The party has supplied the materials on 30th March but you have received the material on 3rd April in what way party and material will be reflected in the accounts as on 31st March ?
In addition to trade discount the party has also given cash discount at the time of making complete payment how the same is accounted ?
What Steps would you take before making a payment ?
What is the accounting golden rules ?
We have accepted a bills payable of 90 days with 1 % interest on Rs 2.5 lacs So how we can journalize the same ?
There were certains disputes with the party on the machinery supplied and the party has issued a credit note of Rs 5 lacs against the machinery cost of Rs 1 cr and how the same will be treated ?
What is the difference between billable and non – billable expenses ?
There are certain advances at the year end against which the materials have been supplied in next year how these will be treated at the year end ?