Final accounts
This query is : Open
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
Message likes :
1 times
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
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.
18 August 2014
not responded to my queries of 18.08.2014.kindly expedite.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Not able to file ITR
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Can partnership firm show income under 44ad
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
