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What are journal entries for sale of vehicle for non profit?
debit cash / bankcredit vehicle account
How do you pass journal entry for vehicle sale?
Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)
How do you post a journal entry for sale of a vehicle with depreciation?
debit cash / bankdebit accumulated depreciationdebit loss on sale (if any)credit assetcredit profit on sale (if any)
What is the Importance of accounting informationfor a business entity?
accounting information allows a business entity to be able to ascertain its total income and its total expenditure and to be able to know if it is making a profit or loss as the prior motive of any organization or business entity is to maximize profit
What should be Journal entry for creation of general reserve?
Reserves always created from profit. Therefore the Journal entry will be for creating reserves Dr Profit & Loss A/c CR Reserve A/c
What are journal entries for sale of vehicle for non profit?
debit cash / bankcredit vehicle account
Can you make a journal entry To Do in tally?
yes,without the knowledge of journal entries one cannot pass journal entry in tally tally focuses on accounting principles(real a/c,personal a/c,nominal a/c) from the beginning of journal entries to the final stage,i.e.,preparation of profit and loss account and balance sheet in an easy manner so that even a lay man can grasp the subject easily.
How do you pass journal entry for vehicle sale?
Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)
What is the journal entry for trading a vehicle for another vehicle?
Debit new assetdebit loss (if any)debit accumulated depreciationCredit cash / bankcredit profit (if any)credit old car trade-in
What is the journal entries for disposal of fixed asset?
cr asset account for cost price dr accumulated depreciation for asset depreciation cr asset sale account dr/cr profit/loss on asset account
What do you understand by profit oriented and non profit oriented entities?
A profit oriented entity is one whose goal is to make profits from its services or products. A non profit entity is one that does not necessarily seek to make profit but has set out other goals.
What is the journal entry for consignment sale?
profit
How do you post a journal entry for sale of a vehicle with depreciation?
debit cash / bankdebit accumulated depreciationdebit loss on sale (if any)credit assetcredit profit on sale (if any)
What is the journal entry for profit transfer from profit and loss account to balance sheet?
Debit profit and loss accountCredit owners capital
Why do hospitals list as not for profit?
A not-for-profit hospital has a 501(c)(3) designation from the IRS, which means, for tax purposes, it is recognized as a not-for-profit organization exempt from Federal income taxes. It does not mean the entity can not earn a profit, it just means it is not liable for payment of income taxes. The not-for-profit entity also has no shareholders and pays no dividends.
What is the Importance of accounting informationfor a business entity?
accounting information allows a business entity to be able to ascertain its total income and its total expenditure and to be able to know if it is making a profit or loss as the prior motive of any organization or business entity is to maximize profit
What should be Journal entry for creation of general reserve?
Reserves always created from profit. Therefore the Journal entry will be for creating reserves Dr Profit & Loss A/c CR Reserve A/c
