Question

what is recorded when money from an off farm job is used in the farm business

what is recorded when money from an off farm job is used in the farm business

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

When money is received outsidse of the farm business it is recorded in private receipts.

Private receipts are amount that farmers put into the farm business but which are not obtained from activities related to farm eg dividends from shares, wages or salary from off farm business etc.

Any Private receipts from off business are considered as savings so they must be used to deduct private expenditure.

The Private receipts and private expenditure are omitted while calculating profit and loss.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
When operating a business the owners usually take distributions of money or property from their business....
When operating a business the owners usually take distributions of money or property from their business. What is the taxability of distributions of money or property from the business to the owner when the business is a C corporation, an S corporation or a partnership?
What are the models used to make money in gaming business? Discuss any 3 concisely
What are the models used to make money in gaming business? Discuss any 3 concisely
A farm business manager has just finished preparing end of year financial statements for the business....
A farm business manager has just finished preparing end of year financial statements for the business. The following financial information was determined:             Current assets – beginning of year                             $200,000             Total assets – beginning of year                                 $600,000             Current liabilities – beginning of year                        $100,000             Total liabilities – beginning of year                            $150,000             Total equity – beginning of year                                 $450.000             Current assets – end of year                                        $250,000             Total assets – end of year                                           $800,000             Current liabilities – end of year                                  $150,000                                                         Total liabilities – end of year                                      $300,000             Total equity – end...
I not clear on what happens when business assets are disposed of after being written off...
I not clear on what happens when business assets are disposed of after being written off early. The accelerated depreciation gets rid of the salvage value of an asset on the books. The company still has the asset though. Can someone please expalin this.
What two types of time-value-of-money calculations are used to account for the time value money from...
What two types of time-value-of-money calculations are used to account for the time value money from interest earned?
What is the general rule used to determine when it's appropriate to write-off an account receivable?...
What is the general rule used to determine when it's appropriate to write-off an account receivable? Provide 2 indicators which would possibly indicate to you that a customer's account is uncollectible?
What criteria are considered when identifying a business transaction? How are debits and credits used to...
What criteria are considered when identifying a business transaction? How are debits and credits used to record these transactions?
6) The Family and Medical Leave Act provides job protection and unpaid time off from work...
6) The Family and Medical Leave Act provides job protection and unpaid time off from work for a serious illness or birth of a child. In 2000, 60% of respondents of a survey stated that it was very easy to get time off for these circumstances. A researcher wishes to see if the percentage who said it was easy to get time off has changed. A sample of 100 people who used the FMLA revealed that 56% found it easy...
What are the primary differences between job evaluations and job descriptions? What are each used for...
What are the primary differences between job evaluations and job descriptions? What are each used for and what are some of the potential legal issues associated with both?
Suppose you decide to start your own business. You quit a job at which you earned...
Suppose you decide to start your own business. You quit a job at which you earned $38,000 per year and invest $20,000 of your own money (which had been earning 10% in a mutual fund). You incur raw materials costs of $23,000. After 1 year you earn revenues of $23,000 at your new business. You decide to go back to your old job, and you sell your business for $20,000. A friend tells you "Hey, you broke even-- you got...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT