what is the major head and sub head of Preliminary expenses?ans fast
The Silver Ore Co. Ltd. was formed on April 1, 2005 with an authorised capital of Rs6,00,000 in shares of Rs 10 each. Of these 52,000 shares had been issued and subscribed but there were calls in arrear on 100 shares @ Rs 2.50. From the following trial balance as on March 31, 2006 prepare the trading and profit and loss account and the balance sheet:
Rs
Cash at Bank
1,05,500
Advertising
5,000
Share Capital
5,19,750
Cartage on Plant
1,800
Plant
40,000
Furniture and Buildings
20,900
Sale of Silver
1,79,500
Administrative Expenses
28,000
Mines
2,20,000
Repairs of Plant
900
Promotion Expenses
6,000
Coal and Oil
6,500
Interest of F.D. up to Dec.31,2005
3,900
Cash
530
Dividend on Investment
3,200
Investments-share of tin mines
80,000
Royalties Paid
10,000
Brokerage on above
1,000
Railway track and wagons
17,000
6% F.D. in Syndicate Bank
89,000
Wages of Mines
74,220
(i) Depreciate plant and railways by 10%; furniture and building by 5%; (ii) Write off a third of the promotion expenses; (iii) Value of silver ore on March 31, 1969 Rs 15,000, The directors forfeited on December 20, 1968, 100 shares on which only Rs 7.50 had been paid.
why is sale of scrap considered under 'revenue of operations' and not under 'other income'?
Format of preparing vertical profit loss and balance sheet as per T.S grewal and meritnation is different from NCERT Text book. Which method we should follow???
can u help me for new format of balancesheet introduced by cbse recently as per schedule vi to the companies act 1956
Prepare the format of income statement and explain its elements.
in income statement, purchase of stock in trade is the 2nd line item But wont change in inventories of finished goods work in progress and stock in trade(i.e., 3rd line item) already include the purchases of stock in trade?then wont it be double time counting?
in the supplymentary given my cbse... in illustrations (while solving) they wrote the format all over again, including items that were not present in the question..and in the value the put a "-". so are we suppose to follow the same trend or we can skip the stuff that are not present?
what is the major head and sub head of Preliminary expenses?ans fast
The Silver Ore Co. Ltd. was formed on April 1, 2005 with an authorised capital of Rs6,00,000 in shares of Rs 10 each. Of these 52,000 shares had been issued and subscribed but there were calls in arrear on 100 shares @ Rs 2.50. From the following trial balance as on March 31, 2006 prepare the trading and profit and loss account and the balance sheet:
Rs
Rs
Cash at Bank
1,05,500
Advertising
5,000
Share Capital
5,19,750
Cartage on Plant
1,800
Plant
40,000
Furniture and Buildings
20,900
Sale of Silver
1,79,500
Administrative Expenses
28,000
Mines
2,20,000
Repairs of Plant
900
Promotion Expenses
6,000
Coal and Oil
6,500
Interest of F.D. up to Dec.31,2005
3,900
Cash
530
Dividend on Investment
3,200
Investments-share of tin mines
80,000
Royalties Paid
10,000
Brokerage on above
1,000
Railway track and wagons
17,000
6% F.D. in Syndicate Bank
89,000
Wages of Mines
74,220
(i) Depreciate plant and railways by 10%; furniture and building by 5%; (ii) Write off a third of the promotion expenses; (iii) Value of silver ore on March 31, 1969 Rs 15,000, The directors forfeited on December 20, 1968, 100 shares on which only Rs 7.50 had been paid.
why is sale of scrap considered under 'revenue of operations' and not under 'other income'?
Format of preparing vertical profit loss and balance sheet as per T.S grewal and meritnation is different from NCERT Text book. Which method we should follow???
can u help me for new format of balancesheet introduced by cbse recently as per schedule vi to the companies act 1956
Prepare the format of income statement and explain its elements.
REGARDS
1.?????Goodwill
2.?????Forfeited shares
3.?????Acceptances
4.?????Preliminary expenses
5.?????Capital reserve
6.?????Loans from banks.
7.?????Investment in shares and debentures
8.?????Interest accrued and due on debentures
9.?????Interest accrued but not due on Secured Loans
10.??Interest accrued but not due on Unsecured Loans
in income statement, purchase of stock in trade is the 2nd line item But wont change in inventories of finished goods work in progress and stock in trade(i.e., 3rd line item) already include the purchases of stock in trade?then wont it be double time counting?
in the supplymentary given my cbse... in illustrations (while solving) they wrote the format all over again, including items that were not present in the question..and in the value the put a "-". so are we suppose to follow the same trend or we can skip the stuff that are not present?