Dear Experts please advise

We are doing recovery of some amount from our Vendors or Transporters or Employees against related losses.

Please advise what should be the accounting treatment to book

1. Should I net off / reduce the related expenses
2. Should I show these recoveries in Cr/Income side in P&L as 'Recovery from Customer/Transporter/Employee" under group other income

If in a company on 31st march there was a share application money pending allotment but before signing of the balance sheet in may share were allotted against the share application money. Then as per Ind As how and where the application money pending allotment is shown.

Dear All Experts,

Question about the books of account of the company and other entities.
The company was following the Financial Year April to March.
Why does the provisional expense entry in the company books in March?
The date of the bill is in April and the expenses have been booked in the month of March.
I know what the expenditure is in the relation of the month of March.
But I am having this question repeatedly in mind.
Is there any income tax act behind this?

Please response your valuable.

Thanks & Regards
NK

Respected Sir's

As per above stated subject I am working in a Partnership Firm as an accounts position.
Two partners started working as a partner through partnership firm.
One of Partner paid the amount through his saving account for purchase of goods from vendor.

So please tell me how to treat this entry for capital account as well as payment made to vendor.

Regards
Ashok

Hi all,

Is it mandatory to have Plan Assets for employee benefit (Leave encashment)?

Freinds please let me one think clear that a company is a proprietorship firm and his turnover is Rs.6500000 and comapny gives commission to our employee approx Rs.500000 so company is liable to Deduct TDS on Commission.

In an hospitality industry, we are going to renovate the building facade and there will be a civil work which will be involved in the renovation. There will be scaffolding (a temporary structure) which will be installed in order for laborers to reach the 25 floored building in order to carry out the renovation work.
-- Whether the expenses incurred on scaffolding can be capitalized in the books of accounts?
-- Whether the cost incurred on scaffolding can be considered as the cost directly attributable to make the asset ready for its intended use by management as the work cannot be completed without installing scaffolding?

Notes :
1. It is a renovation project and not the Greenfield project.
2. There will not be any expansion involved in the same.

RCM effective dates

sir
We are a firm, purchased a property in the name of Managing Partner of the firm on behalf of the firm from firm's fund, construct a building from firm's fund, claiming depreciation every year from 1996. now there is a reconstitution in the firm, pl let us know whether the retiring partner has right to claim share in the property of the firm.In the retirement deed we have a clause that " the retiring partner eligible to get the amount standing in his capital account only" Pl explain.

sir
we are a firm, we have purchased a property vacant land in the name of 3 partners (actual 5 partners) from firm's fund.We have constructed a building from firm's fund and doing the business in that building. We are claiming depreciation every year. Pl confirm whether the owner of the property and building is the firm or partners in whom's name the document was made during purchase?