[sajid007]

Total100
Less or Minus Expense:45
Add: Cash recieved 5
Formula: Float-expenses+IOU/Cash recieved for any reason
100-45+5=40

[sajid007]

Hey bro
U can calculate the The both kinds of tax in both kind of Transactions through the following formula it will be helpful
1st: amount given Multiply by Tax Percentage Devised by 100((( this formula is for Exclusive Tax)))
2nd: amount given Multiply by Percentage given devided by 100%+Given percentage((( the Formula is For Inclusive Tax)))
Example For Exclusive Tax: Purchase is $100 and Tax is 20% calculate the tax amount?
100×20/100%=20. ((20+100=120gross amount))
Example for Inclusive Tax the same example: Amount is 120 inclusive tax and tax rate is 20%
120×20/120=20. ((120-20=100 net price))
Wish will be helpful

[sajid007]

But Dear thefutureaccountant we say that gross pay
GROSS PAY= BASIC PAY+EMPLOYER BENIFIT CONTRIBUATION+PENSION CONTRIBUATION
NET PAY= GROSS PAY-ALLOWABLE EXPENSES/DEDUCTIONS
BUT why we didn’t add the two employer contributions which r (180 and 210)!!!!

[sajid007]

Could u please Give us the complete question without answer
Sir

[sajid007]

The Correct answer is C because a bank Mednate form usually contain the name and signature of a person who is/are authorized for signing cheaques for payments from an organization’s side and it will be sent to Bank as a kind of instruction

[sajid007]

At all we Have 5 kinds of errors in BPP
Compensating
Principle
Commission
Transposition
Omission
Short Formula is (CPCTO)

[sajid007]

For finding The available cash the Formula is (Overdrawn Balance+Unpresented cheaques-Undepositeg cheaques or Outstanding Lodgments) and it is therefore debit because the opening balance of Cash in trial balance is DR
Ans no:2 (5675-125+(450×2)=6450
Ans no4: is (B) Because the debit side is more than credit side means credit side of trial balance is less by $50 in here in this question just sale can create CR balance when we add 50 to the credit side both will be equal
And no5: Recieveble Has a debit opening balance when we recieved the payment so our credit side should be decreased with 400 but it is posted instead of credit side to the debit side it should be dual cut from debit side of receivable i.e. (400×2) then we will have 7700 debit balance on receivable control account 7700
And no6:B 195
Opening Balance=300
Total expense=140
IOU contain= 25+10= 35
So the Solution is= 300-140+35=195
Ans no7: Dr: Grass wages Expense
Cr: Wages Control account
If I m wrong please tell me sir

[sajid007]

Very Helpful Brothers

[sajid007]

Outstanding cheaques means Unpresented cheaques and will be less than or minused from Bank statement

[sajid007]

Net assets= Total assets-Total liability
Or this can also be called net capital

[sajid007]

Salam Bro
There might an error in posting or might error of transposition
Because the trial balance disclose just the error of transposition
Thank u
!

[sajid007]

Ans1) Bank Can be Used commonly for any person at any onrganization
But BACS just can be used to transfer Money to the employees account directly mostly used by Payroll dept…..
Ans2) One difference between STANDING ORDER and DIRECT DEBIT is
In Direct debit the time is fixed but amount is not Fixed such as Electricity Bill
And in the STANDING ORDER both the time and amount is fixed such as Internet Bill

[sajid007]

Suppose we have a T account For WCA
so we should write or post the following items into the debit (DR) side of WCA
1:Cash or Net Wages
2:Income Tax
3:Employer Contribution Liability-
4:Employee contribution Liability –
5:Employer Pension Fund Liability –
6:Employee pension fund liability-
And other deductions
# and the following items should be posted to the credit(@CR )side of WCA
1:staff costs
2:Gross wages
3:Employer Benifit ContribuTion +
4:Employer Pension ContribuTion +
And other staff costs +
If I m right ok
If I m not th n please reply me

[sajid007]

HI and sorry everyone
Basically we can say that discount received is recorded in the Cash Book in a memorandum column so Here the question is about payable ledger control account
If I m right then ok
But If I m wrong then please anyone reply me to know the fact

[sajid007]

Dear sir/ Madam
Actually the one is asking about reconciliation not just about bank reconciliation could u please provide me with information about reconciliation of payable ledger control account and recieveble ledger control account if more about reconciliation of supplier statement
Your thankfully

[sajid007]

A/R is DEBIT coz our cash increases and cash is asset when it increases it is debit entry and A/P is Credit coz we are payable when we are payable our liability increases when liability increases it becomes credit

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