provided to clients. Recording receipts from customers. Verifying and recording invoices from suppliers. Paying suppliers. Processing employees’ pay and the related governmental reports. Monitoring individual accounts receivable. Recording depreciation and other adjusting entries. Objectives of accounting Permanent Record Any business firm needs a permanent record of the transactions that it indulges in. These records could be vital for internal purpose‚ for taxation purpose or for any
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| Tarapore Committee Report on CAPITAL ACCOUNT CONVERTIBILITY | Prepared ByApoorva Soni – 11020241071Pankaj Baid – 11020241021Rashmi Sonare – 11020241123Swapnil Rathi - 11020241134 | | INDEX Definition of CAPITAL ACCOUNT CONVERTIBILITY (CAC) 2 CAPITAL ACCOUNT LIBERALISATION IN INDIA SINCE 1997 3 Committee’s Approach to FCAC and Related Issues 10 Interaction of Monetory Policy and Exchange Rate Policy 11 Development of Financial Markets 14 Regulatory
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Survey of Various types of Bank Accounts‚ rate of interest offered Mr. Pinto (name changed on request) of Axis Bank Limited of Nerul Branch was very co-operative when I visited their branch and introduced myself as a 10th Std. student of Ryan International School‚ Nerul and inform my purpose of visit of carrying out a survey on various types of bank accounts available and commonly used in India. He offered me a place to sit and called for water and request to give him some time to complete his
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Demat‚ in India‚ refers to a dematerialised account. For individual Indian citizens to trade in listed stocks or debentures. The Securities Exchange Board of India (SEBI) requires the investor to maintain a Demat account. In a demat account shares and securities are held in electronic form instead of taking actual possession of certificates. A Demat Account is opened by the investor while registering with an investment broker (or sub broker). The Demat account number which is quoted for all transactions
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Gross profit‚ $490‚000 Accounts receivable‚ $110‚000 Sales discounts‚ $14‚000 Allowance for doubtful accounts credit balance‚ $1‚200 How much is bad debt expense assuming that 5% of accounts receivable is estimated to be uncollectible? A. $5‚500 B. $6‚700 C. $4‚240 D. $4‚300 Answer: Bad debt expense ($4‚300) = 5% of accounts of accounts receivable (5% $110‚000) - allowance for doubtful accounts credit balance ($1‚200). 3) Which of the following journal entries correctly records bad
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business transaction. The profit and loss account is fundamentally a summary of the trading transactions of a business and shows whether it has made a profit or loss during a particular period of account. Indeed‚ by deducting the total expenditure from total income the profit or loss of a business can be calculated. Along with the balance sheet‚ it is one of the key financial statements that make up a company ’s statutory accounts. Basically‚ this type of account shows the following information for
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$200 September 18 – bought goods‚ ten box of erasers on credit from H.Henry $600 October 1- goods returned by us to H.Henry $240 October 3 – sold goods‚ three box pf sharpener on credit to Marcus Ltd $220 October 5 – goods returned to us by Marcus Ltd $150 October 7 – bought eight textbook from D.Lee with cheque $270 October 9 – sold goods‚ three box of rulers on credit to L.Len $300 October 15 – bought goods‚ six textbook on credit from C.Shane $160 October 20 – bought machinery with cheque $500
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Q1.Evaluate the following items‚ and determine the correct amount to report on the income statement for each‚ using the accrual basis of accounting for the referenced period of time. Revenues A Company had beginning accounts receivable of $8‚000. The company reported cash basis revenues of $100‚000. The ending accounts receivable amounted to $18‚000. Supplies B Company purchased $25‚000 of supplies. Supplies on hand decreased by $5‚000 during the period. Rent C Company started the year
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Definition: A current account deficit is when a country’s government‚ businesses and individuals import more goods‚ services and capital than they export. That’s because the current account measures trade‚ as well as international income‚ direct transfers of capital‚ and investment income made on assets‚ according to the Bureau of Economic Analysis. When those within the country rely on foreigners for the capital to invest and spend‚ that creates a current account deficit. Depending on why the
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Major assignment report 8/5 2013 prepared by Thuy Tran Executive Summary This report is providing an analysis and evaluation of the current and previous profitability‚ liquidity and financial stability of Elite Textile Importers Pty Ltd for the years 2010 – 2012‚ it also given the information about trend‚ horizontal and vertical analyses‚ it also provides all calculations about this business and all the calculation can be found in AFB assign calculation.the business is
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