Our Company issues Inventory Items to Contractors for execution of Capital Projects.
What should be the accounting treatment. Currently it is transferred to 'CWIP-Stock' on issue.
Is it correct to book it as 'Advance to Contractors'.

One of my creditor is showing a debit balance to the amount of his debit note(purchase return). The payments are already paid in full and no bill are adjusted can anyone help me how to post it in tally. If possible give journal entries.

Dear Team members,


Good day.

1) What is Cost of Goods Sold & What is Cost of Sales ?? What are its Advantages & Disadvantages ??

2) In the "Chart of Accounts where nd. all - Cost of Goods Sold and Cost of Sales will appear ?? On What Concept (Logic) ?? ( Like in "Trial Balance & Profit & Loss A/c & in Balance Sheet; May be if you can more be Specific" )

Can anyone please 'Explain / Clarify'

Kindly do the needful.


Thanks & Regards

MY CLIENT IS A PARTNER IN TWO BUSINESS CONCERNS AND HE IS A SOLE PROPRIETOR IN ANOTHER ONE CONCERN.MY QUERY IS HOW TO SHOW HIS CAPITAL ACCOUNT BALANCE IN WHICH HE IS A PARTNER IN BALANCE SHEET?
WHETHER IT COMES TO CURRENT ASSETS DIRECTLY OR I HAVE TO MAKE ANY JOURNAL ENTRY FOR THIS?
PLEASE GUIDE ME

Please explain the accouting treatment of bad debts recovered under expected credit loss method as per Ind AS 109 and the presentation & disclosures in the financials with appropriate references.
Thank You
Kiran

Some material of opening stock items want to use for office and require to transfer into fixed assets. How the entry made in tally prime to transfer these stock items into fixed assets. Stock journal transfers only stock item to item. How to transfer stock item in asset ledger.

there are 5 partners if 4 of them decide to discontinue with the firm then will the partnership firm will be dissolved. and what is the procedure to dissolve?

Mr Basak of Kolkata sent on consignment to Mr Alok of Delhi 500 cases @ £1,250 on 1st
July 2019 to be sold on his account and at his risk for 10% commission.
Mr Basak incurred £ 30,000 expenses on dispatching the goods to Alok.
On July 10, 2019 Mr Basak received a bill for £ 200,000 at 2 months from Alok.
On September 30, 2019 Alok sent on account sales disclosing that 300 cases have been sold
for £1,600/- each and the remaining cases @ £1,500/- each.
The account sales also disclose that Alok has incurred unloading expenses £ 6,000 and
selling expenses £ 9,000. He sends a draft for the net amount due.
You are required to enter the transactions in the books of Mr Basak (Consignor).

Dear sir, I have read that all spares purchase entry are booked in tally by debiting the repair & maintenance account or by debiting the fixed assets account.
My Query is that as per above process we will not be able to check the spares stock in our books even it may lies in our store.
Pls advise the process of maintaining the spares stock in tally.

Regards,

Manish sharma

It is informed that , arbitration award/ court order in respect of a claim by contractor has been passed in favour of the contractor in respect of capital works and such arbitration award/ court order has been challenged in a court of law/ higher court, the amount of arbitration award/ court order (including interest till the date of award, if any) becomes the claim amount for the purpose of maintenance of Register of Claims .

Pl advice whether interest till the date of award on the amount of arbitration award/ court order is capitalised or not.