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What is revaluation account?
revalutation account is opened to record the revaluation of assets and liabilities.the profit or loss arising because of revaluation is transfered to old partners capital account in their old profit sharing ratio. Companies from time to time check the values of assets and liabilities for there book values and if there is some changes in book values of assets and liabilities that revaluations are made through revaluation account which are later charge to profit and loss account or transferred to reserve account.
What is the journal entry to close the income summary account when a profit is shown?
debit profit and losscredit owners capital account
What is difference between goodwill account and capital reserve account?
Goodwill is an Intangible Assets of an enterprise. Its the "extra earning capacity" in future years due to past efforts.While Capital reserve arises because of capital profits i.e. profits which are not earned because of normal routine business transactions. for e.g. profit on reissue of forfeited shares, profit on business acquisition, profit prior to incorporation, etc.For any more doubt, u can follow me at caravi1234.blogspot.in / FacebookCA. Ravi Chugh(FCA, Visiting faculty ICAI & Top Institutes of CA-Studies for teaching IPCC Accountancy)
What is depreciation reserve fund?
Accumulated depreciation which is not shown in income and expenditure account as expenditure and the same is included in the net profit and shown separately as depreciation reserved fund while adding it in the capital fund.
What are the examples of revenue reserves?
Revenue reserve is created out of revenue Profit . It is created out of Revenue Profit for exaple General Reserve, Dividend equalization reserve, Investment fluctuation reserve etc.
What is revaluation account?
revalutation account is opened to record the revaluation of assets and liabilities.the profit or loss arising because of revaluation is transfered to old partners capital account in their old profit sharing ratio. Companies from time to time check the values of assets and liabilities for there book values and if there is some changes in book values of assets and liabilities that revaluations are made through revaluation account which are later charge to profit and loss account or transferred to reserve account.
In case of amalgamation of partnership firms any profit and loss on revaluation is transferred to accounts in ratio?
in ratio of their capital account
Is additional capital will enter in the profit and loss appropriation account?
Additional capital is shown under capital account of balance sheet and not shown in profit and loss appropriation account.
Can a dormant account be closed and balance transferred to Profit loss account?
Can_a_dormant_account_be_closed_and_balance_transferred_to_Profit_loss_account
What is the journal entry to close the income summary account when a profit is shown?
debit profit and losscredit owners capital account
What is the difference between general reserve and specific reserve?
Capital Reserve:1.It is created out of the profit earned not in the normal course of business. For example, to a bookseller, profit on sale of books is a regular profit. But profit earned on sale of something other than books is capital profit.2.Capital employed in business is increased permanently.3.It is usually not available for the payment of dividends.4.Liability and loss of capital nature can only be met by it. General Reserve:1.It is created out of profit earned in the normal course of business.2.It increases capital employed temporarily.3.It is available for the payment of dividends.4.It is available for meeting any type of liability or loss. BALAJI GOUDA
Transfer of net profit to capital account in tally 9?
profit or loss alc dr to capital alc.... enter in journal
Is additional capital enter in profit and loss appropriation account?
no
What is reserve depreciation?
Accumulated depreciation which is not shown in income and expenditure account as expenditure and the same is included in the net profit and shown separately as depreciation reserved fund while adding it in the capital fund.
What is difference between goodwill account and capital reserve account?
Goodwill is an Intangible Assets of an enterprise. Its the "extra earning capacity" in future years due to past efforts.While Capital reserve arises because of capital profits i.e. profits which are not earned because of normal routine business transactions. for e.g. profit on reissue of forfeited shares, profit on business acquisition, profit prior to incorporation, etc.For any more doubt, u can follow me at caravi1234.blogspot.in / FacebookCA. Ravi Chugh(FCA, Visiting faculty ICAI & Top Institutes of CA-Studies for teaching IPCC Accountancy)
Profit and loss appropriation account uses meaning?
details of profit and loss appropriation account Profit and loss appropriation account is prepared after profit and loss account..It s a account where the profits earned by the company is brought in from profit and loss accont and it s distributed to various accounts like interim divident account, provision for taxiation account, general reserve account etc.....it s a account which shows how the profits are distributed in an organisation.....
What is depreciation reserve fund?
Accumulated depreciation which is not shown in income and expenditure account as expenditure and the same is included in the net profit and shown separately as depreciation reserved fund while adding it in the capital fund.
