Please make journal entry of provision for taxation on 31st march.
and also make journal entry of short and excess provision of provision for taxation.

Dear Team,

Could anyone help me on below query,

Our previous executive processed payment of Euros against Proforma Invoice as advance to a supplier and passed Journal entry ag. Actual Invoice received from supplier. Both the amounts differs.

Please advise how to calculate FOREX loss/gain and also to square off foreign currency with Invoice amount.

Thanks & regards,
V B Vijay Kumar

Question
a) On 08.06.22 The DGFT issues an MEIS License of various shipping done in past.
Total FOB Value of these various Shipments -92,95,700 & its MEIS License Value RS.8,71,777 as per License received.
b) We Sold this license of Rs.8,71,777 on 09.06.22 at 85% in the Market to our Client for Rs.7,41,010/- by generating a TAXFREE sale invoice to a GST registered dealer.
c) We received the above license amt RS.7,41,010 from the above client on 10.06.22 in bank.

Summary
1st Here we received MEIS License of Value 8,71,777 (in the form of License) Date- 08.06.22
2nd We sold it in the market for Rs. 7,41,010 Date-09.06.22
3rd We recd the above amt 741010 in bank date -10.06.22

1. What would be the entries for all these three steps ?
2. Accounting entry should be in such a way that this Taxfree sale would reflect in GSTR-1 (remember there is no purchase its a license recd from DGFT (Govt)

Request for a detailed accounting entry step by step preferably if one would first practically try it in tally and then post a reply, as i called up tally customer care & many of the executive could not give a satisfactory solution to it..

Hi,

1. If purpose of company to invest in chit fund is for obtaining fund for business purpose then while making subscription payment every month whether such payment will be treated as Investment or posted in current assets?

2. Any dividend received is adjusted again chit fund account or posted under profit & loss account?

Thank You

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A trust was registered on 25 August, 2021. However, the first financial transaction, i.e. transfer of corpus fund occurred on 5 November, 2021.

While preparing the financial statements for the period ended 31 March, 2022, what should be the headline on the top of the income & expenditure account :
"Income & Expenditure Account for the period from 5 November, 2021 to 31 March, 2022"
OR
"Income & Expenditure Account for the period from 25 August, 2021 to 31 March, 2022" ?

Shall be thankful for the reply.

Best regards