Outstanding salary in profit and loss account

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WebOct 29, 2012 · (ii) Any tax on the profits or gains of any business, As this taxes paid were already allowed as deductions u/s 90,90A and 91, The act is disallowing them here. (iia) Any sum paid on account of wealth-tax. For this sub-clause, any tax paid on wealth, capital employed in a business inside or outside India, except assets in the business or ... WebFinance & Accounts Implementing systems, procedures & manuals for preparation & maintenance of statutory books of accounts & financial …

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WebThe outstanding expense is a personal account with a credit balance and is treated as a liability for the business. ... Outstanding expenses are reflected on the liability side of the … WebOutstanding Salary of Rs 1,000 is added to Salary Account and is debited to Profit and Loss Account. 2. Outstanding Salary is a liability and shown in Balance Sheet (liability). When … computershare kcc settlement check

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WebDebit profit and loss account and credit the expense account. ... Adjustments:1) Outstanding salary of Rs. 5,40,000 2) Prepaid Insurance of Rs. 3,20,000. Charge … WebNov 4, 2024 · You are required to prepare his trading and profit and loss account for the year ended 31st March, 2014 and a balance sheet as on the date after taking the following facts into account. ... Salaries outstanding on 31st March, 2014 amounted to Rs 500. WebAn Outstanding salary is a salary that is yet to be paid, that has to be paid. At the end of the financial year, it is recorded in two statements account first is profit and loss statement & … eco living sponges

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WebJul 1, 2024 · Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2024 after following adjustments are made: (i) Closing Stock was ₹ 16,000. ... Outstanding salaries were ₹ 45,000. (ii) Depreciate Machinery at 10%. (iii) Wages outstanding were ₹ 5,000. WebBut if expenses are bigger than the revenue then you incur a net loss. Now, you DIY bookkeeping. The problems are: 1. Your cash balance per bank statement does not reconcile with the cash balance per book. 2. You have a big amount of outstanding accounts receivable on the balance sheet. The customer paid you his/her obligation to the business ... computershare kcc settlement check 2020 eco living resources

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Outstanding salary in profit and loss account

Outstanding Expenses: outstanding expenses journal entry - BYJU

WebDec 22, 2024 · 28. Salary paid in cash during the current year was ₹30,000; Outstanding salary at the end of previous year was ₹2,000 and outstanding salary at the end of current year was ₹3,000. Salary paid in advance during current year for next year was ₹2,600. The amount debited to Income and Expenditure Account will be : (A) ₹33,600 (B) ₹26,400 WebProfit and Loss Accounting Explained. Profit and loss accounting generates a profit and loss statement, also referred to as an income statement Income Statement The income statement is one of the company's financial reports that summarizes all of the company's revenues and expenses over time in order to determine the company's profit or loss and …

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WebMCQs Chapter 10 Financial Statements – II have been prepared by our team of best accountancy teachers. Question. Net Profit before the following adjustments Rs. 1,80,000. Outstanding salary Rs. 10,000. Prepaid Insurance Rs. 13,000. Calculate profit after adjustments. (a) Rs. 1,83,000. WebApr 11, 2024 · Treatment of Outstanding Expenses in Financial Statements/Final Accounts. Trading & Profit and Loss A/c Show on the Dr. side (add to respective direct or indirect …

WebExtremely proud of our team and another world record in the books! WebApr 30, 2024 · A balance sheet provides both investors and creditors with a snapshot as to how effectively a company's management uses its resources. A profit and loss (P&L) statement summarizes the revenues ...

WebJul 4, 2024 · Some examples are outstanding salary, outstanding interest, outstanding rent, outstanding wages etc. It is debited in profit and loss account and is shown in liabilities side of balance sheet. ADJUSTMENT: 2A. Extracted information: Salary payable Rs 60,000. Required: (1) Journal entry; (2) Show in profit and loss account and balance sheet ... WebAndrew and Binta have been in partnership, sharing profits or losses in the ratio 4:3. They agreed to admit Chen to the partnership, with profits or losses being shared between Andrew, Binta and Chen in the ratio 3:2:1. On the date of the change in partnership, the partners’ capital and current account balances were:

WebConsidering all type of deductions as per labour law. Monitoring the employee’s leave salary and final settlement as per labour law. Review the VAT report and fill it in the Federal Tax Authority portal and complete the payment. Handling the monthly Cost of projects and review It with the budget, issued the financial reports for the projects. Responsible for …

WebMay 12, 2016 · Outstanding salaries is an expense for 2024 because the services of the employees have been received and will be charged as an expense to the profit and loss … ecoliv technology company limitedWebSep 8, 2024 · Trading Account, Profit and Loss Account, Receipts and Payments Account, Balance Sheet. Answer: Receipts and Payments Account. Question 2. Machinery, Furniture, Computers, Salaries. ... Outstanding salary of (2024-19), ₹ 4,000 of the previous year is to be subtracted from current year’s salary. 4. ecoliving toothpaste tablets refillWebPrepare Trading and Profit and Loss Account for the year ending on 31 st March, 2024 and Balance Sheet as on that date from the following balances of Trail Balance: Adjustments: 1.) ... Wages outstanding were Rs. 6,000 and salaries outstanding were Rs.5,000 on 31st March, 2024. (iii) Depreciate Land and Building @ 2 %, ... computershare how to sell stockWebSOLUTION Dr. Books of Jain Bros. TRADING AND PROFIT AND LOSS ACCOUNT for the year ended 31st March, 2006 Particulars To Opening Stock To Purchases Rs. 2,47,400 Less: Returns Outward Rs.6,300 To Freight Inward To Factory Lighting To Coal, Gas and Power To Gross Profit c/d Rs. Rs. Particulars Sales Rs. 4,30,950 18,000 By Less : Returns Inward Rs ... eco living toothpaste tabsWebHOW IT WORKS. 1) First you open account with a reputable broker and fund it with a few. dollars and we can start trading for you afterwards. 2) When … eco living solutions weed \u0026 grass killerWeb13.1.2 Profit and loss account: ♦ It shows the performance of the entity i.e. profit earned or loss suffered considering all indirect expenses and incomes. ♦ ... By Gross Profit b/d: 1,62,000 (+) Outstanding salary: 3,000: By Interest: 4,000 ( … ecoliving toothpaste tabsWebPrepare the trading and profit and loss account for the year ended 31st March, 2016 and the balance sheet as on that date after adjusting the following: i. Commission received in advance Rs. 400 . ii. Advertisement paid in advance Rs. 150 . iii. Wages outstanding Rs. 200 . iv. Closing stock on 31 st March 2016, Rs. 2,100. Solution ecoliving website