Accounting General

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26 Accounting General Questions And Answers

6⟩ Suppose we are a trading company providing devices and some times after sales service. when any defect came we just replace the hardware from another defective device and getting the payment from the customer. how can we account that? is there any tax implications for this?

At the time of sale

cash sales. Cash A/c-------Dr

to sales A/c

2. Credit sales

Customer Name A/c ----Dr

to sales A/c.

3. Sales retuns.

Sales return A/c----- Dr

to Customer A/c

4. resupply of goods

Samme Entry.

%. Sellenr return goods to its vendor.

Vendor name a/c ----- Dr

Purchase retuern A/c

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7⟩ What is payroll?

Payroll deals with paying your employees (including seeing that the government gets the monies they require you to withhold from the employees and the payroll taxes they require you to pay).

If you have occasional employees, or even one or two full- or part-time, you can get by recording the payroll transactions in the General Journal. The typical transaction is <date> <cash / amt– labor-expense / amt+... withholding / amt–... accrued-tax / amt–... tax-expense / amt+...> <comments>, where <comments> include who you paid and the hours they worked. Labor-expense, withholding, accrued-taxes, and tax-expense include multiple accounts as we'll get into below.

If you have more than a couple of employees it definitely pays to set up a Payroll system.

A Payroll system involves a Payroll Journal — in which payroll is accrued, i.e., held in an "owed" state (like an open vendor invoice) until paid, and a Payroll Disbursements Journal — in which the actual payments to the employees are recorded.

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10⟩ What is TDS And Sale tax retrun?

TDS (tax deducted at sources) .The person while making

payments of income,covered by the scheme are responsible

to deductd TDS and deposite the same in govt treasury

withi stipuleted time .

exp-salary,job work,rent,commission ets.

Sale Tax return means annual return againest ur frofit.

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12⟩ What is difference between budget & budgeting?

An estimation of the revenue and expenses over a specified

future period of time. A budget can be made for a person,

family, group of people, business, government, country,

multinational organization or just about anything else that

makes and spends money. A budget is a microeconomic concept

that shows the tradeoff made when one good is exchanged for

another.

Budgeting lies at the foundation of every financial plan. It

doesn’t matter if you’re living paycheck to paycheck or

earning six-figures a year, you need to know where your

money is going if you want to have a handle on your

finances. Unlike what you might believe, budgeting isn’t all

about restricting what you spend money on and cutting out

all the fun in your life. It’s really about understanding

how much money you have, where it goes, and then planning

how to best allocate those funds. Here’s everything you need

to help you create and maintain a budget

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13⟩ What is the difference between journal voucher and contra?

journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are entered in journal eg-dep, some of them book the bills in journal and

while they make a payment they record in payment eg-contractor bill

contra appears two times in two sides of a account an account will be treated as contra when

1, cash deposited in bank

2, cash with drawn from bank for office use

3, cheques deposited in bank

4, cheques withdrawn for office use

5, transfers from one account to another account

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17⟩ Suppose we are selling a device for 6000 and the company want to replace that device with a new device which is a bit more than the prior price say 7000. how we can account this?

First we need to write-off the old asset ( by reversing the

asset, accumulated depreciation and depreciation for the

current FY by Cr the Fixed asset Write-off and Dr

Proft/Loss on sale of asset under P&L account )

Next we can capitalised the new asset ( Dr. Asset Cr. Bank )

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20⟩ What is the Bank Reconciliation? And How we can do its entry in busy Software?

A Bank reconciliation means cross verifying the entries in the cash book(bank balance)with that of pass book.

generally the reasons for disagreement of cash book with that of pass book are as follows:

1.cheques deposited but not collected by bank.

2.cheques issued but not presented for payment.

3.amounts recorded only in pass book till date (this doesn't mean that they should not be recorded in cash book,they should also be recorded but they are not yet recorded)such as bank charges,incomes received by banks directly by power of standing order etc..

THERE IS NO ENTRY FOR BANK RECONCILIATION.IT IS ONLY A TOOL FOR VERIFYING WHETHER ALL ITEMS ARE PROPERLY RECORDED ARE NOT.AND TO FIND OUT THE WRONG POSTINGS EITHER IN THE CASH BOOK OR THE PASS BOOK.

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