A/cing Entries

Page no : 2

Sunita Subramanian (None) (22 Points)
Replied 24 September 2009

Can anyone pls mail me Makkar Sir's MAFA notes at subramanian.sunita @ gmail.com

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(Guest)

accrued intrest(receivable)= accrued intrest a/c dr.

To intrest cr.

(accrued intrest is debited because asset is increasing)

(Guest)

intrest (payable)=intrest a/c dr.

To intrest due.

(intrest due is credited because liability is increasing)

machender (student) (190 Points)
Replied 26 September 2009

Mr.Deepak Kumar

assuming that you are clarifying doubt rather than interviewing iam giving my opinion on the question you have posted.

interest Accrues in two ways that is 1) payable 2) receivable

1) interest (Expenditure) A/c.............................Dr

To Interest Payable (Current Liabilities) A/c

2) Interest Receivable (Current Assets) A/c.........................Dr

To Interest (Income) A/c

machender (student) (190 Points)
Replied 26 September 2009

Originally posted by :machender
"	Mr.Deepak Kumar assuming that you are clarifying your doubt rather than interviewing, iam giving my opinion on the question you have posted. interest Accrues in two ways that is 1) payable 2) receivable 1) interest (Expenditure) A/c.............................Dr To Interest Payable (Current Liabilities) A/c 2) Interest Receivable (Current Assets) A/c.........................Dr To Interest (Income) A/c	"

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H.R.Sampath Kumar (Company Secretary) (62 Points)
Replied 13 October 2009

Originally posted by :Deepak Kumar

Write me the Journal Entries of these transactions :-1) Interest Accrued and Due?2) Interest Accrued but not Due?Happy New Year To All Of You?Deepak

(1) For Interest Payable :- interest Account Dr to interest Accrued but not due A/c or inteerst Account Dr to inteerst accrue and due ( interest accrued but not due should be shown as Current Liability. interret accrued nd due4 should be added tio to Secured or UNSECURED LOAN

(2) FOR INREREST RECEIVABLE - Interest Receivavble Account Dr to INTEREST A/c : On B/s Date, if it is receivable, show it under Current Assets

Kaushik Vankadkar (Service) (350 Points)
Replied 14 October 2009

entries are same but disclosure is different that is interest accrued and due will be shown with loans (whichever) and interest accrued but not due will be under current liabilities.

Rockstar (Student) (143 Points)
Replied 16 October 2009

Regional Healthcare Centre provides a range of healthcare services to the local community. Among other services, the Centre provides home visits by nurses to elderly patients. An allied health worker, who performs a range of tasks such as housework and showering of patients, accompanies the nursing staff. When the nurses are not visiting patients, the allied health staff members work at the office doing related administration work. Each year, the centre receives a budget allocation from the department of health. The objective of the program is to enable the elderly to remain in their own homes for as long as possible. The department does not allow the centre to spend more than this allocation. The centre, in turn, allocates its budget among its various programs. The visiting nurse program was approved and allocated Rs.250,396 in 2007 and Rs.279,476 in 2008 as follows: 2007 2008 Nurses Rs.135378 Rs.145019 Allied health workers 60046 71500 MedicalSupplies 18197 21402 Cleaning Supplies 6894 9216 Transportation 9068 11144 Clinic general overhead 20813 21195 Total expenditure Rs.250396 Rs.279476 No. Of home visits 4312 5101 Avg.cost per home visit Rs.58.07 Rs.54.79 The nursing staff received a 5 per cent increase in salary one-third of the way through 2008. The allied health workers did not receive an increase in wages in either year. The prices of medical supplies increased by 2 per cent during 2008. The prices of cleaning supplies were constant across the two years. Transportation is provided by the nurses, who are reimbursed 20 cents per kilometre. The clinic’s general overhead is allocated to programs on the basis of budgeted program salaries. Required: a. Compare the results for 2007 and 2008. Does it appear that the financial performance has improved in 2008? b. If you were the general manager of the centre, what would you like to discuss with the head of the visiting nurse program concerning the 2008 results? Explain. c. If you were the head of the visiting nurse program, how would you respond to the concerns raised in (b) above?

CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)
Replied 01 November 2009

Originally posted by : CA Mohit Mohan
"	i wonder what people think about this stupid question. accounting entry will be same but treatment will be diferent in balance sheet......	"

i wonder, how you tell it as an stupid question!!!!