Accounting Questions and Answers
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So company owns the GL
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Debit the receiver
Credit the Giver
Debit what comes in
Credit what goes out
Debit all expenses and losses
Credit all income and gains
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Service tax charged at rate 12 %( India) + 3% E.Cess & H. & E.Cess
In addition, service tax deposited of in under 5 days who you charged service tax to his customers.
In the payment of Service tax amount you can Credit availed during of the month.
Moreover, if any company purchased of any item that has Excise duty & E.Cess with E.Cess then you can credit availed when you received excise form to your seller.
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Reserves are created in books as a part of profits, which might used to purchase assets or to declare dividends.
Whereas in the Periodic Inventory System: - Recording inventory transactions periodically than recording them continually.
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