rs 2000 has been shown in trial balance as suspense a/c credit side and in additional information it is given rs 2000 represents cash received for sale of machinery .cost of machinery was rs 5000 and accumulated depreciation 4000 .how to close suspense account and should i also change balances of total machinery and accumulated depreciation or they are already adjusted regarding this.

HELLOW EXPERT

JUST I WANT TO KNOW HOW TO MAKE ENTRY OF SHARE TRADING IN FIFO STYLE IN TALLY & GENERATE AUTOMATIC REPORT IN FIFO STYLE

(((1)))WE RECEIVED A STATE GOVT GRANT OF Rs. 100000 FOR PURCHASE OF MACHINERY-
suppose
(1)we purchase rs.90000 machinery
(2)we purchase rs.120000 machinery
in both cases what is a/c entry passes(where reflects profit & loss a/c or balancesheet):-
(a) when we received rs.100000 gov. grant
(b) when we purchase rs.90000 machinery
(c) when we purchase rs.120000 machinery
(d)depreciation entry


(((2))) We received rs 50000 from state government for giving subsidy (revenue income) to institution regularly year to year. Suppose

(1) we paid rs.40000
(2) we paid rs.70000

what is a/c entry passes (where reflects profit and loss account or balance) when we receive rs.50000 from government ?
what is a/c entry passes in above both cases(where reflects profit and loss account or balance)?

If expenses have been incurred for bringing raw material like sand, used in construction of building, to the site nd for unloading of such sand from the truck, whethr such expenses have been capitalised under 'building under construction a/c' or charged as revenue exp under 'labour exps a/c'..?? Thankx

What journal entries are passed in account books related to FDR. What is Interest accrued on FDR and its treatment. How the amount is to be shown in Balance sheet/P&L Account in respect of FDR, TDS, Interest, Interest accrued on FDR etc. Please advice with an example.

Thanks for your cooperation

What should be the accounting entry for short payment received from sundry creditor, which he is not likely to pay at a latter stage as well

please some one explain about General Ledger, Sub Ledger and difference between General Ledger and Sub Ledger

Dear Experts,

Please provide me Formula for Calculating Debtor Turnover and Creditor turnover ration? give some e.g. also


Thanks in advance .......

WE RECEIVED A STATE GOVT GRANT OF Rs. 100000 FOR PURCHASE OF MACHINERY-
suppose
(1)we purchase rs.90000 machinery
(2)we purchase rs.120000 machinery
in both cases what is a/c entry passes(where reflects profit & loss a/c or balancesheet):-
(a) when we received rs.100000 gov. grant
(b) when we purchase rs.90000 machinery
(c) when we purchase rs.120000 machinery
(d)depreciation entry

Hi,

A company has bought lot of books for their reference. 50% of them are subject books which will be used for the development of the business and the balance 50% are management books which will be kept in the library of the company.

Can the subject books be treated as asset?

As per IT Act, depreciation rate for such books is 60%, but Companies Act do not specify the rate.

Can the books to be kept in library be written off as expenses.

Please advice and give comments.