XYZ COM.(partner firm) purchase of goods rs.(5 lakh) from ABC COM. MR.X(PARTNER) NE ABC COM. KO CHEQUE SE PAYMENT KIYA. BUT MR.X NE JO CHEQUE ISSUE KIYA THA WO USKE PERSONAL SAVING ACCOUNTS KA THA. HOW THE JOURNAL ENTRY WOULD BE PASSED IN THE BOOKS OF XYZ COM. PL SUGGEST.

Dear Professionals,

My respects to you, and I am in need of your guidance in this peculier case.

Being a senior accountant of a reputed company in Angola, I wish to state the following:-

* Ours is an FMCG company, having 35 shops and 5 godowns in its distribution chain.
* All the receipts of goods are made in a main godown and getting distributed to shops and other godowns as per the market requirements.
* While going through the earlier accounts the distribution style was as under.

1. Each Shop was considered as a customer and the transfers were made by invoicing at the selling rate.
2. The cash sales made by each shop was credited to shops account and any fluctuation in prices were given with due effects by passing Debit note or Credit note to get make the receivable amount in tact.
3. At the end of the year, the Physical Inventory was ascertained, and VALUED AS PER THE LAST PURCHASE COST.
4. The value of the inventory was accounted as follows:

Dr. Closing Stock Shops A/c xxxxxx (An account created under sundry debtors for this entry)

Cr. Shop's A/c xxxxx (An account kept as sundry debtors).

* THE CLOSING STOCK OF THE MAIN WARE HOUSE WAS CARRIED OVER AS OPENING STOCK FOR THE NEXT YEAR AND WHICH WAS CONSIDERED FOR P& L PURPOSES.
* THE STOCK WHICH WAS KEPT UNDER SUNDRY DEBTORS WAS ACCOUNTED AS PURCHASES IN THE NEXT YEAR TO SQUARE OFF THE DEBTORS ACCOUNT AND TO INCREASE THE STOCK.

Kindly guide me, how to consider the above said stock in P&L.

Regards



Panchapagesan.J

how should the short provision of taxation for the earlier year be treated?

should it be debited to p&l a/c as it is a change in accounting estimate as per AS-5 or

debited to p&l appropriation a/c?

how is the computation as per companies act it can be done as same as income tax act or for no of days plz let me know

SIR IN THE CHAPTER PROFIT PRIOR TO INCORPORATION A QUESTION WAS THERE IN WHICH TIME RATIO WAS 1:2.CO. WAS INCORPORATED ON 1st MAY.FINANCAL YEAR ENDS ON 31st DECEMBER.
IN ADJUSTMET IT WAS THERE THAT SALARY WAS INCREASED BY Rs. 2,000 p.m. THE AMOUNT OF SALARY WAS Rs. 85,000.PLEASE TELL ME IN RESPECT OF PRE & POST INCORPORATION PERIOD..
THNX IN ADVANCE.

I am looking for new Accounting standards based on IFRS.

while preparing the final accounts of companies,it is given that the 'estimated liability for gratuity at present is 211000'
should any provision be provided for the same?

Please tell me How to calculate Bank Dp for cc limit. Is there any file? kindly send me

Can anyone please explain what is meant by Share Options Outstanding Account in relation to Reserve And Surplus?

MY CLINET IS AUTHORISED AGNET OF TRAVEL AGNECIES.

HOW BOOK HIS INCOME AS COMMISSION OR SALES /PURCHASE ?