What is the journal entry of goods sold to Hari?
I am assuming that you are registered under GST Act. So let me explain you entry for goods sold to Hari by an example.Suppose: you sold product X to Hari the price of which is Rs.100 including your profit.And GST rate on the product is 18%. And you both are situated in same State.So, entry will be1.On SaleHari Account (Debtor) Dr. 118.00To Sale Account …………………….. 100.00To Output CGST Account ……….. 9.00To Output SGST Account ……….. 9.00(Narration : Goods sold on credit to Hari)2.On payment receivedCash / Bank Account. Dr. 118.00To Hari Account ( Debtor) ……….. 118.00( Narration : Amount received from Hari against invoice no……)
Can I get 50 transactions which include a journal, ledger, trial balance, trading, profit & loss and a balance sheet?
You need this for a project I guess.Anyway, you can put the following transactions-Started business with cash, furniture, building, etc.Purchase goods for cashPurchase goods for creditPurchased goods for partly cash n partly creditSold goods for cashSold goods on creditSold goods partly for cash and partly on credit.You can repeat this set including discount received and discount given.In discounts, you can again use trade discounts and cash discounts.Sold furnitureBad debtsCreate provision for bad debt and doubtful debtsPayment of salaryPayment of wagesCarriage inwards and carriage outwards.Carriage inwards paid by seller and carriage outwards paid by buyer.Bank transfers.Interest from bankInterest on capitalDrawingsInterest on drawingsInvestmentsAdditional capitalDepreciationSelling assets, eg, machinery or furnitureAdvertisements expenseDistribution of goods advertisementsDonation givenGoods sold on approval basisI think thats it.Thanks!!!
In which accounts will trade expenses be recorded? Is it profit & loss a/c or trading a/c?
Trading exps
Mr. Ali is running “Hyper Star Traders” a sole proprietorship the Mall Road, Lahore. At the year end the busin?
Sales[924000 + 20000] 944000 Less returns inwards [8000] Net sales 936000 Less Cost of goods sold Opening stock 120000 Pruchases 680000 less Returns outwards [4800] Net Purchases 795200 Less closing stock [200000] [595200] Gross Profit 340800 Add intrest recieved 2000 bills recieved 44000 Net Gross Profit 366800 Less Expenses Bills payable 20000 Commision 2000 Carriage out. 3600 salaries 48000 insurance 2800 wages 45200 Sundry Bad debts[Provision] 5000 Rent 5000 Depreciation 40000 Total Exp. [171600] Net Profit 195200 My dear friend, you have not asked the question. So i dont know what is bothering you. Simply I have written down the Trading and the Profit and Loss account. I won't proceed if I really know what your requirements are. Well i will tell you the tips for the Balance Sheet. All you have to do is to deduct depreciation from the Plant. Then use continue the process with a general concept of Balance Sheet. On the Capital Side you have to add Net Profit to the Opening capital balance. Ihope that helps. Thanks Have a nice day!
How do I save tax as a sole proprietor in India?
Saving Tax or to say top optimize Tax Liability in case of sole proprietor is simple and with some ingenuity, you can do it yourself, though in case of large assessees a professional help could be desirableFirst, ensure that all the heads of expenses have been accounted for. As a sole proprietor many facilities are ofefred to business as matter of routine only. One example is Car being used for business but owned by proprietor. Ensure to transfer that in the books of business so that claim depreciation, interest on loan paid, fuel and repair charges etc. Similarly if you are running business from premises owned by your parents, wife, etc(not you) then consider payng them certain rent etcThereafter ensure to have impeecable records of sales and prepare Profit and loss account. At same time estimate the taxable profits under presumptive scheme of taxation and find out which profits are lower. If book profits backed by documentary evidence is lower, go for thatThereafter consider taking the benefit of investments as under 80C, 80D, 80G, 80Tor such others as may be applicableIn case you have any doubt about the deduction of expenses claimed as explained in para 2 above are ok or not, consult any professional
How do you go from gross to net income?
Gross salesless: sales discounts, markdowns and allowancesless: returnsequals: Net salesless: Cost of salesequals: Gross margin on salesless: Operating expenses (rent, payroll, utilities, supplies, etc.)equals: Operating incomeless: Non-operating expenses (interest income/expense, other one-time charges/income)equals: Pretax incomeless: Income taxesequals: Net incomeSomething like that.As a point of clarification, there is no line item on an income statement simply called ‘gross’. You can have gross ‘sales’ (which is what I am assuming) or gross ‘profit’ (which doesn’t make any sense in the context of your question).
Do manufacturing expenses come under trading account?
Yes. Manufacturing expenses comes under trading account. All costs incurred directly in manufacturing a product comes under the head manufacturing expenses.Following expenses are shown in trading account:Purchase cost of raw materials required to make the productWages paid to workers who is engaged in manufacturing the productFreight and carriage inward expenses related to movement of raw materials and toolsPower and fuel cost incurred in running the machinery to produce the goodsOther items that finds place in trading account are:Sales less sales returnsClosing stockOpening stockPurchases less returnsGross Profit or LossFormat of trading accountLarge company’s balance sheet will be more complex and interesting offering more learning opportunities as well. More exciting it will be, when you read the balance sheet of your company as an equity investor. So, start investing in stocks by logging onto tradeplusonline
Tell me the history of london in full?
please bear in mind that the most detailed answers ,preferably not insults, comments, i need information in your answer not just link will get their well deserved ten pts, good luck!