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Koi mujhey bata sakta hai k closing entries trading and profit & Loss account, Balance sheet sey pehley banai jaati hain ya phir baad mein??? Agar pehly to closing entries k balances adjusted honge ya jo question me given hon gey???please answers.
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[QUOTE=DDAY;535204]First entry is for the opening of new period while second was made during the closing of the period....
for example: when we close the period and we have some amount of rent is extra then it will be c/f for new period. so the entry will be Prepaid rent account (dr)................xxx rent expense/rent a/c (cr)..............xxx in the same way for the new period the entries will be reverse as Rent expense/rent a/c (dr)..............xxx prepaid rent a/c (cr).......................xxx If im wrong then plz correct it..............[/QUOTE] dear in my view expense account kbhi Cr nh hota.. preepaid rent ki entries is trha hngi Dr Prepaid rent account Cr cash aur jaise jaise rent utilize hota jaega hum usko prepaid se nika k expense me dalte jain just like below Dr rent expense Cr prepaid account aur in the end agar hum ne rent advance more than year ka pay kia hai tou wo balance sheet me Dr side show hoga. ku k prepaid amount humara asset hai.. me jaldi is pe ek example post krnga ta k sab clear hojae.. |
[QUOTE=seher bano;535407]Koi mujhey bata sakta hai k closing entries trading and profit & Loss account, Balance sheet sey pehley banai jaati hain ya phir baad mein??? Agar pehly to closing entries k balances adjusted honge ya jo question me given hon gey???please answers.[/QUOTE]
ji closing entries pehle hi banai jati hain tbi tou TPL aur B.S me year end balance aate hain.. aur second bat jo ap ne pochi hai wo Question dekh k hi pata chale ga k closing balance wohi aainge ya unko adjust krna hoga.. |
[QUOTE=Rohail Khan;535578]dear in my view expense account kbhi Cr nh hota..
preepaid rent ki entries is trha hngi Dr Prepaid rent account Cr cash aur jaise jaise rent utilize hota jaega hum usko prepaid se nika k expense me dalte jain just like below Dr rent expense Cr prepaid account aur in the end agar hum ne rent advance more than year ka pay kia hai tou wo balance sheet me Dr side show hoga. ku k prepaid amount humara asset hai.. me jaldi is pe ek example post krnga ta k sab clear hojae..[/QUOTE] Thanks for you consideration, but you are partly right in this case. you are talking about meigs and meigs adjusting entires. However, the case is most opposite in M.A Ghani adjusting entries. that is why i am very confused. |
[QUOTE=seher bano;535597]Thanks for you consideration, but you are partly right in this case. you are talking about meigs and meigs adjusting entires. However, the case is most opposite in M.A Ghani adjusting entries. that is why i am very confused.[/QUOTE]
dear sehar, na mene meigs and meigs parha hai na M.a Ghani.. so mujhe dono ka nh pata.. ap M.a Ghani me jo entries hain wo detail me post karain ta k pata chala k kaise opposite hain.. aur meigs and meigs ki bhi.. |
[QUOTE=green2;77099]Dear All,
Anybody can plz tell me that 1.do v need to prepare process costing in full detAils including FIFO and WEIGHTED avg method..and all other things e.g ab.loss and normal loss simultaneously...etc 2.v same question is for STANDARD Costing..mean to say all variances including SALEz variance or only MAT,LAB,FOH variance will b sufficient 3.in advance ACC same question is for PARTNERSHIP acc..how much details we need to cover for the said topic???? Kindly answer me if anybody have it. Regards, Saeed[/QUOTE] Yes these topics are most important. So if you want to score high then you will have to cover these topics. |
[QUOTE=Rohail Khan;535578]dear in my view expense account kbhi Cr nh hota..
preepaid rent ki entries is trha hngi Dr Prepaid rent account Cr cash aur jaise jaise rent utilize hota jaega hum usko prepaid se nika k expense me dalte jain just like below Dr rent expense Cr prepaid account aur in the end agar hum ne rent advance more than year ka pay kia hai tou wo balance sheet me Dr side show hoga. ku k prepaid amount humara asset hai.. me jaldi is pe ek example post krnga ta k sab clear hojae..[/QUOTE] Thank you so much for pointing out my mistake..... you are right... All expenses are debits because they reduce owner’s equity |
[QUOTE=Rohail Khan;535607]dear sehar,
na mene meigs and meigs parha hai na M.a Ghani.. so mujhe dono ka nh pata.. ap M.a Ghani me jo entries hain wo detail me post karain ta k pata chala k kaise opposite hain.. aur meigs and meigs ki bhi..[/QUOTE] [url]http://www.4shared.com/office/95FjoTBJ/Chapter_5___Preparation_of_Fin.html[/url] Please have a look to above mentioned link...there is every adjusting entry of P/L Account which is making me confused. |
[QUOTE=seher bano;535844][url]http://www.4shared.com/office/95FjoTBJ/Chapter_5___Preparation_of_Fin.html[/url]
Please have a look to above mentioned link...there is every adjusting entry of P/L Account which is making me confused.[/QUOTE] hmmm now i got your point. wo adjust is lie kr rha hai ku k TPL ko true and fair view dene k lie.. lets suppose ap ne 2 years ka rent pay kia hai advance me. agr wo at the year end adjust nh karainge tou usi ek year me 2 years ka rent exp include hojaega jo hamare profit ko kam kr dega.. let supose humara GP hai 50000. 60000 of 2 years respectively. 2 years ka rent hai suppose 24000.. means ek year ka 12000. ab agr hum without adjusting year one me sara rent dal dain tou senario aisa hoga k year 1 GP=50000 rent= 24000 NP=26000. aur year 2 GP=60000 rent exp=0 NP=60000. adjustment na krne se hum year 1 k profit underestimate kr rhe hain aur year 2 k profits ovr estimate.. so adjustment k bad humara 2 years ka TPL kuch is tarha show hoga year 1 GP=50000 rent= 12000 NP=38000. aur year 2 GP=60000 rent exp=12000 NP=48000. hope mene apki problem ko sahi identify kia ho.. agr nh tou let me know. regards, Rohail |
[QUOTE=Rohail Khan;535876]hmmm now i got your point. wo adjust is lie kr rha hai ku k TPL ko true and fair view dene k lie..
lets suppose ap ne 2 years ka rent pay kia hai advance me. agr wo at the year end adjust nh karainge tou usi ek year me 2 years ka rent exp include hojaega jo hamare profit ko kam kr dega.. let supose humara GP hai 50000. 60000 of 2 years respectively. 2 years ka rent hai suppose 24000.. means ek year ka 12000. ab agr hum without adjusting year one me sara rent dal dain tou senario aisa hoga k year 1 GP=50000 rent= 24000 NP=26000. aur year 2 GP=60000 rent exp=0 NP=60000. adjustment na krne se hum year 1 k profit underestimate kr rhe hain aur year 2 k profits ovr estimate.. so adjustment k bad humara 2 years ka TPL kuch is tarha show hoga year 1 GP=50000 rent= 12000 NP=38000. aur year 2 GP=60000 rent exp=12000 NP=48000. hope mene apki problem ko sahi identify kia ho.. agr nh tou let me know. regards, Rohail[/QUOTE] Ok Thank you...If I have got any problem, will let you know. |
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