Our company has a FD of Rs. 1000000/- with Bank. Bank is giving interest on FD on quarterly basis.

I want to know that can we record the interest income on monthly basis in our books without having any credit from bank in our bank account.

What is the most preferable way to account Insurance Claim received ??? Shall it be shown as income or be reduced from the insurance expenses ??

Case :A ltd. paid Rs. 25,500/- as insurance for car on 02.04.2012.The car met with an accident & a claim of Rs. 10,200/- was received on 12.12.2012.Further, repairing expenses did amount to Rs.21,000/-. What should be the most appropriate accounting entry???

Quick Reply requested

Dear All,

Please let me know, what will be the entry in the month of August during monthly closing, if we have to reverse provision taken for bonus at the time of year ending i.e. 31st March. Bonus has been paid in the beginning of August month itself.

Dear Sir,
I have seen many of firm pass depreciation entry in their books of accounts as calculated under section 32 of the Income Tax Act to avoid mismatch of depreciation .
But as this treatment is not explained in As-6.
Is this right approach!!

Waiting for the earliest

Thanks & Regards
Dhiraj Kumar

sir purchase of approns for staff and workers should be debited which account?

Dear All,

I am working in a Dyes and Chemical Industry.

I joined this company one month ago.

I am asked to finalise the Accounts of the company on monthly / quarterly/ yearly basis.

since I have not done this work previously, I am little confused on the same.

Kindly guide me the way I should finalise the Accounts.

Shruti Shah
9376881975

In a concern, the opening provision of doubtful debts is 51000. During the year a sum of 10000 was written off as bad debts . The closing balance of sundry debtors amounts to 630000. It was decided that 10% of the debtors is to maintained as provision . Calculate the closing balance towards the provision for doubtful debts and pass journal entry for the given effect of provision maintained ???

Hello sir i am preparing for CPT right now..I have a diffent question for you i know there are 3 golden rules of accounting...but my teacher is saying there is 1 more rule is there means he is saying there are 4 rules. He gave us homework to find that 4th rule and whoever find it he will give him some gift.. So please help me out sir plz..i searched on web also but no result.Please if you know that rule plz do reply me..

I think we made provision for doubtful debts to save the business from bad debts . But i dont know if the bad debts have occured then what help does the provision gave to the business ?

Please explain in this context the reason to make provision ???

If a business already have Provision for doubtful debts 51000 and during the year business have Bad debts 10000 .
Now what to do ??
I want to know that as we make provision against doubtful debts and if bad debts occured , then wht should be done with the old provision and if we want to create a new provision then what to do ??
Give reasons ??