Hi,

My husband is providing services to the client outside India. He is having his own website. So people come to his website and they take subscription form the website i.e they buy hours according to their requirement. So every client pays money through Paypal. Paypal charges fees for the conversion and transfers the amount to my husband's bank. As clients are buying hours through the website my husband doesn't issue any invoice to the clients as the services are provided only when the payment has been received.
For example
Josh bought 29 hours @ 5USD. Paypal will convert this 145 USD, for this they charge 8USD and convert the 137 USD using exchange rate less than prevailing in the market. So the amount will be Rs. 9366/-

Now my query is:
1) What Journal entries he needs to do for the receipts?
2) Do he need to consider PayPal fee as well?
3) Is it mandatory that he should issue invoice to the client separately?
4) Will the journal entries make any difference if he is using quickboos instead of Tally?


Can anybody please help me? I will highly appreciate the help.

Can Dimunition in value of investments be shown as a extra ordinary item in P/L for a company engaging in the manufacturing business?

Hi,
We are trading importer company in Delhi. We sale goods to Chandigarh party. we hired a truck for dispatch goods to Chandigarh of Rs.9000/- Now we make a tax invoice of goods and want to charge cartage outward & Packaging charges by party in same Invoice. So how we charge it in invoice ? What is the GST rate we should charge on cartage & packaging? HSN/SAC Code of cartage & Packaging charges?

Dear Sir / madam,

there is a partnership firm having four partners , nature of business is land developers,

they constructed a apartments having 25 flats, they sell 21 flats and now 4 flats is not saled , now they can transfer 4 flats each one individually and want to close the firm,
please confirm GST applicable , if they individually transfer the each flat to each of them ...
please confirm GST applicable for sale transaction or not

We have recived 100% trade discount on some items purchased . How should i record these item would be recorded as per value shown in bill or zero because on total billing amount, we have recieved 100% trade discount.
As per my knowledge trade discount is not shown in books.

WE PURCHASED A CONTRUCTED BUILDING OF 3FLOORS IN THE NAME OF COMPANY FOR RS.70,00,000/-. WE TOOK LOAN OF RS.52,50,000/- FROM OUR BANKER KOTAK BANK AND BALANCE PAID FROM OUR ACCOUNT TO THREE SELLERS OF RS.26,25,000/-, RS.26,50,000/- AND RS.17,50,000/-. WE INCURRED THE EXPENSES OF STAMP DUTY OF RS.3,57,000/-, RS.70,000/- AND RS.35,000/-. ALONGWITH THIS WE HAVE PAID RS.36108 TOWARDS INSURANCE.

LOAN AMOUT: 52,50,000/- AT A INTEREST RATE OF 9.6% REPAYMENT PERIOD 120MONTHS

COULD YOU PLEASE SHOW THE ENTRY FOR THE SAME.

we have given Rs. 3,00,000/- for labour charges in a single voucher how can we split it ? we have taken single voucher. can i take as advance and split it below 10k????

If we are transferring the product amount(SP) to consumers bank account for them to purchase the products from marketplace, how do we show these amounts in our accounts? Eg. Transferring via Neft from company account to consumers bank account INR 600 (Product cost) to 400 such buyers. what will these transaction be shown as?

Sir,
We have purchased one motor cycle for business purpose. Can we claim ITC and deprecation on the Motor cycle
Please advise

Hi all,
Need a clarification from experts,
ABC company had received goods on 31st march (says 20% to 30% of the total ordered goods ), but bill is not received till the year end. Here we know who is the vendor only but value or quantity of goods received is not clear as on 31 st march . how to account for the same in the books ( whether we had paid advance or not) for the year and whether we should consider the goods for year end stock audit (if so under what head to consider the said goods).
pls clarify