Can One Man be Karta in Two HUF accounts, like as follows:

Big HUF – Husband (Kartha) and Wife
Small HUF – Husband (Kartha), Wife and 3 Children

Dear All, kindly let me know if below scenario is possible:

Beginning of year (R&S account): 10 lac
P&L for year: 15 lac profit
Dividend: 0
End of year (R&S account): 2.5 crore

If so, what can lead to this situation?
Thank you in advance.

There are three companies operating in a same premises. There are some common expenses incurred by one company. Nature of expenses are 1) Rent 2) Office maintenance etc. My question whether the company in whose name the billing has been received from vendor can "issue debit note to other company". There is no criteria of distribution of expenses If the Debit note can be issued then whether GST would be applicable for the issue of debit note.

One of our Client, having status of Private Limited Co., doing business of online balance transfer to the venders. The company first received Cash/Bank from their all vender party and in turn the company transfer the balance in wallet of the vender A/c.

Quary..
1.Should the Cash/Bank amount received from vender be considered as a turnover in P & L A/c?
2.or only commission received from the wallet company is to be treated as direct income and not to shown the cash turnover in p& L A/c?
3.Since company is liable to to pay GST only on commission invoice issued to wallet company, now if we show the turnover of Cash/Bank (which is not liable to GST) department may raised the quary, that your turnover is more in p&l A/c compair to 3B??

While calculating stock reserve what is logic behind the byforcation of transfer and expenses.

Dear Sir,

As per books value of stock is Rs.2 Lakh but physically we have no stock, in our production process material is burn and its invisuable loss since FY-2006 to FY-18-19 we have not passed burning loss entries in our books now we want to passed JV in fy-19-20 so please tell me how to pass journal entries. In accounting software ( Tally ) we maintain only account not inventory.

In our co. when co's current a/c not open that time all partner put money in one partner SB A/c and form this a/c they make payment regarding the same, I have some below query?
1) Partner Y, Partner Z transfer money to Partner X Saving bank a/c ....... what will be the entry?
2) Partner X paid expenses from their Saving Bank a/c for business ... what will be the entry?
3) All remaining 5 partners transfer 10,000/- each to Partner X (Active Partner) Saving Bank a/c towards Salary ..... what will be the entry?

SIR
We are the manufacturing unit in leased premises and we agreed to share the expenses commonly with the lessor in some particular cases.In a transaction of store purchase, We bought some items in stores in our own name and accounted it. Now Our management has decided to invoice the store materials which was purchased to the Lessor.

When we make invoice on the Lessor, what are the conditions to be applied ?
(Here the address is same for both the lessor and lessee.
No Vehicle Number Cannot be used here.
As such clearance only).

KINDLY ADVISE ME PLEASE

what is the treatment of "' Addition to fixed assets and depreciation '' in a Non Profit Organization. kindly answer with the reference of Act or specific law.

Sir,
1. If an asset Purchased on March in the Financial year What will be the chargeable Depreciation as per companies Act 2013.
2. If an second hand asset Purchased during the Financial Year what will be the useful life if the remaining useful life is nil