Goods sold on HP at cost plus 50%

1- stock with customers at HPP (opening) Rs 162000

2- stock in hand at shop (opening) Rs.324000

3- Instalments overdue(opening) Rs.135000

4- purchases during the year Rs 1080000

5- Goods repossesed(instalment not due Rs. 36000) Rs. 9000

6- stock at shop excluding goods repossesed (closing) RS 360000

7- cash recieved during the year Rs 1035000

8- Instalments overdue(closing) Rs162000



Vendor spent Rs2000 on goods repossesed and then sold it for Rs15000. Calculate Profit/loss on repossession and profit/loss on sale? Kindly show workings also if possible...



Thanks in advance...

Dear members,

Our company had given advance of Rs 150,000/- to a Brick klin for supplying bricks. But unfotunetly Brick klin shut down due to some internal problems. since then our advance has been remaining in our Balance sheet. there is very little chance of recovering it. So what to do with the treatment.
Please share knowledge!
thanks

what is ASI which will be applicable in may 2010 pcc account xam.....

Sir,

Will someone clarify me on the following regarding Tally:

We have split the data in tally from the financial year 1st April,2010 to 31st March,2011.

Is it possible to make or alter entries in the previous financial year i.e.1st April,2009 to 31st March,2010.

Thanks

A Company is yet to appoint statutory auditors for F.Y. 2009-10. As on 31st March 2010, does the Company require to provide for audit fees for F.Y. 2009-10 in its books?
If the Company closes its books on a monthly basis, is it required to provide for audit fees proportionately on a monthly basis?

dear all

my query for you is

how should trial run production be treated if the same is
1 sold
2 unsold (i.e in stock)

Kindly suggest the tax implications of the same too.


Thank You.....Susheel

WHAT ARE THE VARIOUS WAYS OF ACCOUNTING EXCHANGE RATE VARIATION.

My client has purchased some material from XYZ , the vendor has sold the goods on 30.03.2010 but material reached on 6th April to my client premises. XYZ will be demanding C form for the FY 2009-10. How I can give them C form for the FY 09-10 as my purchase falls under 2010-11. Pls advise how to book entries.

Sir
Please tell the difference between the term loan and cash credit and what is period for repayment of such type of loan?

If anyone what to set up its own industry in iron scrap melting industry then bank can give such loan to an individual without any balance sheet, but he having project report for it.

Please advice me Sir,

Hi friends.....

I want to know about Travelling allowance exemption. I read the provision that Rs.600/- P.M is allowed for T.A But One of my friend is working in an Engineering College and the employer is deducting Rs.600/- out of his salary.

So please clear that any special provisons are alos attached with this exemption and why mine friend is not eligible to get the travelling allowance...

Its urgent