Hi. I am an accountant at a manufacturing concern. At year end, we journalise our closing stock (per stock take) into our books (dr stokc b/sheet, cr stock i/statement or trading a/c. We created a stock reserve last year, but do not reflect it as a reserve a/c in the books. We do a spreadsheet with gross stock, then show the reserve (minus) and journalise the Net reserve into the books. There was substantial markdowns during year and the chief accountant suggested we put through these entries and reduce the reserve by the markdown amount.

dr. stock reserve a/c 776284.57
cr. stock markdown a/c 711307.46
cr. commission a/c 64977.11

dr. discount allowed a/c 426543.94
cr. stock markdown a/c 426543.94
(being notional markup on discounted sales.

We have decided to open account for the stock reserve in our books and reflect the reserve as oppose to show the net.

My question is this. If we put through these entries our b/sheet stock will differ from the i/statement stock by R776284.57. Could we just put through and entry dr. say purchese and cr. i/statement stock? This will result in b/sheet stock agreeing with the i/statement stock. Also this entry will not have any effect on profits. Please let me have your thoughts on this matter please. Rgds.

Hi

Purchase of Antivirus (Computer Expenses) for next 3 years = Rs. 50000 + 5150(ST-10.3%) = 55150 (Bill amt)
TDS dedt @ 10.00% = Rs. 5000 and Paid to Govt on following month.

The payment of Rs. 50150 (55150-5000) to be payable in advance for three years.


Please send the journal entries for service tax Rs. 5150 availed and utilised for curent years and how the expenses can be book in these three years.

VINOD AGGARWAL
9810833006

Hi,

I received one USD invoice for USD1000 in the month of Sep 2011 (USD RATE 45), invoice dated March 11.

I am going to pay the vendor on Oct 11 (USD rate 46)

There is the different in USD rates.

What was the entry and adjustment I have to pass?

ABC Ltd Purchase Plant & Machinery from USA
on 10/6/2010 @ USD-48=RS.1 at UDS-1000
On march 31 there is outstanding of UDS 400
and the rate USD-49=RS.1
how this will be reflect in balance sheet and P&L
Pls clearfy me the all effect

relpy

How to account for sale of fixed assets under Companies act and Income tax act??
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What is treatment for Purchase of Fixed assets in foreign exchange in following situation

1.During the FY
2.On 31/3/2011

urgent

We have made payment in the month of feb'10 but we have forgot to book invoice before 31st march 2011, we submit balance sheet . for current year what is accounting effect . Amt is below 30000 It is professional fees.
Kindly please reply ?

Dear Expert,

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