I have issued invoice nov'10 but party returned material on june'11 we have received full payment from party. can we issue credit note to this F.Y. 2011-12 ? please let me know maximum period for issuing the credit note?

Ours is a builders Co.Now having 3 running projects.How can treat these projects under one company.I also want to know project-wise P/L and the Co's P/L.Please help to create group and under what head.Iam a fresher in the field of Accounting.

Hope u will help me.

please explain above problem, a company had purchased a business on 1-01-09.The company received its certificate of incorporation on 1-06-09.The average monthly sales for the period before incorporation was 25% more than the average monthly sales for the period after incorporation .The total sales during the year was Rs. 1325000. find out pre -incorporation and post-incorporation Sales.

hi friends
can u plz tell me what will be the entry for gift received ...

Dear all,
I maked a entry agst. rent due for the m/o April 10. Which has already entered in 2009-10 after deducting TDS and taken benefits of Services Tax. Now i want to know that what will be rectification entries against that entry. I have again submit TDS and taken benefits of service tax for that entry. I mean it has entered double time one is for F.Y. 09-10 and 2nd is 10-11.
Entry was following
Rent Dr 19000
Service Tax Paid Dr 1957
Tds Payable on Rent(Company) Cr 2095 Party(Creditors) Cr 18862
Now I want to explain one more things that I want to Dr tds amount to party and reverse of service tax also. again i want to repeat that for the month of April 10 office rent has already booked in march 10 and paid now it has again entered in months of April 10 Please help me regarding that rectification entries In my view the entry will be following.
1st entry
party Dr 2095
To Tds payable on rent Cr 2095
2nd Entry
Party Dr. 20957
To Service Tax paid Cr 1957
To Rent Cr.19000
Is it correct or not if not then please explain another entry. Thanks

Respected All,

Please refer to the following query:

A company was incorporated in the F.Y. 2007-08 and purchased an office premises for Rs. 20,00,000 as its registered office. The company has not charged depreciation on the same in accounts for 3 years.

Now in the F.Y. 2010-11,the company wants to provide for depreciation in the books of accounts.

My question is whether the company will charge depreciation on the cost of Rs. 20,00,000 in the current year or will charge on the WDV after deducting depn of previous 3 years? What will be the treatment of previous 3 years depreciation which was not provided in the books?

Regards
Jyoti

Dear friends,
I have one query recording provision for Income tax and Advance tax in the balance sheet whether shown separately or netoff. pls give me your opinion with relavent provision and section

Dear all,

Please resolve my query,


value of the assset purchased during the year, if less than Rs 5000/- can claim 100% depreciation.(according to Co., Act)

Am i correct,

Is there any raise in such maximum amount of asset value.


Thanks in advance

one of our client received CAPITAL ASSETS (Air-conditioner) as gift from party of Rs.15,000/- (Incl. of Vat amount of Rs.1666.67/-)during the F.Y 2010-2011.

can u suggest me, the treatment in books of the company regarding booking of capital assets and also treatment of VAT.

I have received rate increase letter from my supplier for prise raise and it is effetive from 1/3/2011 how can we book if rate diff bills are received from supplier
it can be added to Profit as previous years expense