Qualification > Commerce

all acc doubts here !!

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***exam***:
There are very less people taking acc and even lesser who can solve doubts

so i decided make this thread so that all acc doubts can be posted here and its easy for everyone to locate.
cuz many small threads here and there makes it difficult to locate and creates more mess in sf

i hope all doubts are posted here !!!! 

pastyear:
ya , i agree  :D :D :D ;D

pastyear:
Q1)  net asset = fixed asset + current asset -current liability

       if the question got long-term liability, do we need to deduct to get net asset?

Q2) Can someone explain Provision for unrealised profit and factory profit ? About the double entry and how its put on profit and loss a/c , balance sheet

Monica:

--- Quote from: pastyear on May 14, 2010, 04:40:42 am ---Q1)  net asset = fixed asset + current asset -current liability

       if the question got long-term liability, do we need to deduct to get net asset?

Q2) Can someone explain Provision for unrealised profit and factory profit ? About the double entry and how its put on profit and loss a/c , balance sheet

--- End quote ---

Provision for unrealised profit

-Be made on the closing stock valued at production cost plus a percentage of factory profit.

-Provision for unrealized profit  =  Mark up% / 100%+ Mark up(%)

Check the file attached it is explaining the Manufacturing account lesson PERFECTLY. You will find full explanation there for Provision for unrealized profit.

Monica:

--- Quote from: pastyear on May 14, 2010, 04:40:42 am ---Q1)  net asset = fixed asset + current asset -current liability

       if the question got long-term liability, do we need to deduct to get net asset?

--- End quote ---

Net assets = Total assets - total liabilities of an individual or company.

So, yes to your question, we need to deduct the long term liability.

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