wat would be the accounting entry
when we are raising a sale invoice like below

total of bill Rs. 20000
Add: VAT@12.5% Rs. 2500
Total Rs. 22500
Add:Freight Rs. 1500
Total Rs. 24000
in this case vehicle is owned by the company
plz reply asap

Dear all,

Kindly provide me the soln for the below query
e.g Plant purchased Rs. 100/- vat charged @12.5%. Under MVAT we can claim input vat in excess of 3%.Hence out of 12.5Rs paid to Govt we can claim Rs. 9.5/- as input against our vat liability.

But what about Rs.3/- which is retained ?
Should it be capitalised or shud be charged to P & L?

hi
can anyone tell me how to pass enrties of fd in tally

We are going to capitalized new SF cooler in Oct 2010 with 105 Lacs

The old SH cooler, which actually dismantled and new cooler project in progress
what should be the Accounting Treatment for the above :
1) Whether we have to de-capitalized it today itself because it is nowhere in existence or we have to wait for new cooler capitalization.
2) Scrap value may or may not exceeds the WDV.
3) Whether we can transfer the WDV in books to Obsolence and scrap value can be shown separately.
Or we have to net off the scrap value with the WDV.
4) New cooler will cost to Rs.100 Lacs

please give reply in details

HELLO ALL,

PLEAE SUGGEST ME WHAT WILL BE J.E. FOR :

WE ARE NOT IN BUSINESS OF SERVICE WE ARE JUST TRADERS (SELLING GOODS)BUT PRESENT OUR OLD CUSTOMER SEND US AN EQUIPMENT FOR SERVICE/REPAIR SO WE HIRED A THIRD PARTY AND GIVE THE EQP. AFTER SERVICE AND HE WILL GIVE US PAYMENT THAN WE WILL PAID TO THE THIRD PARTY AND WE DONT HAVE SERVICE TAX NO.WE WILL ONLY DEDUCT TDS.
SO PLEASE SUGGEST ME WHAT WILL BE ENTRY IN TALLY .
THANKS,

What can be the treatmet of partners loan a/c at the time of dissolution of partnership firm in various cases.

dear all

please briefly explain about the outstanding assets and liability.

Dear Sirs,
I hope am correct in considering that,
Avg Due Date means, a date on which a single payment is made against several bills without lose or gain to either parties.
for eg: if bills are drawn on several dates like, 1.01, 5.03, 4.05, 2.07, then after computations, ADD may be, say, 17.04.

Here as on 17.04 how can we settle bills drawn on 4.05 and 2.07 ??? Isn't this purely "out of logics" ??

Pls clarify me...

Do anybody have any presentation on accounting of Futures and Options or any guidence note has been issued by ICAI. If yes, u can mail me ar goyalsunil06@yahoo.co.in

A firm of three partners starts coaching classes on 1 April 2010 and receives entire fees of Rs 70 lacs in April for a session of 12 months.On 30 June 2010 two partners retire due to disputes and decide that they do not want any profit or loss for the business, and the remaining partner is running the business as a proprietor.
How should the fees be reflected in the accounts of the firm for the three months ending 30 June 2010.The expenses to run the classes per month are Rs.2.75 lacs.Whether the firm will show a net profit of Rs.61.75 lacs and pay tax on it.Whether the Proprietory firm will show a loss of Rs.24.75 lacs for the nine months ended 31 March 2011. Basis of Accounting is CASH.