Non trading concern
This query is : Resolved
20 August 2012
ABOUT NON TRADING CONCERN
Dear Experts, when Receipt and Payment a/c is given and in payment side Sale of furniture is given and in Receipt side sale of furniture is given Opening and Closing balance of same also given than While preparing NTC income & Expenditure a/c how to make treatment of Furniture a/c and What amount goes to Income and Expenditure a/c and in Opening Balance sheet and in Closing Balance Sheet as Furniture....
Please help Expert
Dear Experts, when Receipt and Payment a/c is given and in payment side Sale of furniture is given and in Receipt side sale of furniture is given Opening and Closing balance of same also given than While preparing NTC income & Expenditure a/c how to make treatment of Furniture a/c and What amount goes to Income and Expenditure a/c and in Opening Balance sheet and in Closing Balance Sheet as Furniture....
Please help Expert
20 August 2012
You need to work out the depreciation, if any from the figures. opening balance + purchased during the year - sold durin the year. Compare this with closing balance.
21 August 2012
Dear Expert,
If Furniture repair is given than? what is the treatment?
If Furniture repair is given than? what is the treatment?
21 August 2012
Now it is your turn to make a FULL disclosure first. In normal course the most likely way of answer should be found out when ever the question of incomplete records arise in our front.
21 August 2012
Dear Expert- one more thing i want to clear
Whether formet for above case is Correct or not?
Oppeing Balance
(-)Sale During the Year
(+) Purchase during the Year
Closing Balance
one more REPAIRS EXPENCE is consider or not?
Whether formet for above case is Correct or not?
Oppeing Balance
(-)Sale During the Year
(+) Purchase during the Year
Closing Balance
one more REPAIRS EXPENCE is consider or not?
21 August 2012
The balancing figure can be any of this viz. depreciation, repairs, destroy by FIRE, insurance claim etc. The decision shall be taken taking into account the available situational evidences.
21 August 2012
Thank You Expert
21 August 2012
No mention please. Would like to be of our fraternity's help at all the times
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