Sir
I own trucks out of which some of them are under loan. I am also the director for a company.
I agreed with company for providing my trucks for business use and receiving the hire payment on sub-contract basis.
As per the terms of agreement, I receive the hire payment after adjusting all the expenses made by the company including the repayment of my vehicle loan also.

In books of my accounts, I separated all the expenses by crediting the name of company at the time of payment through a journal voucher.

In books of company accounts, While making payment, It debits the expenses and credits its bank account. At the end of every month, it credits all expenses paid for my trucks and debits my account.

Is it correct system for maintaining of accounts?

guide me plz
thanks in adv

Does the company is required to make provision in the books of accounts towards statutory contributions such as PF, Gratuity for retired employees, and superannuation scheme payable for the past period due to revision of salary and allowances from retrospective effect.

Every month we are paying our office rent in advance in the first week of the month itself ( i.e., for the month where the rent has to be paid in subsequent month is paid in advance) after recovering TDS and TDS is remitted in the next month before 7th.
Should I pass this journal entry :
Office Rent A/c. ......Dr.
To TDS. A/c
To Party A/c
at the time of payment and later when payment is made
Party A/c .......Dr
To Bank A/c.

Or simply this entry at the time of payment through Payment voucher.

Office Rent A/c .....Dr.
To Bank A/c
To TDS A/c

Which is correct ?
Plz clarify .

Dear all
I have a doubt regarding, while preparing p&l account sales & purchases Consider / Includes gst or not?
As per my knowledge sales (Turnover) & purchases includes taxes.

In my organisation p&l accounts, they are showing purchases & sales before taxes,why?
Kindly help me.

Thanks

My query in on Exchange Difference :

Let's assume same scenarios with 2 different companies: say Company A & Company B

Scenario :

1) Exports goods worth USD 1,000 @ 70 rate.

2) Receive USD 1000 @ 75 rate from foreign customer

Company A has an INR current account. But Company B has USD EEFC account to receive foreign receipts.

Entry for no. 1) will be same for both companies:

Dr. Foreign Debtor 70,000
Cr. Export Sales 70,000

But there will be difference in Entry for no. 2)

when Company A receives USD 1,000 in INR current account, it receives Rs. 75,000. So, entry will be:

Dr. HDFC Bank current account 75,000
Cr. Foreign Debtor 70,000
Cr. Exchange Gain 5,000

However, Company B receives USD 1,000 in EEFC account. Though the USD to INR exchange rates are different during the time of export sale and receipt, but Company B billed USD 1,000 and it received USD 1,000 and in EEFC account. So, no exchange gain to account at that point of time.

Entry for receipt will be

Dr. HDFC Bank USD EEFC account 70,000
Cr. Foreign Debtor 70,000

Now an additional transaction is when the funds are transferred from EEFC USD account to INR current account. Let's say USD 1,000 transferred to INR current account when Exchange Rate is 77. So, entry will

Dr. HDFC INR current account 77,000
Cr. HDFC EEFC USD account 70,000
Cr. Exchange Gain 7,000

Is this correct?

I discussed this with our Auditor. He said that Exchange difference to be accounted while receipt of funds in EEFC account. Though Company B have received same USD quantity, but INR value is different.

So, he says that Exchange fluctuation will happen only at the time of receipt of USD and no exchange fluctuation impact when transfer funds from USD EEFC account to INR current account.

I am taken OD of 50 Lakhs INR and given loan to my relative of 50 lakhs INR. Another loan given to same relative of 40 Lakhs. i have maintain two separate ledger in my books and till march i have charged same interest rate in both account. During last year i have repay OD amount of 50 Lakhs and took new OD of 25 Lakhs but my relative not paid principle amount. he only pays interest amount. Now i want to change interest rate i.e for Loan given against of 50 Lakhs reduced to 25 Lakhs and and Balance 25 Lakhs transferred to Another Loan Account i.e 40 Lakhs + 25 Lakhs = 65 Lakhs And different interest rate for 25 Lakhs and 65 Lakhs from same person.
Is it possible to do ?

i have purchased Tally Software for INR 13k. Whether it will be an Asset (can claim depreciation as its an intangible asset) or its a spend to be charged to P&L?

What adjustment is required for inter company owing between Investor and Associate?

Dear Sir

WE have washing Gadi ( White Sheet, Pillow cover, Towel ) from Washermen. Please provide the name of the expenses head which we book the expenses.

Purchase land 1992 value Rs. 52000/- sale the property march, 2020. Value of rs. 36,00,000/-
1)This is a taxable income for capital gains?
2) if capital gains then which % are calculated?
3) any deduction for this income?