Sir,
Suppose I am a shipping company and I come under a contract of sale of a ship for 11million.but I did not get the possession.
I am getting a advance payment of 6 million.
So let me know, when I will recognize my sale and how I book this amount and what the treatment will recognize when I will get final payment.

Thanks
Regards
Surbhi

Hi,
I have receive the Dell Server assets in Jan 2018 (FY 2018-19) & received the bill on same date, the asset is fixed at site & it is start working from Jan 2018. But there is spend some Professional Engineer cost for installation of the asset & the Professional cost Invoice is receive in April 2019 (FY 2019-20). Then how can I Capitalized this Professional cost in last year 2018-19?

1. Booked a Villa of Rs. 43 Lacs in 2008 possession was agreed within 3 years.
2. Paid 95% within a year as and when Invoice generated by taking home loan and rest 5% was to be paid at the time of possession.
3. Possession not given after 3 years, even after lapse of 8 years in 2016 the unit was not ready.
4.Requested the builder to give possession on as is where is basis.
5. Builder estimated work of 7.5 Lacs remained left and got ready to pay back and entry to this effect passed in giving credit to buyers account.
6. Builder did not paid 7.5L rather constructed the left work.
7. Generated the iñvoice of 7.5L on 31.03.2019 charging GST@12%.
8. Buyer argues that new invoice cannot be generated for amount already paid in 2009 . Hence no Gst.
Pl advise

CA Suraj

Q1. How to utilize profit in business, explain at list 5 year transaction?

sir,
There is a difference in my closing bank balance according to the bank and my opening of bank balance in accounts.how could i pass an entry to tally with my bank balance so that my balance sheet shows no differences.

A company is renovating its premises and for that new map is passed. Bhavan Anugya Fees paid towards the same is around Rs 3 Lakhs. Would it be considered capital expenditure or revenue expenditure. Please advice urgently.

Dear Sir, Our company has purchased tools from related group company. Can anyone guide me is it allowable as per AS-10. May I disclose the assets with zero value in Fixed Asset Register.

In our industry we are producing fertilizers and during the process a waste of carbon slurry generated. This waste has some market value but not having any cost of production.

Kindly advice whether the same is to be shown in closing stock of the industry while working out the profitability at the end of financial year. It has small and fluctuating market value only.

Regards

DEAR SIR

WE NEED SOME CLARIFICATION FOR FOREIGN CURRENCY ACCOUNT RELATED

1. WE MAINTAIN THE BOOK FOR FOREIGN CURRENCY IN INR ACCOUNT.
FOR EXAMPLE.

WE RECEIVED $ 50,000/- @ RS.68.35 = RS.34,17,500/- FROM CUSTOMER
AND CONVERT THE FULL AMOUNT IN $ 50,000/- @ RS.69 = 34,50,000/-
WE ACCOUNT IN TALLY HOW TO ADJUST THE DIFFERENT AMOUNT IN TALLY.

Calculate cost of sales from the following:
Net Works cost: Rs 2,00,000
Office & Administration
Overheads: Rs 1,00,000
Opening Stock of WIP : Rs 10,000
Closing Stock of WIP : Rs 20,000
Closing Stock of finished
goods:Rs 30,000
There was no opening stock of finished
goods
Selling overheads Rs 10,000
a) Rs 2,70,000 b) Rs 2,80,000
c) Rs 3,00,000 d) Rs 3,20,000