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Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this?
Ans) First we require to write-off the old asset ( by reversing the asset, accumulated depreciation and depreciation for the present FY by Cr the Fixed asset Write-off and Dr Proft/Loss on sale of asset under P&L account )
Closing entries perhaps prepared directly from the work sheet. The first journal entry debits all items appearing in the Income Statement credit column as well as credits Income Su
the scope of operation research in modern management
Q. Show Effects of transaction? A prepaid insurance, asset, increases (debited) and cash, decreases (credited), asset by USD 2400. The debit is to Prepaid Insurance relatively
Ask queMary Lapointe, the Chief Financial Officer of your Northern Travel Experience company, has advised that the company will be opening an office in Nunavut this year. The offic
Lower of Cost or Market Inventory Bob's Jewelry Company's inventory records indicates the fol
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 40
What are examples of deferred revenue expenditure? Ans) It is an expenditure the advantage of which will be realized over a period and not during the present period. Ex-Heavy Ad
Bank for International Settlements (BIS) A consortium bank recognized to coordinate the collection and rescheduling of German reparations after World War I, the BIS has surviv
Q. What is journal? In explaining the rules of credit and debit we recorded transactions directly in the accounts. Every ledger (general ledger) account shows only the increase
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
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