In interview how to explain about TRAIL BALANCE,P & L ACCOUNT AND ACCOUNTS FINALIZATION ?

SHARATH
HYDERABAD

In inverview how to explain about accounts payble and accounts receivables in a short time.

SHARATH
HYDERABAD

There is a company which has not commenced its business yet. The company is having some establishment expenses. I want to know whether the company has to prepare a Profit & loss account or it can show the expenses as pre-operative exp. since the business has not been started? Whether the company can avoid the preparation of profit & loss account? Will the expenses be allowed under the Income Tax Act if shown as pre-operative?

Plz reply if anybody knows the answer...
Its urgent...

sir in as-24 there is one sentence which i didnt understood could u explain me.a sentence is "Discontinuing ,even if relatively abruptly,several products within an ongoing line of business".

What is increase / decrease in stock? How to calculate and interpret it by looking at P&L and Balance sheet?

DEAR ALL

WHAT IS MEAN BY OUTSTANDING INCOME AND EXPENSES AND PLS. GIVE SOME OF EXAMPLE ALSO

WITH THANKS

K A K

Dear Sir's & Friends,
In our company we pay some part of the salary in the form of reimbursement to an employee, now this employee shows bills agnst expenses incurred such as Petrol Exps, Repair & maintenance of Car, Mobile exps etc. Every month these expenses are shown by the employee and later on the same is reimbursed, threshold limit of these monthly expenses are 35000/-, we pay him only this amount whether or not he has shown bills for the same. My question is can we debit all these expenses showed by him under respective ledgers or the expenses reimbursed should be considered as Reimbursement of expenses under Staff Salary head. Please help

EXPORT INVOICE DATE :-31.03.2010 AND BILL OF LADING DATE :02.04.2010.IN WHICH FINANCIAL YEAR SHOULD I PASSED THE ACCOUNTING ENTRY TO RECORD SALES.KINDLY REPLY

Dear Sir,

I am giving the employees data for acturial valuation to LIC of India. In my company directors is also entitled for salary. In this data which is for gratuity purposes is being prepared. Details like employee DOB, BAsic+DA,DOA,Retirement Age e.t.c.

I have to know in this the details regarding the Directors is also to be given for gratuity calculation or not?Are they also eligible for Gratuity?

Please explain the same.

Thanks & Regards,
Raghav Jha

As per AS-2, Finished Goods has to be valued at cost which includes conversion cost to transform RM to FG. So while valuation of goods, Conversion cost will be included.

Also In Accounts, all the manufacturing expenses are debited to Production expenses A/c which goes to P&L.

So here, there are two debits - 1) Increasing the Inventory Valuation to the extent of Conversion Cost and 2) The same duplicate debit is in Manufacturing Expenses A/c.

Ideally speaking, the manufacturing expenses to the extent incurred on FG should be credited and debited to Inventory A/c.

Please answer the same.