Please Suggest me the journal entry:
a car purchase of Rs. 200000 and car insurance 15000 on 30 sep. 2010. what is journal entry

Dear Sir,
I need one doubt,one company was purchase vehicle against bank loans ,how to pass the journal & payment entry

Plz tell me how to treat Subsidy Received due to export of Sugar.
it has been given by Sugar Mill to us because of purchase from him during the year, FROM THEA SAME MILL

received payment of income tax refund for the f.y. 2009-2010 under which head accounted?

As Indirect income or capital a/c??
Business status is Partnership Firm????

Urgent please..thanks in advance...

I have come across a clients dealing as follows:

They take on lease vehicles say for X no. of yrs. Eithr at the end of lease period or b4 that they cancel the lease agreement & they purchase the asset from the Lessor. The value determined say is Rs. 450000 by the Lessor.

Now my client searches for the buyer for the vehicle. suppose the buyer pays 400000 for the vehicle. What my client does is that they treat Rs. 50000 paid by client to the lessor as Lease rent & deduct TDS on it & Rs. 400000 is remited directly to Lessor. Rs. 50000 is not shown as the Loss on account of the Sale of FA as the vehicle is not shown as an FA of the Company.

Is the treatment correct?

hello,
It is quite urgent

pls tell me that whether DTA can be created on basis of MAT CREDIT and if yes than it should be MAT Credit*30.9%?

Accept my thanks and regards in advance

Hi,

We have Export under EX. (ex works, which means , the price quoted applies only at the point of origin and the seller agrees to place the goods at the disposal of the buyer at the specified place on the date or within the period fixed. All other charges are for the account of the buyer.

My query is when to recognise revenue in this case ?

Kinjal Shah

good morning to all expert,
plz tell me the vat refund entry in tally erp.9
the detail is as follows
sale vat 13.5%-11543
cst - 661057
input vat 585829
input vat 13.5 30550

now sir my total vat refund is 604836
now sir when i adjust cst 661057
than total vat refund is 56220
now sir plz tell me vat adjustment entry

As per IAS 16, property plant and equipment depreciation should start once the asset is available for use.

Now in case of items like computers, servers, furniture, high value spares etc.. which are in inventory to be used as and when required should depreciation commence even when they are not used and just lying in store (as they are available for use and only thing is that we are not using them).

if as an LIC agent I paid my client LIP and afterwords my client reimbursed me premium amount in next year.

Can I show LIP paid for client as expenses and next year when i receive it from client can i show it as Income
OR
Should I Show LIP paid for client as Current Asset?