dear sir,
How to calculate INR value of a foreign purchase bill? Which exchange rate is to be used, rate prevailing on bill of entry or date of payment?

Why do we do so? Any rule or notification in this regard?

Some authors (eg TS Grewal)say that Purchase & sale return A/c are real A/cs, some says that both are nominal A/cs. Can someone pls clarify that whichone is correct & Why?

Hi Expert,

Could u please explain the difference between Current Liability & Other Current Liability

Dear sir,
our firm is a trading company. we account purchases based on GRN date and not the date of supplier invoice. A supplier bills on 28th march 2010(date of removal from his factory) and the goods are received in April 5th 2010 and accounted on April 5th 2010, will the accounting treatment voilate AS9. does significant risk & reward of ownership pass to the buyer as on 28th march 2010 itself?

Dear sir,
our firm is a trading company. we account purchases based on GRN date and not the date of supplier invoice. A supplier bills on 28th march 2010(date of removal from his factory) and the goods are received in April 5th 2010 and accounted on April 5th 2010, will the accounting treatment voilate AS9. does significant risk & reward of ownership pass to the buyer as on 28th march 2010 itself?

R/Sir,

I am an accountant doing accounting work on tally. For the first time i am doing accounts with inventory in tally 7.2. As audit date is coming closer and i want to complete the account but I don't know how can one reduce or decrease closing stock in tally 7.2. So, any help would be appreciated.

Thanks in Advance.

You can also mail me at junnu_ali@ediffmail.com

If one makes a sale of 100 bags of a commodity and dispatch it to buyer in 3 different trucks with different quantity suppose 30 bags, 45 bags and 25 bags, then how can he make a sales invoice in tally in which he is required to enter truck wise details of item dispatched.

In a partnership firm a new partner joined without bringing anything as capital or goodwill,but he got 1/3 share.i want to know whether he is entitled to share the profits of the firm at the end of the year.

Hi Friends,

When accounting in Tally, total Vat Payable is 2022.72, but due to rounding the actual VAT paid was 2025. Now when entering the entry in Tally,

VAT PAYABLE A/C DR 2025
Bank A/c 2025,

the VAT Payable A/c shows a debit balance of 2.28... Now what entry should I pass to close this 2.28 rounded amount?

Also VAT Paid can be shown as expense in Profit & Loss account?

Can someone please help me to know what is a 'mirror account'? What does it simply means and when is it used..
Thanks for your help.