Sir,

We have installed Elevator in our Plant (Uses of Elevator is material to shift from ground floor to 1st floor of Raw Materials). Some technically problem we gave order to service provide to repair it and given AMC. We want clarification on it that whether we booked this expenses.

We have paid Stamp Duty charges to Govt. Authority relating to transfer of Moveable Assets due to demerger. Whether such amount is need to be capitalized or to be expensed out?

As per the standards when a Govt. Grant takes the form of transfer of a Non-monetary asset, such as land or other resources. Both the grant & asset are accounted either at Fair value or at Nominal value.
Example: Govt. provides land to the entity
why should we recognize the same grant twice as the grant is only provided in the form of land once?

FREIGHT COST INCURRED ON PURCHING OF MATERIAL IS TREATED AS EXPENSE OR TO BE INCLUDED IN THE VALUE OF PURCHASE .

i purchase goods [food grain and pulses] and received bill for full amount party issue 4% discount on bill amount.please advice me should i pass entry after discount amount or for full bill amount .as if i record full bill amount my gross profit is showing excess.bill amount 100000 discount 4000 payment 96000.please advice me with legal view what is correct?96000 or 100000
with thanks

During F Y 20-21 one partner retired and one was admitted as on 30.06.20
Provisional accounts need to be prepared as on 31.03.21
My question is in provisional accounts as on 31.03.21 how will the treatment of share of profit to old, newly admitted and retired partner be shown ?

Respected Members,

Kindly solve my below confusion, please.

Event 1: One employee regularly spends his own money on office expenses and other purchases for the site. He has submitted bills but will collect money from me(Accountant) partially.

Event 2: Another employee takes money from me(accountant) in advance regularly for the expenses and settles the bills partially.

Can I create their ledgert under Current assets or Current liability?

Kindly help me

Sir,
Sec 44ada professional income it returns filed person creditor and debtor outstanding ledger balance as on 31-03-21(year:20-21) in books.
Cash loan to debtor balance Rs:4 lacs
Cash loan from creditor balance Rs:3 lacs
1.F.y.21-22 cash loan from creditor balance amount rs:3lacs amount transferred to cash loan to debtor balance amount adjustment journal entries passed in books.
2.remaing outstanding balance amount rs:1 cash received from debtor
Question:
1.assess journal entries passed in books allowed in it act(sec 269ss and sec 269t provision applicable)
2.remaing rs:1 lacs cash receipts allowed in it act.

can land lease be capitalised? n if yes how its accounting is done?

Hi All,
In Invoice In B.O.E Remarks
Invoice Amt 7939.64 8099.64 (7939.64+160 FOC Items)
Handling Charge 250 250
8189.64 8349.64
Freight F.O.B 255.5
8189.64 8605.14

Payment Done 8234.02 8234.02

Balance Amount -44.38 371.12

Got confused in submitting BOE in Bank,Please suggest the balance amount.