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Pls helppp ...... regarding jv

Parul Bapna (Student) (74 Points)

27 February 2012

How to verify journal vouchers???? nd wat are the possible queries in it????

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ROSHAN BHARTIA (ACCOUNTANT AND CA ARTICLE) (2250 Points)
Replied 27 February 2012

GENERALLY JOURNAL VOUCHERS ARE THAT VOUCHERS IN WHICH NO PROCEEDS OF CASH PAYMENT OR RECIPTS, JOUNR AL VOUCHERS SHOULD BE THE PEROD OF THAT TIME MAINY JOUNAL VOUCHER ARE IN SALES PURCHAES TRANSACTION IN CREDIT, STOCK

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ROSHAN BHARTIA (ACCOUNTANT AND CA ARTICLE) (2250 Points)
Replied 27 February 2012

JOURANAL VOCHERS DETAILS

Attached File : 602188 939204 journal voucher.pdf downloaded: 238 times

ANANDA VAIDYANATHAN (ACA) (216 Points)
Replied 27 February 2012

Journal vouchers on revenue expenses / incomes can be cross verified with the bills. You should check for the date, amount, and the person to whom bill has been raised with the journal voucher. Journal vouchers for expenditure / income based on certain agreements and pre-conditions like rent, commission agreement etc should be cross verified for compliance with such corresponding agreement. Ownership, parties to the contract, consideration amount, period of validity / expiry and other important aspects mentioned in the particular agreement/ contract should also be taken into consideration while checking these documents. Rate of depreciation should be verified in respect of block of assets. Due consideration must be exercised in classification between revenue and capital items and between the various heads of expenditure. Interest accrued on loans and borrowings should be verified with the provisional interest certificate or emi schedule if any as well as with the loan agreements.

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