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Answers required practical problem faced in new freshers

Pankaj Sharma (Accounts Assistant)     20 September 2019

Pankaj Sharma
Accounts Assistant 
 1 likes  6 points

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1. The party has supplied the material on 30th March but you have received the material on 3rd April in what was and material will be reflected in the accounts as on 31st March?

2. In addition to trade discount the party has also given cash discount at the time of making complete payment how the same is accounted.

3 what steps would you take before making payment?

4 . we have accepted a bills payable of 90 days with 1% interest on 2.5 lakhs so how we can journalize the same?

5 There are certain advances at the year end against which the materials have been supplied in next year how these will be treated at the year end?

6 There were certain disputes with the party on the machinery cost of R's 1cr and how the same will be treated?

7 What's different billable and non bill able expenses?

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Swetha Yagati   22 September 2019

Swetha Yagati

 2 likes  50 points

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Goods in transit to be recognized as Contingent Liability

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