I want to know, when account writing of any party is compulsory. when the return of any party filled u/s 44ad, & want to write books of account then he can write his books of account & what profit should be in the book as per 44 ad or normal profit

please give on urgent basis

We purchased Assets Rs. 50 L (Tax Invoice Rs. 50L), however we made full & final pay. of Rs. 49L (accepted by vendor). what will be correct a/c treatment :-
1) Book asset at Rs. 49L
2) Book asset at Rs. 50 L & Show Rs. 1 L as dis.
In second case we have to show Rs. 1L as income & will also be liable for tax
Pls provide suggestion in the matter

Thanks in advance :

Amit

PLEASE explain this journal entry
regarding ADMISSION OF A PARTNER
when a new partner pays in cash his share of goodwill the journal entry
CASH A/C....DR
TO GOODWILL A/C


AND...........
GooDWILL A/C....DR
TO OLD PARTNERS CAPITAL A/C

PLEASE EXPLAIN THIS (CASH A/C IS DEBITED BECAUSE CASH ASSET COMES IN.....RULE- DEBIT THE RECEIVE AND CREDIT THE GIVER BUT WHY IS GOODWILL A/C CREDITED ????????????????)

Sir,

I want to know under which schedule of P&L A/c we should show the interest exp relatin to late payment of income tax, TDS, Service Tax, Electricity.
I think we should charge it under the schedule Administrative Exp, but my senior is of the view that we should show these exp under schedule "Interest and Finance Chage".

I am not satisfied with him since schedule "Interest and Finance Chage" relates to exp relating to long term projects.

Please help and provide the correct solution

SIRS,
A party has been paid in advance USD 25,000 ON 04.10.2011 AND ANOTHER USD 15,000 ON 21.10.2011 AGAINST PROFORMA INVOICE. LATER PARTY ISSUED ACTUAL INVOICE. ALL PAYMENT MADE FROM BANK'S DOLLAR ACCOUNT. NOW I AM CONFUSED HOW TO MAKE THESE ENTRIES IN INR CURRENCY AS NO EXCHANGE RATE IS AVAILABLE IN THE STATEMENT SENT BY BANK. PLZ GIVE SOME USEFULSUGGESTIONS.I HAVE JOINED THESE CLUB VERY RECENTLY.

a asset costing 20000, wdv 12000/- sold for 24000/-

wat is revenue and capital profit????

A Consultant has taken loan against property.

He wants to set off the payment of interest paid on such loan against his professional receipts.

My question is can he claim such interest paid on loan.

One point is here that he is not showing property in the balance sheet.

Can he do so.

Dear All,
Please kindly let me know in the Profit and Loss account statement of a company whether we should take the depreciation value as per IT Act or Company Act.
Thanks & Regards,
Don Bosco

Dear Sir,
We purchases certain vehicles (for commercial use) and financed the same from bank. we paid Processing fees for loan. My query is whether this processing fees should be capitalised ?

plz define as 18 related party transaction
what is exactly mening of related party transaction