if the borrowing limits and the thresholds for making of loans and investments, respectively under Sections 180(1) (c ) and 186 are determined with reference to the company’s net worth so that the company’s capacity on both accounts is not inhibited unfairly due to the elimination of the surplus in … describe technical skillsWebThe student must note that the Profit and Loss Account on Mach 31, 2012 will be debited only with Rs. 5,800 and that the Provision for Bad and Doubtful Account shows, on 31st … describe technical of hand washingchrysler ypsilon windscreen wiper motorWebQ.1 ) From the following details, prepare Manufacturing, Trading and Profit & Loss Account, and Profit & Loss Appropriation Account for the year ending 31st March, 2016 and a Balance Sheet as on 31st March, 2016. ... Salary outstanding as on 31st March , … chrysler xochimilco