Dear Friends / Experts,

I have doubts on the following :


Query 1

When I receive advance (on 22.01.11) Rs. 10000/- from client, I make entry in the following manner :


Date of entry : 22.01.11

Bank A/c Dr. 10000
To Client A/c Cr. 10000
Reference : Advance 01)

Query 2

When I raise Bill No.11 (on 24.01.11 for the said Client) for Rs. 10000/-, entry may be in the following manner :

Date of entry : 24.01.11

Client A/c Dr. 10000
(Reference : Advance 01)
To Professional Fees A/c Cr. 10000

Query 2 Contd.

How do I proceed for giving the details under 'Bill-wise details for : Client'


Bill-wise details for : Client

Type of ref :
Advance / Agst Ref / New Ref / On Account


Name
Due date
Service Tax Ledger
Amount

If I select Agnst Ref 01 and enter the amount 10000, the details will be as follows :

Agst Ref 01 Amount 10000 Cr
New Ref 11 Amount 10000 Dr

New Ref 11 Amount 10000 Dr

Total Amount 10000 Dr

I am unable to understand this.

Please explain, if possible.

Thanks.
DK.

Dear Friends / Experts,

Please express your views on the following :

Query 1

If a client has paid some amount on 21.01.11 by way of cheque towards professional fees and for which, the billing is yet not raised.

How do we make bank receipt entry in Tally ?

Ans : ...................

Query 2

After the bill is raised say on 22.01.11, the party has settled the bill by way of cheque.

How do we make bank receipt entry in Tally ?

How do we link both the payments i.e. payment received before the bill is raised and payment received after the bill is raised.

I shall wait for your views.

Thanks.
DK

What is Gross Investment in Lease as per AS-19 ?
Is it (Minimum Lease Payment + Guaranteed Residual Value + Unguaranteed Residual Value)?
Please answer for both:
From lessor's point of view &
Lessee's point of view

i have purchased two items :

Steel Bar -> 1000KG @ 50 = 50000.00
Alu Bar -> 1000KG @ 192 = 192000.00

After consumption at the year end the actual stock of invenotry is as follows:

Consump. Sys.Stock Phy. Stock
Steel Bar 800 200 150
Alu Bar 720 280 320

Please guide me
1. what will be my inventory value ? &
2. What will be my consumption value ?

Thanks in advance,

Alpesh Patel
99747 64303

Dear Friends / Experts,

Please see my basic query :

In Tally Version 9, when I make entries for bank receipts, I am unable to see the ‘Bill-wise details’ for many parties.

(For a few only, I am able to see the details under the List of pending bills).


For many parties, the ‘List of Pending Bills’ details is not appearing.


I am unable to understand this problem.

Please help me to resolve the issue.

I shall wait for your views.

Thanks.
DK.

If importer directly sold the goods from ICD to his customers without bringing the goods to his own godown, then which date is relevant for purchase entry and which day's exchange rate is relevant for this accounting entry.

For, Import Purchase accounting which date is relevant for accounting entry.

1. goods reached to the Port
2. Goods Reached to the ICD
3. Date on which Custom Duty Paid
4. Date on which Out of Charge order Received from the Custom Department

or
5. Goods reached to the importer's Godown.

Which day's Exchange rate we should consider for the accounting purpose??

Can anyone please sugest me how accrual concept of accounting is used for accounting advance received for service industry.
For eg.
Cost of the project : 1000000
Advance reced against project is : 700000

Project completion cannot be measured .
Pls suggest accounting entry

How much income is to be booked on accrual basis of accounting

Dear Experts,

We seek your expert opinion on the following situation.

We had capitalised machinary around twelve years back for 45,00,000/- We have depreciated this machinary on wdv basis. We have wdv on sale date 2,71,210/- for whole machine. We sold part of the machine in current year for 1,15,000/-

Now to give effect of profit or loss on sold part we need gross value of the particualr part. Pls tell us how to derive the gross value of the machine part which we have sold.

Thanks & Regards,

for transferring expense and income account balances to profit and loss we need to pass a closing entry.
Is that entry mandatory to be passed in the books?

can income and expense ledger show flowing transaction accross the years even if we are taking opening trial balance without p&L figures.