I am working in Sales and Service company. Can you please send me MIS format for Cash flow and budget.

I came across a journal entry

Mr X and Associates A/c Dr. 20000
To Mr.Y-Loan A/c 20000


Mr X and Associates is grouped under the head Sundry Creditors.
Mr Y-Loan A/c is grouped under the head Unsecured Loans.

and Mr. X and associates was showing an opening credit balance.

But after passing the above entry in 'Journal Entry' the ledger A/c of Mr. X and Associates A/c got closed.

Now my question is without the effect of cash or bank how come the ledger A/c (Mr. X and Associates) got closed?



Thank You
Regards
Devendra.K

hi, everyone

if anyone has a due date chart like service tax payment due date, return file due date,etc so ple provide me....


thanks in advance...
my mail id is hardikavediya@gmail.com

1)can some one tell me what is the treatment of Preliminary expenses in Accounts.

2)whether expenses made after incorporation but before the start of business is also considered as a preliminary expenses.n if not so what will be the treatment of these expenses.can i prepare put these in P&L accounts.

3.)how share and debenture expenses shall be treated in Accounts.are these also covered in AS 26.

Thanks

Whether Professional Firms have to maintain their books of accounts on Cash system or Mercantile system?

Dear Sir,

i want to know,in a manufacturing unit if i purchased raw material which is exempted from vat,can i take credit of vat from those bill(we are selling goods in 2% vat)

what is the date of capitalisation of fixed asstes in case of plant & machinery purchaed through loan from financial institution

Hi all,

"Treatment of Depreciation on Building Demolished"

> XYZ & Co is a Partnership Firm.
> It had an old building whose book value was Rs.715000 as on 31-03-2008.
> During FY 2008-09, it bought a land nearby the above building and it started demolishing the old building for constructing a new building for its hotel business.
> During FY 2008-09, half of the old building was demolished and remaining half in FY 2009-10.
> Construction of new building was also completed in FY 2009-10 and it started its operation in FY 2009-10.
> Scraps of old buildings like teak wood, iron pillars, etc were used in the construction of new building.

Note: New building is constructed on the new land as well as on the land of the old building.

Kindly tell me the accounting treatment and depreciation treatment for the above transactions as per AS and IT Act.1961.

A co., during there import of goods, made advance payment to the creditor and when it receive that goods, it made a journal entry like
Diff. in exchange
To purchase
or vice versa for exchange diff.
whether it is right or wrong, if wrong then what will be the treatment?

Also in another cases whemn it made payment to the party then also it made above entry, so plsease resolve this also.

Dear all,

we have imported goods from china. we paid rs.35000 through DD in favour of clearing & forwarding agent towards agency fees, stamp duty, documents handeling charges etc.
my query is, which ledger is to be debited?
whetehr tds need to be deducted?

Thanks in advance.

wtih best regards,
Sushil.