Final accounts
This query is : Open
RAJESH KHANNA
(Querist)
17 August 2014
IF PROVISION TO REPAIR IS GIVEN ON THE CREDIT SIDE OF TRIAL BALANCE AS RS,6000/-AND IN THE ADJUSTMENT IT IS GIVEN PROVISION FOR REPAIR WILL BE RS.1500 PER YEAR. ON THE DEBIT SIDE OF TRIAL BALANCE REPAIR CHARGES TO MACHINERY OF RS.2000 IS GIVEN.WHAT ACCOUNTING TREATMENT WILL BE GIVEN WHILE CALCULATING FINAL ACCOUNTS.
KINDLY HELP ME IN RESOLVING MY QUERIES.
KINDLY HELP ME IN RESOLVING MY QUERIES.
17 August 2014
6000 is opening of provision
Debit 1500 in p&l a/c provision for repair
Repair during the year is 2000
So closing provision is 6000 + 1500-2000=5500 which will be showed in balance sheet.
It will affect asset a/c
Debit 1500 in p&l a/c provision for repair
Repair during the year is 2000
So closing provision is 6000 + 1500-2000=5500 which will be showed in balance sheet.
It will affect asset a/c
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RAJESH KHANNA
(Querist)
18 August 2014
IF PROVISION TO REPAIR IS GIVEN ON THE CREDIT SIDE OF TRIAL BALANCE AS RS,6000/-AND IN THE ADJUSTMENT IT IS GIVEN PROVISION FOR REPAIR WILL BE RS.1500 PER YEAR. ON THE DEBIT SIDE OF TRIAL BALANCE REPAIR CHARGES TO MACHINERY OF RS.2000 IS GIVEN. BESIDES ON THE DEBIT SIDE OF TRIAL BALANCE (AS ON 31.3.2002) THE MACHINERY SHOWING RS.50000/-, AND IN THE ADJUSTMENT ONE ADDITIONAL MACHINERY WORTH RS.10000.00 WAS PURCHASED ON 01.10.2001 AND INSTALLATION CHARGES OF RS. 500/- TO WORKMAN WAS WRONGLY DEBITED TO WAGES ACCOUNT. PLEASE LET ME KNOW WHAT ACCOUNTING TREATMENT WILL BE GIVEN WHILE PREPARING FINAL ACCOUNTS.RATE OF DEPRECIATION ON MACHINERY @10%
FURTHERMORE PLEASE LET ME KNOW FOLLOWING:
- AMOUNT OF DEPRECIATION TO BE SHOWN IN THE P&L ACCOUNT.
- NET AMOUNT OF MACHINERY TO BE SHOWN IN THE ASSEST SIDE OF BALANCE SHEET AFTER DEDUCTING DEPRECIATION.
KINDLY HELP ME IN RESOLVING MY QUERIES.
Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=873571
FURTHERMORE PLEASE LET ME KNOW FOLLOWING:
- AMOUNT OF DEPRECIATION TO BE SHOWN IN THE P&L ACCOUNT.
- NET AMOUNT OF MACHINERY TO BE SHOWN IN THE ASSEST SIDE OF BALANCE SHEET AFTER DEDUCTING DEPRECIATION.
KINDLY HELP ME IN RESOLVING MY QUERIES.
Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=873571
RAJESH KHANNA
(Querist)
18 August 2014
I got the reply from the ca club experts to my queries of 17.08.2014.kindly clarify to my queries of 18.08.2014 which was relating to earlier queries of 17.08.2014 which was incomplete.
RAJESH KHANNA
(Querist)
18 August 2014
not responded to my queries of 18.08.2014.kindly expedite.
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