Y Ltd.purchased 500 units of raw material @ Rs15/unit gross less 10% Trade Discount.Sales tax is chargeable @5% on Net Price.The Exice Duty element on the product is Rs 12/unit against which MODVAT can be claimed.The Company spent Rs 1000 on transportation and Rs 500 for loading and unlaoding.Calculate the Cost of Purchase of Raw material

A Ltd. is selling refrigerator ,Purchase Price of the refrigerator is Rs. 15000 as per the terns of sales .The refrigerator is to be delivered and installed at customer`s house free of cost.A ltd has Hired Y & CO. for the purpose and being paid Rs 1000 per Refrigerator for delivery and installation.At year ended on 31.3.2010,refrigerator was in stock is 10.The market price of the refrigerator is Rs 15750.calculate the value of closing stock as per AS-2..

if we have purchase mutual funds what is entry for the same and the appreciation of fund value entry or decrease in the fund value what is the entry for the same.
kindly tell

A pvt. ltd. company in India has its office in Mumbai. This office gets damaged by fire. The doors, windows,filing cabinets, flooring, air conditioners, computers and various office equipments and records are damaged. In the books of the co. , the above items destroyed do not appear anywhere in the books and even if they appear they appear in negligible written down value.
The loss is however estimated at Rs. 2,50,000/-.
How should the company pass entry for the above loss in its books and how should the co. proceed to claim the amount of fire insurance. There is a fire insurance policy for office premises of Rs. 5 lakh.
Please offer the guidance and also explain how will accounting treatment be given for : 1) loss due to fire 2) insurance claim when received.

Sir,

One of our client in bangalore and they are executing work in bombay, from bombay they supplied material to near bombay places only. our client office in bangalore should we charge CST or VAT?
If we charge Vat that is not our local sales, for CST movement of goods from one state to another state. in our case there is no movement of goods from one state to another state.

How to go about this issue and how to account in our book regaring sales tax issue?

Thanks in Advance

Dear Experts,
In our books opening balance of sub contractors is showing Rs 4,75,000/- and this year we have huge cash-in-hand balance so can we pay off the entire sub contractors dues by cash or is there any conditions for cash payments. We already paid the TDS on the subcontractors amounts.

Thanks in advance

in which condition MAT IS Applicable and on which amount should the MAT be computed

Is any exemption of TDS if Printing charges is below 25,000 in a year

Dear Experts,
Proforma invoice Number and The original Invoice Number should be same or they may be different and one more doubt is when we need to pay tax whether at the time of issue of proforma invoice or at the time of issue of original invoice

Suppose i had not deducted TDS while making payments to my client, but i had paid it in TDS return even it has not deducted no such entries were passed by me!!

Payment entry

Mr.A a/c...Dr 10000
To, Cash/ bank 10000

"I had not deducted TDS on 10000
but a had paid it in TDS Return"
if he is not that paying then...

can I debit this excess paid TDS in P& L a/c
if yes what entries i need to pass????