Hi, We are into manufacturer & exporters of ready made garments. We have purchased some fabric worth Rs. 20 Lacs from a particualr supplier & he has sent us 6-7 bills for the same & he has charged us 2.5% of fabric value as transportation charges seperately on the same invoice. Now my query is, while making the entry should I add the transportation charges to Fabric amt or should I show transportation charges seperately under the same entry?

Kindly advice.

Thanks in advance,
Santosh

Hi all.

Its urgent plz let me kno where can i search for a specimen of the final accounts of a Media Industry or if any one has it kindly mail me at munjal.bhavya@gmail.com

Regards
Bhavya Munjal

1) A ltd limited purchase 1000 calulators from X LTD at rs.100 each plus VAT 4%. AND SOLD 800calculators at rs.100 plus VAT. Prepare a trading account, and find out net vat payable.
2)In case 1 above if A LTD sold calulators at 10% discount. Then what is the gross profit and VAT Payable.
3)In case 1 above if A Ltd give a offer for purchase of 10 calculators 1 calculator free. then what is the gross profit and VAT pAYABLE.
4)iN CASE 2 ABOVE IF THE DISCOUNT IS REIMBURSED BY X LTD. then what is the gross profit and vat payable.
5)In case 3 above if the free quantity is replaced by the X ltd then what is gross profit and vat payable.
6) Pass the necessary entries in the books of A ltd for question no 4 & 5.

Hi,this is srini, cpt student. Basically i am a science student, i have some doubts regarding journal entries.....
1.)Do i need to memorize the journal entries of company accounts,branch,departmental, partnership or i need to apply accoring to golden rules.

accounting treatment in respect of open positions in the fno segment - how is the resultant position to be shown in the P&L account?

I like to know sir, where in india i can join class for quick book, book keeping accounting software for usa accounting.
i am using tally and other accounting software for last 10 year.

Best regards
Tenzin Sonam

Co. A starts marine repair business with purchas of floating dock and construction of workshop. For the purpose of purchasing the folating dock and constructing the workshop, it obtains bank financing. Now there are following expenses which Co.A has incurred towards getting the bank financiand and disbursement of loan:
1. Bank commission for processing loan
2. Agreement drafting fees paid to lawyers
3. Travel and hotel expenses of bank personnels while sanctioning loan.
4. Expenses reimbursement to bank personnel
5. Penal interest for not availing the loan facility
7. Adminstrative expenses by bank.
6. interest on loan availed upto the capitalisation of asset.

Co. A wants to capitalise all the above expenses.
Pl. comment whether the above expneses can be capitalised with the assets. Pl. give reference of Accounting standards.

Respected Sir

Please guide me for : A Partner Ship Firm Purchase Travelling Bills from a Firm Named OM Tourist.Prop Firm.for Travelling Expenses made by partners & Staff for Firm work.We Have Purchased upto today 100,000.00 Bills and paid also.Please Guide should TDS be Deduct. for Bills Credited in Firm Ac. (TDS @ 1%)

Regards

please help me to understand what does finalisation means . IS it the same way as we do in books of accounts or studied at B.com level. what points to be considered.

Dear Experts


If a company have Purchases 150000(including 10000 for input vat) and Sales Rs. 200000.(including Output Vat rs. 15000) and Company have paid Vat rs. 10000-15000= 5000.

in the above case which amount debit in
as Sales tax expenses
and Sales a/c
and Purchases a/c
and much amount show in balance sheet if vat not paid
Regards
Mahesh Siradhana