Accounts Payable

debit salary expense
credit cash

yes

Store department will issue goods received note.

assests means

Outstanding stock is an "owner's equity" account. It's on the same side of the accounting equation as liabilities, but it is not a liability.

franchise acc - dr

cash acc - cr

An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".

Rahul

90 days after the date.

no

If the purchase was done on cash then,

Purchase A/c Dr

To Cash A/c

If the purchase was done on credit,

Purchases A/c Dr

To Creditor A/c

Depends. If you are a fashion designer who is known, such as Coco Chanel, you will most likely make more than a doctor. On average, doctors have a base salary around $90,000, and if they are a specialist, such as a gynecologist, they will in turn start higher and possibly reach the $500,000 mark.

Solvency. A company is considered solvent if it's current assets exceed it's current liabilities. A company is considered to be insolvent if their current liabilities exceed their current assets.

yes

company

Involves having a fixed sum of amount ,which will revove for a financial year.

Things has been done by me

Checking of General Journal (GJ) checklist of Standard Fireworks (P) Ltd, Rajaratnam Fireworks Industries.

Vouching of Petty Cash payment of Depots of Standard Fireworks (P) Ltd.,

Coordination and Preparation of all Depot Profitability of Sivakasi Fireworks Agency

Checking and analyzing the travelling statements

Preparation of Tax deducted at source statement (persons whose income exceeds the exemption limit)

Checking and matching the records between the factory register and computer

Some other routine work which have been done then and there.

Under current liability of uncertain amount liability is created on company although actual amount is unknown but in contingent liability, liability is not created on company unless specific date or time or occurence of any contingent action or activity.

Debit: Purchases

Credit: Accounts Payable

Debit: Cash

Credit: Sales

Petty cash is also called cash-in- hand as opposed to cash- at- bank. Where there is good system of internal control eg. petty cash float is established and maintained and occasional surprise csh count is undertaken a presponsible person, the possibility misapropriation of funds is rather very remote.

The timing of those liabilities.

Current liabilities are due within one year while long term liabilities are due after one year.

But if you have a bank loan over 4 years, you are to split the loan into the amount due within one year and put that in current liabilities with the remaining amount put in long term liabilities.

Nominal accounts are closed at the end of each accounting year. In that sense, surely Suspense Account is a Nominal Account.

no

1. Material Receipt

Receiving Accural Dr

AP Accural Cr

2. On completion on inspection and accepting of goods

Inventory Dr

Receiving Accural Cr

The Above given 2 entries are in PO module

3. On entering Invoice in AP

AP Accural Dr

Accounts Payable Cr

4. On Making payment

Accounts Payable Dr

Cash/Bank Cr

One percent up front, balance due in 30 days.

A decrease in an amount owed to you, an Account Receivable, yields additional cash flow available to fund operations, obligation, or any allocation of cash.