I am purchasing something goods from Party A and paying by credit card. And after some time pay the credit card Bill.
The entry will be

Purchases : purchase Ac dr
credit card ac

Payment Credit card ac dr
to bank ac

Is the above entry correct?
If yes then what about the Party A ? whether we have to pass any entry relating to Party A. If yes then what ?

SIR,
I WANT TO KNOW ACCOUNTING TREATEMENT OF PROVISION FOR INCOMETAX, TDS RECEIVABLE, MAT. WHAT ENTRY SHOULD PASSED AS THE YEAR END(31ST MARCH). INCOME TAX ASSESSMENT IS NO COMPLETE. CAN I ADJUST TDS WITH PROVISON OF INCOME TAX IN BALANCE SHEET OR SHOW BOTH SEPERATELY.

Bank Balance is to be shown in balance sheet as per shedule VI as follows:

With schedule Bank :
With Others :

What is the difference between both?

We have a bank account in Citi Bank. Balance on 31.03.08 of this bank to be shown under which head?

Respected Sir,

I have one query regarding treatment of sale of units of mutual fund as per IFRS.Suppose i have sold some mutual funds and made a profit out of that.Then what would be the Treatment of sale,Profit & Investment as per IFRS?

Kindly reply asap.

Thank you.

During the year 2007-08, we received advance from our debtors. Now in the debtors ledger, there is a credit balance... which include some debtors (dr. Balance ) and some debtors (Cr. Balance)and net debtors is credit balance.

How this will be present in Balnce Sheet as per Shedule VI?

I would kike to know more about the statutory & genaral reserves of companies in India & GCC countries


S.K.

I have taken a Bank Gurantee for 2 years for submission to our client office. I want to know that BG commission for 2 years accounted once a time or prepaid
BG commission basis. please advise me.

Thanks

1. Can anyone inform me if there is any provision in UTTAR PRADESH regarding transfer of unpaid wages, salaries, bonus, incentives and other employees benifits to labour commisioner account after expiry of three years from the date of provision been provided in the books???

2. Can workmen compensation paid to employees be net of with the insurance claim received????

Dear All

How do i calculate depreciation of the assets purchased in the middle of the year according to comp act as well as IT act

And also what is the rate of depreciaiton for mobile phones purchased for staff according to companies act and income tax act

plz urgent

As per AS 26 whether preliminary expenses are to be written off immediately and not to carry over the period of years? If yes then from when it is applicable?