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Reserves always created from profit. Therefore the Journal entry will be for creating reserves
Dr Profit & Loss A/c
CR Reserve A/c
Wiki User
∙ 13y ago
Wiki User
∙ 9y agodebit profit and loss account
credit general reserves
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How do i record in a journal entry an amount of 5000 should be transfered to the general reserve account?
You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
What should be Journal entry for purchase of building from general reserve account?
First of all general reserves need to be converted into cash by issuing new shares and then that cash can be used to purchase building.
Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
Should journal entries be listed chronologically?
Yes, all journal entries should be recorded in a order in which they occur so as per this all journal entries should be listed chronologically.
Accounting journal entries?
I am assuming this question is asking what Accounting journal entries are? Each of a firm's transactions are recorded in journals. Each major transaction is recorded in the General Journal, where various repetitive transactions are recorded in special journals, with the totals translated into the General Journal later. These journal entries are the basis for the General Ledger, the Trial Balance, and the Financial Statements. There are two components to any journal entry: Debits and Credits. Whenever you debit accounts in your journal entry, you must credit other accounts for an equal amount. Your total debits should always equal total credits. As an example, these are what the journal entries for the sale of inventory to a customer might look like. Part 1 - The Inventory was sold to an outside customer for $100. Debit: Cash $100 Credit: Revenue $100 Part 2 - The Cost of the Inventory credited to the books Debit: Cost of Goods Sold $75 Credit: Merchandise Inventory $75
How do i record in a journal entry an amount of 5000 should be transfered to the general reserve account?
You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
What should be Journal entry for purchase of building from general reserve account?
First of all general reserves need to be converted into cash by issuing new shares and then that cash can be used to purchase building.
Is tax a asset or expense and how do I record it in the General journal or balance sheet?
Tax should be recorded in the general journal because it is an expense.
What should be Journal entry for purchase of building from capital reserve account?
Credit your capital account, debit the freehold property account
Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
Should pass journal entries first in tally 7.2 or open ledger?
furniture account a/c dr 10000 to cash a/c 10000 journal entries are always passed first than ledger creation.
In what journal should you list a telephone expense?
This could be one of two Journals, for the most part, a General Journal is where the entry goes, however, many companies choose to use subsidiary journals in order to keep accounts more organized and may set up a Subsidiary Expense Journal, in which case the telephone expense would be listed in that subsidiary journal along with all other expenses and the General Journal would only show a total for all expense accounts while the subsidiary journal would break each expense account down into more detail.So either the General Journal or a Subsidiary Expense Journal (depending on the company)
What should be italicized in this sentence my parents subscribe to the Wall Street Journal?
the parents subscribe to the wall street journal
Should journal entries be listed chronologically?
Yes, all journal entries should be recorded in a order in which they occur so as per this all journal entries should be listed chronologically.
Accounting journal entries?
I am assuming this question is asking what Accounting journal entries are? Each of a firm's transactions are recorded in journals. Each major transaction is recorded in the General Journal, where various repetitive transactions are recorded in special journals, with the totals translated into the General Journal later. These journal entries are the basis for the General Ledger, the Trial Balance, and the Financial Statements. There are two components to any journal entry: Debits and Credits. Whenever you debit accounts in your journal entry, you must credit other accounts for an equal amount. Your total debits should always equal total credits. As an example, these are what the journal entries for the sale of inventory to a customer might look like. Part 1 - The Inventory was sold to an outside customer for $100. Debit: Cash $100 Credit: Revenue $100 Part 2 - The Cost of the Inventory credited to the books Debit: Cost of Goods Sold $75 Credit: Merchandise Inventory $75
Where is a journal in Pokemon diamond?
Go to Twinleaf Town and in your house, your mum should give you a journal.
What should not be italicized in a cite source?
In a citation, you should not italicize the title of an article, book, or journal. You should italicize the title of the journal or book, but not the title of the article itself.
