Reg Profiit & loss accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2009 Dear Sir,

If i have qurarry in profit & loss account.
How can i check where is diffrence.And pforit ratio calculation.and and some useful formolas of accounts.
And please advice me some useful formolas of
1.Prepaid rent
2.Prepaid insurence
3.Interest on OD
4.Asset calculation.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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16 December 2009 1. Prepaid Rent : Debit only that portion in P&L a/c according to the period which is relevant to current year, rest will be Prepaid.

2. Same way as above

3. Interest on OD is calculated on the basis of product method.

In OD A/c Bank balance changes frequently.

Every day's balance is multiplied by number of days for which it remained effective. These are called products. For whole month; calculate the products and divide by 30 or 31 (total days of the month) and apply the rate of interest.

4. What you mean by asset calculation?

If asset is depreciable; then provide depreciation according to the number of days used in the year.

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