WE HAVE A LAND IN NAME OF TWO PERSONS A S B AND ONE BULDING IS MADE ON THAT LAND
THERE IS A SOLE PROPERITORSHIP FIRM WHOSE OWNER IS A . A IS SHOWING BULDING IN ITS BALANCE SHEET AT ITS OWNERSHIP RATIO AND EXPENSES ON ERECTION OF BULDING IS PAID BY A FIRM CURRENT ACCOUNT IS IT RIGHT IF NOT THEN PLS ADVISE HOW TO SHOW LAND S BULDING IN EACH OF THEM BALANCE SHEET AND ERECTION ON BULDING COST IS TO PAID BY WHOOM AND EFFECT IN RESPECTIVE BALANCE SHEET

Hi Experts,

Can we create Capital Redemption Reserve from Acc. Losses to buy back equity shares.

Thanks

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Some expenses were paid by the Director from his personal account. Can the Directors loan account be reduced by the salary paid to him. What will be the journal entries in this case?

A registered cloth business composite scheme dealer sales to URD persons(customers) details per day transaction mentioned below.
1. Sales to URD customers Rs:1000/-
2.sales to URD customers Rs:500/-
3. Sales to URD customers Rs:800/-
4.sales to URD customers Rs:900/-
Above me sales details per one day all sales transaction through on phone pay or Google pay received from customers.
Question:
Dealer accounting entries passed in books
total single entry or 4 accounting entries passed is correct method

We 3 partners are running some service related jobs based on commission. (eg: Courier, share brocking franchisee, insurance portal). But all the above license are in my name only. So all the commissions are credited in my personal bank account only and the TDS so deducted are in my PAN. Firm was neither registered as partnership firm / Proprietor ship/ Pvt limited. We want the partnership firm to be registered and open a Current account. my query is
1. How to include the above said services in Partnership firm, if it is registered.
2. How will treat the Tax liability.
3. I want a salaried income from the partnership firm as I am looking for a home loan with in 6 months.

Profits are equally shared among the partners irrespective of the capital contributed.

Dear Experts, Capital subsidy has been received (2017-2018) by a firm. To purchase the (Embroidery Machinery)asset the firm has taken term loan from a bank. Now the bank has received the capital subsidy Which bank is showing in the Subsidiary Loan Saving Account, there is no change in the O / S terms also, how to do it in the entry book?
Is this entry correct for me?

Term loan A/c Dr. 700000
To Subsuidy A/c. 700000

Our Company takes Overdraft Facility from Bank & gave Security of Property and its source of income is Rent Collection from Tenants, while a Tenant Gave Rs.50,000/- Advance at the time of Joining Home(2018) & Last 6 Months he didn't pay rent of Rs.36,000/- on Feb 28th, 2021 he vacated and We deducted All 6 Months Pending Rent Receivables Rs.36,000/-,Painting charges Rs.6,000/- and Returned Him Rs.8,000/- How can I record these are above transactions in Tally

Dear Experts

Kindly advise we have paid salaries to employees in the month April-2020 (Lock Down Period) and paid PT to the department also.
But after lack down decided to not to pay salary for the month of April-2020 and deducted the amount in the months of June july aug-2020.

Kindly advise PT paid for the month of April-2020 is without salary pt payment is there in our books.

How to adjust this amount

An LLP has an existing shareholding pattern of 95:5 ( by A & B) with Capital contribution @ 10L. Now a new partner (C) is joining the same & 1 of the existing partner is retiring & the other partner is also selling his stake.
The New Partners - A & C
New Shareholding - 50:50.
But C is buying the stakes of A & B for a total Sum of 25L.

So what will be the Accounting effect for the same in the books of LLP & partners & how the gain on sale of shareholding needs to be booked at & at what rate it will be taxable ?

Respected Sirs/Madam,


Please guide me. I have Income from commission business received + salary +Dividend . I have some confusion regarding balance sheet prepare for own Income tax Return. Please let me now earlier years and current years personal Investment in shares / Gold/Deposits should be shown in balance sheet or not . In Liabilities and assets should be only shown transactions relates to commissions business. In further years I will shown income under sale of shares/property/ Deposits etc.



Thanks & regards
Bhupender
bhupenderka@yahoo.co.in