Discount Received against FIXED Assets
Discount Given against Fixed Assets
How to book in Books of Accounts
and
Discount Given and Discount Received against Revenue income and expenses how to books in books of Accounts.

Dear Sir,

I have a client who has a Private Limited company and having turnover of Rs. 27 crores and have transactions in Bank of around 10,000 entries.

I want to know if I am writing his entire accounts in Tally along with doing GST reconciliation what should be the minimum amount I must charge from him as my accounts writing charges except Tax audit.

Please help me in this matter.

Regards,
Divyesh Jain

Respected Sir , my question is that when NPO receives fund for creating assets then when asset is created equal amount is transferred to capital reserve but why it is not income for NPO as it is getting asset free of cost ?

Dear sir,
I need advise from expert on accounting standard pertain to revenue recognition.
Case :
Responsibility of transportation of goods lies with supplier. Customer will inspect goods at supplier factory and instruct to supply to their location. It will take 1 week to reach customer location.
My query - when supplier need issue e invoice - whether at the time of removal or reaching at customer office.
i need advise from Accounting standard of revenue recognition and compliance with gst.

Dear All,

We have taken a business loan from bank of 15,00,000. Bank has deducted Insurance Premiun Rs. 10,000/-, Processing Fees Rs. 35,400/- and documentation charges Rs.3,000/-. The net amount disbursed is Rs.14,51,600/-. I have debited the Bank with Rs. 14,51,600/-, debited the expenses into one as Processing fees Rs. 48400/- and credited Loan account with Rs. 15,00,000/-.

Is the entry correct or will i have to bifurcate the expenses as Insurance premium, documentation charges and processing fees, as i have taken all the expenses into one that is processing fees.

Thanking you,

Dear Sir,

There are some clients for whom I maintain shares accounting by passing entries in Tally and show capital gain, loss entries too.

The process which I follow is first we pass each and every Purchase and Sale bill entry in a separate software which helps me to give capital gain or loss report along with number of shares held by the client.

Next, we match the debit and credit values of software report with the ledger account given by the broker and finally the number of shares as per software report with the demat account provided by the broker.

Once all of the above matches, we pass the closing balances and gain, loss entries of the shares (as generated by software report) in Tally.

The above process is too long and it takes lot of time. Is there any other way I can do accounting of shares.

Please help me in this matter. I have to maintain their books of accounts along with Share investments they do.

Regards,
Divyesh Jain

Sir,

During the financial year 2020-21, I have paid Rs. 225000 as registration charges in respect of land through online mode from the company bank account. the said amount was debited from the bank account, but was not received by the treasury. So as per the discussion with the concerned official it is being said that in order to complete the land registration formality fresh payment should be initiated and the amount already paid will be refunded later. For completing the registration, I have made fresh payment. But the said amount was not refunded till the close of the financial year 2020-21 (ie, on 31-03-2021) and was refunded on 16-04-2021. Confirm under which ledger payment of Rs. 225000 should be accounted in the balance sheet which was refunded only during the succeeding financial year.

I have paid advance to supplier towards purchase of Suiting Shirting for my staff Uniform. advance paid in the month of March 22. While the uniform will be provided in next financial year i.e. FY 2022-2023

Can i treat above expenses as Prepaid Expenses in FY 2021-22.?

what should make provision entry on 31st march in the case of LLP.

What would be the grouping of the following, in order to prepare books in excel:
Inter Company Clearing A/c
Profit Center Clearing A/c
Cost of Goods Sold
Raw Material Consumption
Change in Stock of Finished Goods
Change in Stock of Semi-Finished Goods

Thanks in Advance!