Hi all,

Please help me with a correct Journal Entry. Suppose, a Co. has a Development Fund and it wants to purchase some Fixed Asset utilising the said fund. It has a particular Bank A/c (say D.Fund Bank A/c) which represents the D.Fund Value. Now, I think-
Fixed Asset A/c is to be Debited & D.Fund Bank A/c is to be Credited (Current Asset is converting into Fixed Asset)
Again, Development Fund A/c is required to be Debited because of its utilisation (Fund gives Cr. Balance) then which A/c should be credited in this case under Double Entry System of Accounting.

Kindly reply

Thanks in advance

Hi All tell me the difference between net profit and consolidated net profit

if i issued a work order to a contractor labour+material both cost & i also pay him 5% Vat , 4.125% S.Tax extra on Contract amount can u suggest me what tax i have to deduct T.D.S or W.C.T what & what %

if i issued a work order to a contractor labour+material both cost & i also pay him 5% Vat , 4.125% S.Tax extra on Contract amount can u suggest me what tax i have to deduct T.D.S or W.C.T what & what %

Dear Sir,

I Want to make a provision entry of Entry of Audit Fees of Rs 1,00,000/- + Service Tax Rs 12,360/- Should i make separate entry of Rs 1 Lac and Rs 12,360/- or Should i make entry of Rs 1,12,360/- since we have not recd the bill

Regards

Ravi Konda

Dear Sir,
If I want a make a provision entry of Audit Fees since we have not recd the bill Rs 1,00,000/- Should i show separate entry of Service Tax of Rs 12360/- or should i make consolidated entry of Rs 112360/-

Please clarify

Regards

Ravi Konda

My question is as a Advocate, Advocate is mainting his accounts on payment and receipt basis. He received a demand draft dated 31.03.08 in april 5th Fy 2008-09 from his Company client, Company has deducted TDS on this payment. My question is :- What accounting entry is to be passed in Advocate Books and what will be the impact of TDS certificate for the FY 2007-08.
Reply please.

My question is as a Advocate, Advocate is mainting his accounts on payment and receipt basis. He received a demand draft dated 31.03.08 in april 5th Fy 2008-09 from his Company client, Company has deducted TDS on this payment. My question is :- What accounting entry is to be passed in Advocate Books and what will be the impact of TDS certificate for the FY 2007-08.
Reply please.

in case of accounting for private limited company who is engaged in investments in derivative segment-
Whether the daily mark to market margins as accounted at the broker's end should be accounted on daily basis for each future contract upto its settlement/sqarring up?

The movement of the funds will not have direct bearing on my bank account rather it will affect my fund account maintained by the broker. While accounting in the books of company, whether one needs to also maintain mirror account of the brokers transactions in the Fund Account?

Please guide on the accounting treatment to be given in the Company's Books.

ICAI has come up with AS 30/31/32 which follows IAS 39. As per the standard there is no material difference between AS 30/31/32 and IAS 39.
Q. So, is it an exact copy-cat of IAS 39 or there are some changes to take care of Indian Scenario?
Q. When it is said, there are no material deifference, is there still some difference between IAS 39 & AS 30/31/32?

Many thanks
Vikash Rajgaria