Accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2010 Answer true or false if false state the reason

1. Contingent liabilities are repayable with a year
2. The sale proceeds on sale of old asset is shown in income and Expenditure Account
3. Under single entry system, both the credit and debit aspects of all transaction are recorded.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

16 February 2010 1.False. Current liabilites only repayable with in a year.contingent liabilites are only provision payable when need to decide based on the fact

2.Partly true.Only Profit or loss on sale of old asset need to be shown in Income & Expenses account

3.False.In Double entry system we are recording the both Dr/Cr Aspects not in single entry system

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
Follow

16 February 2010 Contingent liabilities are based on occurance or Non occurance of certain event..It is in the nature of proviosn...Liabilities are contingent on happening or non happening of the events...

2.Profit or Loss on sales of the transactions needs to be entered in Income and expenditure accounts.....

3.Single entry systems books will not be maintained according to double entry principle

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

kavita goel

avulaandcopdrl 2023

divakar podaturu

Ashok Atluri

CA Reshma prabhu

Subscribe Now

Accounts

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA