plz help!!!!

A/c entries 552 views 2 replies

Guest

Please tell me in case of partnership firms if there is revaluation of Assets & Liabilities ,then do we need to open Revaluation A/c .In xams, I directly posted the changes in value of individual Assets & Liabilities to Partner's capital A/c in their profit sharing ratio without opening the revaluaton A/c .Will i get any marks for it ????

Replies (2)

daya shankar singh

CA CS

629 Points Joined March 2010

If u will treat all the element which was effected by the revaluation of asset correctly , u will surely get the marks

Raj Chitroda

Accounts

325 Points Joined September 2008

Dear Sir

I have query about accounting entries

We have petrol pump and we are selling petroleum Product. For carry out this product, we have purchase Tanker which is engaged in IOCL transportation contract. The IOCL has paying transportation charges to us for this contract. The tanker is bringing petroleum product from IOCL Depot to our petrol pump and we are utilizing the diesel for tanker from our petrol pump. So how to treat this entry, Sales or own utilize

Do we should pay VAT for this?

If own utilize then what will be entry in tally Accounting Software

How many ledgers,

Group of ledgers

And which rate we should calculate for quantity goes out for transportation expenses

Kindly ans

Thanks