My company had purchased a machine from China, due to non performance we complained to the machine manufacturer, he has sent replacement parts for the machine for free, we have paid import duty for the free replacement parts received, but we are in dilemma how to show this transaction in books ? how to account for replacement part and where to show import duty paid ?

There is Small Tailoring Business and there is no current account of the firm.
Turnover is 12,50,500.
now The Proprietor Do all the transaction by his saving account.they made all the expenses and all his income earned from his account.
so can he show his saving account closing balance under asset Side of his business balance sheet??

can we add the accrued interest on fixed deposit in the 'Fixed deposit account' ?

Sir,
For calculating taxation on mutual fund ,indexation required to do or not. Sir, For identifying short term /long-term capital gain on mutual fund.Sir we have to consider 36 months or 12 months . Plz advise .

I want to prepare Capital A/c of sole proprietor. Kindly tell all possible content of Debit side and Credit Side of Capital A/c of Sole Proprietor. Can i add interest credited on saving or current bank account to credit side of Capital A/c? Also please tell if i Debit following items to Debit side of Capital A/c: Premium on Insurance, Tution Fee, Mutual Fund, PPF etc.? Thanks in advance.

Hi Expert,
It is a request, please help in this entry Tax filing fees and audit fees of chartered accountant in which head of profit and loss account.

Thanks & Regards,
Mohd Nasruddin

1) Does trust needs to mandatorily charge depreciation on their fixed asset..?

2) Does trust have option to do accounting as per cash basis or accrual basis..??

Dear Sir , please explain what's is the existing rules for cash receipts and cash payments in a proprietor concern i.e limits

Source of income of a non-profit making entity like a housing cooperative society is only its members' contributions. The society invests a portion of such contributions in bank fd in a certain financial year and shows it as asset in the balance sheet of that year. The fd matures next year and is reinvested, both original capital and interest together. The matured amount is again shown as asset in that years's balance sheet.
Now, the problem is if the interest earned on the original capital is not included in the liability side of the balace sheet, the two sides (liability and asset) are not matching.
Should it be done so and will it be in conformity of accounting procedures?

I would like to know from experts whether amount of depreciation of a fixed asset should be shown as liability in the balance sheet. Depreciation is calculated as per Income Tax Act in the instant case.
Please note that WDV of the asset will be included in the asset side of the balance sheet.