Respected Experts ! We purchased a Property for Rs.14400000/- and loan was taken from Bank. Property transferred to Partners Account and the Interest charged by bank was debited to partners account. As the loan amount is being used by the partners , we want to debit the principle amount to partners account. What entry should we pass for the same purpose

We passed the entries

Property account Dr.
To Bank Loan Account

Partners Account Dr.
To Property Account

Interest on Loan A/c Dr.
To Bank Loan Account

Partners Account Dr.
To Inrerest on Loan Account

Bank Loan Account Dr.
To Bank Account

How can we charge the principle amount to capital accounts? Please guide me !

Prelimery Expense, Share Issue Exp, Registration Exp etc where to show in the revised schedule VI

Pl reply urgently....

Why advance income tax heading is shown on long term loan and advances ? rather than sort term loan and advances ?


Plz clarify how it is long term?

WHAT IS THE LOGIC BEHIND ADDING EXCISE DUTY ON CLOSING STOCK AS PER AS2 INVENTORY VALUATION , EXCISE DUTY IS NOT OUR COST SO IT SHOULD ALSO NOT BE INCLUDED IN STOCK VALUATION?

Pl tell

May BONUS SHARES issue be made out of following:

1. Revaluation Reserve

2. Capital Reserve

3. Securities Premium Account

4. General Reserve

5. Debenture redemption reserve account

6. Capital Redemption Reserve Account

or any other reserve

Are rules different for Private Co. / Unlisted Co./ Listed Co.


Thank u in anticiation.

I want to confirm the applicability of revised schedule VI for Nov 2012 CA Final Exams.

please anyone help me that how to pass accounting entry for free of cost goods sales.

Actually, we are selling free product as per sales scheme(FOC) like buy one get one free.

please tell me if any rule for this treatment.

Thanks

OUR FIRM HAS TAKEN A LOAN OF RS 30,00,000/- FROM AXIS BANK TOWARDS PURCHASE OF NEW CAR.

AXIS BANK HAS ADVANCED THE LOAN AMOUNT OF RS. 29,06,306/- THROUGH DD ( AFTER DEDUCTING RS. 76694/- AS ADVANCE EMI AND RS. 17000/- TOWARDS LOAN PROCESSING CHARGES) DIRECTLY TO THE CAR SUPPLIER.

MY QUERY IS :

KINDLY ADVISE THE ACCOUNTING ENTRY i.e., WHAT ACCOUNTS ARE TO BE DEBITED AND CREDITED.

HOW TO PASS ENTRY FOR ADVANCE EMI OF RS. 76694/- AND BANK PROCESSING CHARGES OF 17000/-.

I HAVE GONE THROUGH SIMILAR EXAMPLE IN THIS WEBSITE BUT COULD NOT UNDERSTAND.

SO KINDLY ADVISE ME PROPERLY.

what is the definition of fellow subsidiary?

Plz clarify with an example if one holding co 4 subsidiary and one subsidiary is aslo a holding company ?

Thanks

sir, I have a that in the may attempt of pce in accounts there is a question from incomplete records , there is an adjustment of goods costing rs. 18000 used as an advertisement articles sir i want to know the exact treatment of this in trading , profit and loss a/c and in the balance sheet?