Ms Janie, a client who has traded as a hardware merchant for the last five years, has told you that she finds difficulty in understanding the draft profit and loss account for the year ended 31 December 2010 which has been prepared by your assistant. Ms Janie’s main concern is that, although the accounts show a profit, the bank overdraft at 31 December 2010 was significantly higher than it was a year earlier.
Required:
Write a report, indicating your response and opinion to Ms Janie

A Pvt Ltd Company is transferring its profit or losses since many years to its reserves and surplus.What will be its use???????????Its just increasing it and has not done anything with it even for a single time.........

i want to know, whether vat is shown in p\l account even vat is standing receivable in balance sheet,i am asking this question because i had seen vat in balance sheet ,either rec.. or payable but vat is not shown in p/l acoout

In trial balance closing balances of all ledgers are considered.

But i saw a trial balance in which sales Account balance are considered but not purchase account.

Indirect Expenses amount are considered but not Direct Expenses.

No balance for closing Stock?

Why?

Purchase accounts, Direct Expenses and closing Stock ledgers not contained same balances in Dr. and Cr. side

I could not understand. Please Explain?

Q-1. What is the right head in Balance sheet for the following items?

Cenvat credit Received ( on S.T)
Cenvat Credit Available ( on S.T)

Current Asset is right or wrong? Why? Can we clubbed together both items?

Q-2. Tds Payble in two different years e.g 2009-10 and 2010-11 is given?
Tds on work contract is also given year not mentioned here.
Can we clubbed all the three items?

A company incurred loss due to storm. The company incurred expenses on repair and maint. The company passed the entry as repair a/c Dr To Cash A/c. The company filed an insurance claim after few days with insurance company. On that day the company passed the entry Insurance Claim Receivable A/c dr To Repair & Maint. As on 31-3 Insurance Claim was shown as Current Asset. The company has not yet received any correspondence from Insurance company even though eight months have passed. Is the accounting treatment given by company correct. Or should the company book the loss and on receipt of claim show it as income.

Sir,
I want ask that what is the procedure of service tax and vat applicability in business of flats construction-:
1- under construction
2- complete flat.

Dear Sir/Madam,
we have deducted TDS on co. employee's salary ,i am depoiste tds with which challan like 281 & 280 & provide me automatic tds challan in excell 2003


Thanks & Regards,

Umesh Bhardwaj

Sir

when we enter sales and purchases entries with vat in tally what is difference between
enter as a Vocher & Enter as a Invoice
I mean how above both are affected in final accounts

In which circumstitance we issued the debit & credit note? In that matter we take reverse the vat or excise to party .