A person has taken over the business of another person which has long outstanding trade receivables. It is found that the amount cannot be realised any more. Now these trade receivables are to be written off as bad debts. Whether this bad debt can be adjusted against retained earnings? Kindly issue suggestions in the light of Accounting Standards.

Regards.

If my Cash credit limit enhanced from 50 lac to 98 lac then how to made the projection of sales data.

We have private limited company and we have taken Rent Godown from Food Corporation of India ( FCI ) and also paid rent 99000/- per month Rent so TDS is Applicable or Not Applicable , Kindly Clarify

Thanking you .

i purchased goods from kuwait, initailly material was good, but later the quality didnt match to the standards therefore it didnt pass the quality check and laid in customs due to which i am facing heavy loss. the concerned party has agreed to reduce its price for all the invoice, can this be allowed? if yes then what is the procedure?

On what date is the import bill accounted in books? Is it to be accounted on the date of commercial invoice/ date of bill of lading/ date of bill of entry and accordingly which exchange rate to be recorded? in LC Terms

Hi,
Supoose Mr. A has started business with capital of Rs.1 Lac and invested in purchasing stock for his shop.
He almost invested his capital in purchasing stocks only. How record this entry in balance sheet.
As liability side is showing greater amount than assets side.
PURCHASE 200000
SALES 230000
CLOSING STOCK 48000
MISC. EXPENSES 39000
NET PROFIT 79000
OTHER INCOMES 40000


CAPITAL 100000
FURNITURE 15000
CASH 31000
NET PROFIT 79000
CLOSING STOCK 48000
DIFFERENCE 85000




WHAT IS MISSING IN THIS BALANCE SHEET , PLEASE SUGGEST ...

Hello dear experts,In Gstr3b tax free purchases amount is wrong filed and March return is also filed so can I correct it in Annual Return GSTR9C ?

Recently I answered below question for paying 1 lac as professional fees to CA in interview...Let me know if it is correct...Bill booking entry Dr professional fees 100000Cr CA 90000Cr TDS 194J. 10000Payment entry Dr CA. 90000Cr Bank. 90000Is this correct?Reply would be helpful...

Sir, I have received an amount from court after 18 years with interest for the accident held with me & there was certain disability so as my career is spoiled to do a job. I have received from court with interest. which ledger to be created under which head & what entry to be passed for the amount received with interest.
Thanks for the favor Sir.

If one person has business and all payments and receipts related to business are done through his Saving bank accounts. Tax audit is also applicable in this case.

How to maintain accounts in tally?is there any need to pass journal for each personal and business transaction?