Case: We have issued a credit note to a debtor in 2009 which has been accounted in our books. later in the year 2011 we came to know that he has not honoured the credit note and no entry has been made in his books of accounts.As the year end is closed we cannot change books of accounts but they want a fresh credit note now.As per Acoount Standards it will fall under prior period item and we can cancel the credit note issued in 2009 and can make a fresh issue to them during the year. Is it correct? does it mean i can cancell old and make a new credit note

Dear Sir

If we provide Exp. payable entries at the end of the year.with in what period we have to clear that one. as per Income tax Act. for The Company and Proprietary consurns.

Whether expenditure towards plans, designs and drawings of buildings or plant and machinery will fall under intangible asset? Whether it can be considered as Know-how ?

Please tell me the all cases of accountancy of import purchases?
Purchases of Revenue Nature.

What will be the accounting treatment for building demolished by client himself (i.e. not by any natural calamity or by MCD)

Dear All

Please guide me to know if it is required to disclose arrears of pref dividend and if yes where it is specified that it should be disclosed.

Thaking you all in anticipation.

While recognising sales or purchases, sales should be recognised as gross. i.e. it includes excise,vat,other duties and cess as per section 145 of Income Tax Act.

Many companies follows net system of accounting rather than gross.Which system is valid as per accounting standards, principles.

As an auditor how we deal with it.

Dear all,

We engages 200 laborers to work in our plant construction. Daily payment approx 40,000 per day.

My quest is can I pass single cash entry in cash book for Rs.40,000 as labor payments.

Is it allowable expenditure under income tax?

Pls clarify?

Hello Sir, Some unsecured loan has been taken from India Bulls , bajaj Finance Co, Cholamangalm DBS, reliance capiatl ltd Loan payment through EMI on Monthly basis , what can we laible to deducted TDS On Interest paid to co, if yes kindly guide us what can booked entry in the books,

Amount debited by bank from current a/c

what would be entry; is it contra entry

what would be cr and db entry in these case

thanks