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CMA Ramesh Krishnan's Expert Profile

Queries Replied : 26053

About me

Hi.I am Ramesh Krishnan, Associate Memeber of ICWAI & Certified Management Accountant (CMA) by IMA(USA) Working in Bangalore

Award Winner as " Most effective Expert in Caclubindia-2011" My working style always like,

Take life always as challenge,Think positive,

Give involvement on taken task,Donot divert your concentration from the taken task,

Always target your goals and commitment,Your future always better. Jai hind. Thank you for visiting my profile

To reach me : cma.rameshkrishnan @ gmail.com or send PM for queries & professional help

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kfgfgdfgffdfd says : queries connected with previous question
thanks for the reply .sir i have 3 more queries connected with the ques you have just answered Q1) as you have pointed out that my journal entries are wrong i presume that the below mentioned journal entries for vat purchases eligible for input credit are to be passed (using figures mentioned in the previous ques ) purchase dr 1005 vat recevbl dr 4 party cr 1009 vat adjustment entry is vat payabl dr vat recevbl cr unadjusted vat recevbl amount will remain as dr balance in vat recevbl a/c and will be shown in asset side OF BALANCE SHEET .Am i correct? xxxxxxxxxxxxxxxxxxxxxxx Q2)what about cst purchases? (using figures mentioned in the previous ques ) is the rm price 1009 in case cst is rs 4 and are following journal entries right purchase dr 1009 party cr 1009 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Q3)the accounting policy for 2012-13 is closing stock value of raw material= cost price or market price whichever is is lower 31/03/13- 500 kgs for which cp 108 and mp 100 therefore closing stock value is 500 x 100 = 50000 as on 31/03/13 closing stock of 2012-13 is opening stock of 2013-14 so which of the following is correct working 1 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (100 rs x 100 kgs ) consump 500 kgs rs 54000 (108 rs (cp as given above) x 500 kgs) clsng stoc 100 kgs rs 6000 or working 2 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (100 rs x 100 kgs ) consump 500 kgs rs 54000 (100 rs (mp as given above) x 500 kgs) clsng stoc 100 kgs rs 10000

kfgfgdfgffdfd says :
thanks for the reply .sir i have 3 more queries connected with the ques you have just answered Q1) as you have pointed out that my journal entries are wrong i presume that the below mentioned journal entries for vat purchases eligible for input credit are to be passed (using figures mentioned in the previous ques ) purchase dr 1005 vat recevbl dr 4 party cr 1009 vat adjustment entry is vat payabl dr vat recevbl cr unadjusted vat recevbl amount will remain as dr balance in vat recevbl a/c and will be shown in asset side OF BALANCE SHEET .Am i correct? xxxxxxxxxxxxxxxxxxxxxxx Q2)what about cst purchases? (using figures mentioned in the previous ques ) is the rm price 1009 in case cst is rs 4 and are following journal entries right purchase dr 1009 party cr 1009 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Q3)the accounting policy for 2012-13 is closing stock value of raw material= cost price or market price whichever is is lower 31/03/13- 500 kgs for which cp 108 and mp 100 therefore closing stock value is 500 x 100 = 50000 as on 31/03/13 closing stock of 2012-13 is opening stock of 2013-14 so which of the following is correct working 1 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (100 rs x 100 kgs ) consump 500 kgs rs 54000 (108 rs (cp as given above) x 500 kgs) clsng stoc 100 kgs rs 6000 or working 2 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (100 rs x 100 kgs ) consump 500 kgs rs 54000 (100 rs (mp as given above) x 500 kgs) clsng stoc 100 kgs rs 10000

kfgfgdfgffdfd says : queries connected with previous one
thanks for the reply .sir i have 3 more queries connected with the ques you have just answered Q1) as you have pointed out that my journal entries are wrong i presume that the below mentioned journal entries for vat purchases eligible for input credit are to be passed (using figures mentioned in the previous ques ) purchase dr 1005 vat recevbl dr 4 party cr 1009 vat adjustment entry is vat payabl dr vat recevbl cr unadjusted vat recevbl amount will remain as dr balance in vat recevbl a/c and will be shown in asset side OF BALANCE SHEET .Am i correct? xxxxxxxxxxxxxxxxxxxxxxx Q2)what about cst purchases? (using figures mentioned in the previous ques ) is the rm price 1009 in case cst is rs 4 and are following journal entries right purchase dr 1009 party cr 1009 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Q3)the accounting policy for 2012-13 is closing stock value of raw material= cost price or market price whichever is is lower 31/03/13- 500 kgs for which cp 108 and mp 100 therefore closing stock value is 500 x 100 = 50000 as on 31/03/13 closing stock of 2012-13 is opening stock of 2013-14 so which of the following is correct working 1 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (100 rs x 100 kgs ) consump 500 kgs rs 54000 (108 rs (cp as given above) x 500 kgs) clsng stoc 100 kgs rs 6000 or working 2 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (100 rs x 100 kgs ) consump 500 kgs rs 54000 (100 rs (mp as given above) x 500 kgs) clsng stoc 100 kgs rs 10000

kfgfgdfgffdfd says : waiting for your reply
rm purchase-1000(20 kgs) vat-4 other expenses-5 total-1009 journal entry purchases dr 1009 party cr 1009 purchase cr 4 vat receivable dr 4 while recording consumption the avg rate (1009/20) ie 50.45 is used. please let me know if the aforesaid journal entries are correct.Also let me know if the issue price(50.45) for consumption is right or wrong

kfgfgdfgffdfd says : sir please reply
rm purchase-1000(20 kgs) vat-4 other expenses-5 total-1009 journal entry purchases dr 1009 party cr 1009 purchase cr 4 vat receivable dr 4 while recording consumption the avg rate (1009/20) ie 50.45 is used. please let me know if the aforesaid journal entries are correct.Also let me know if the issue price(50.45) for consumption is right or wrong