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I presume you mean sales tax? Withholding is a trust fund in it is the governments money you collect on behalf of them...or I guess if you have been told to do some type of backup withholding the same thing...not really yours as an asset, to pay a liability that also isn't yours. But more importantly: I am not at all sure how or why you would withhold tax from a vendor anyway. A vendor bills you, and includes the tax YOU must pay (as sales tax).
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What is the account entry passed in SAP when vendor liability created and Paid?
Expense a/c. Dr. And liability a/c. Credit liability a/c. Dr and vender a/c. Cr. Vendor a/c. Dr. And bank a/c. Cr.
Amounts owed to a vendor is it a liability asset revenue epense or divedend?
Anything "owed" is a liability to the company until it is paid.Gathering what I can from the question, I am assuming the "vendor" would be a person/company that supplies a product that another company resales for profit. In other words it is their Inventory, When the merchandise is recieved, at the moment of receipt if the amount isn't paid and is put on account (owed) then journal entry is adebit to Inventorycredit to Account Payable.Since this is a debt it is recorded as a liability, once it is paid however, the transaction goes as followsdebit to Account Payablecredit to CashThe inventory itself remains an asset until it is sold, then the asset decreases and then and only then is the cost initially paid recorded as an expense.
How are the accounts in the accounts payable ledger arranged?
by the amount owed to each vendor
A deduction that a vendor allows on the invoice amount to encourage prompt payment is called?
It is called a Cash Discount
Do you put a Security Deposit on the Balance Sheet?
Yes. If it is a deposit paid to a vendor, then it will be classified as an asset. If it is a deposit received from a customer, then it is a liability. Depending on when it is expected to be returned, you will classify it as either current or non-current.
What is the account entry passed in SAP when vendor liability created and Paid?
Expense a/c. Dr. And liability a/c. Credit liability a/c. Dr and vender a/c. Cr. Vendor a/c. Dr. And bank a/c. Cr.
What is replacement of fixed assets?
Replacement of fixed assets means to sale out the old assets and acquire a new one or replace old piece of asset with new one in exchange with same vendor.
Can an insurance company dictate who does the repair work in your condo?
It depends. If, for example, extensive damage occurs because of a covered natural disaster -- an earthquake -- and the board and the insurance company agree that the insurance company's vendor will complete the repair work inside units on assets covered by the master policy, then the insurance company's vendor may complete the work. If, however, you prefer a different vendor, it's possible that you could negotiate with the board and pay the difference between what the insurance company's vendor would charge and what your vendor would charge to repair assets inside your unit that you want your own vendor to repair.
If a vendor owes us money an a lien be filed against the business or the vendor himself the vendor is in California.?
I have a vendor in Rancho Cucamonga California that has owed my company money for a good amount of time. He wont answer my calls and I woukd like to be paid. Can I get a lien of some sorts on him or his shop for the amount owed with no penalty.
What is consumer liability?
Consumer liability, also known as product liability or strict product liability, is an area of civil law that provides remedies for consumers who are injured by a defective product. Under consumer liability, the company, supplier, and/or vendor of the defective product can be held liable for injuries caused to a consumer because of the defect. Consumer liability primarily deals with warranties, manufacturing and design defects, and issues related to inadequate warnings.
Amounts owed to a vendor is it a liability asset revenue epense or divedend?
Anything "owed" is a liability to the company until it is paid.Gathering what I can from the question, I am assuming the "vendor" would be a person/company that supplies a product that another company resales for profit. In other words it is their Inventory, When the merchandise is recieved, at the moment of receipt if the amount isn't paid and is put on account (owed) then journal entry is adebit to Inventorycredit to Account Payable.Since this is a debt it is recorded as a liability, once it is paid however, the transaction goes as followsdebit to Account Payablecredit to CashThe inventory itself remains an asset until it is sold, then the asset decreases and then and only then is the cost initially paid recorded as an expense.
How are accounts in Accounts Payable Ledger arranged?
by the amount owed to each vendor
How are account in the account payable ledger arranged?
by the amount owed to each vendor
How are accounts in the accounts payable ledger arranger?
by the amount owed to each vendor
How are the accounts in the accounts payable ledger arranged?
by the amount owed to each vendor
The accounts in the Accounts Payable Ledger are arranged?
by the amount owed to each vendor
What is the definition of sundry creditors?
You may have a category of sundry, or miscellaneous, creditors on the books for occasional or small vendor relationships, rather than setting up a separate vendor account for these infrequent.Its very simple .in simple words companies money go outside. So it will come on liability side You may have a category of sundry, or miscellaneous, creditors on the books for occasional or small vendor relationships, rather than setting up a separate vendor account for these infrequent.
