hi friends plz. let me know whether the following entry for advance to employees(shown as professional fees) and ajustment against salary payabale is correct or not


Advance(Mr. X)dr 5000
To Bank 4500
To TDS 500

Monthly fees-5000

Professional Fees dr 10000
To Advance (Mr. x) 5000
To TDS 500
To Bank 4500

As per our Co Policy any asset upto 5000/= will be charged 100% depreciation in the month when purchased. Audit says that the said policy is ok for IT Act, but under Company's Act we have to charge at the prescribed rate irrespective of its value. For information we follow Co's Act as far as dep rate is concerned for our accounts . Is audit view is correct. If yes then what should we do as far as asset upto 5000/=

Dear Sir/Madam,

Is there any formula to know the ideal percentage of expenses in a manufacturing unit.

I think it should be based on manufacturing qty. for direct expenses and on sales for indirect expenses.

For major expenses like labour, power etc. can you suggest ideal percentage.

Kindly help.

Thanks,
Regards,
Rajesh Kumar
e-mail : rajeshjagadhri@gmail.com

Dear Respected Member,

Please let me know the following two quaries in respect of High Seas Sales :-

1. At which date High Seas Purchase should be accounted in the books ? Whether it can be purchase inovice date or any other date later than purchase invoice date but before bill of entry date ?

2. At which date High Seas Sales should be accounted in the books ? Whether High seas Sales invoice date/ High Seas Agreement Date must be before the Bill of entry date?

What are off balance sheet items?

Can u suggest a book which gives detailed explanations to items appearing in financials of a banking company.

Dear Sir,

This is Renu bala . I am working in SHI Plastics Machinery India pvt. Ltd.

I want to ask about the depriciation rate on the following ites.

wooden furnitur
Telephone Sets
Water cooler,
computer hardware & software parts,
Tools of engineers like hammer Allen Keys etc.

I am unable to understand the new rate of depriciation as per company act 1956 .

Please help me as soon as possible

sir clear my this query -sir plz tell me the calculation of cst int.rate is 1.25%.supose i m late & i m deposit it after 3 days(after due date) than how i do calculate it.my cst for the month of october is 989111 i m late to deposit only 3 days.than how i will calculation of this.plz tell me calculation
989111*1.25/100*3/365-102
is it right or wrong
or
989111*1.25/100-12364
is it right or wrong
plz reply so soon

sir clear my this query -sir plz tell me the calculation of cst int.rate is 1.25%.supose i m late & i m deposit it after 3 days(after due date) than how i do calculate it.my cst for the month of october is 989111 i m late to deposit only 3 days.than how i will calculation of this.plz tell me calculation

plz sir clear my this query -sir plz tell me the calculation of tds.int.rate is1.50%.supose i m late ∓ i m deposit it after 3 days(after due date) than how i do calculate it.my tds for the month of october is 1941 i m late to deposit only 3 days.than how i will calculation of this

What is a balance sheet abstract and general business profile?.Is it forms part of director's report?Whether an Auditor will sign it or the director's signature is sufficient? Why many companies do not prepare it. In Most of the companies auditor do not sign it? What is the reason?