One of my client had availed loan of Rs. 20 lacs in 2015 and later on defaulted in last 12 payments amounting to Rs. 5 lacs appx. After discussion with lenders both agreed to settle the same for Rs. 4.50 lacs. The company paid Rs. 4.50 lacs and settled the a/c in books of lenders and also received the NOC. Now balance Rs. 0.50 is outstanding in loan account but it is not to be repaid. Please guide as to what should be it's accounting treatment. Which entry should be passed in books of company to close the loan account.

Please guide

Thanking you in advance.

Respected sir
We have taken office premises on rent for period of nine years
We have done renovation work for colour work of office electric work etc
Whether we can capitalise this two expenditure as a rent payer or we have to charge to revenue ?
Can we claim credit of GST if it capitalise to building account we have not made construction of buildings
Thanks In advance

building tax comes under which head in tally

My Query is that whether Play Stations/ Games installed in Office Premises for rejuvenation purposes should be capitalised as fixed asset or not? I

How can I enter opening BRS in Tally 9

cash paid to staff salary any limit?

Dear Sir,
I am confused for cash purchase. In this regard kindly clear following queries:
I have purchase a Radiator for Generator. and paid by cash two separate part against invoice value of Rs. 18,290/-

1. If a single bill of Rs. 18,290/- from "ABC Corporation" and paid by cash two part from "APB Pvt Ltd" (1st day 9000/- as advance & balance after receiving the materials), in case shall that be disallowed if is paid in cash?
2. If a bill of Rs.25,000/- and is paid in cash on multiple dates below Rs.10,000/-, in case shall that be disallowed ?

Kindly help me out of this matter.
Regards

Dear Sir,

When we purchase and sales of shares of listed company from brokers.
Brokers issue a contract notes/bill for purchase/sales of shares.
In this contract note included name of company, rate of shares & net purchase/sales amount
and brokerage & expenses of stock exchanges/transaction charges such as STT, Turnover charges,
sebi charges & GST Exps.

My query is what is accounting treatment as per income tax & how to pass the entry in accounts.
The cost included in purchase of stocks, brokerage & expenses of stock exchanges/transaction charges such as STT, Turnover charges,
sebi charges & GST Exps or only stocks purchase Exps.

Please explain in above issue.

Thanks & Regards
NK

Hi,

I Have taken long term from one of my friend with a certain rate of interest per year and I am planing to make the payment after 3 years. how could i make the journal entry for outstanding interest for Current year and how it balance in balance sheet.

Outstanding interest i can take liabilities side in Balance sheet but how it match to my assets.

Hi Folks,
Good afternoon!
INVOICE DATED 15.4.18
EQUIPMENTS DELIVERED 31.5.18
INVOICE RECEIVED 15.9.18
So my question is depreciation should be charged from 31.5.18?AM I Right..... or If m wrong please Correct me where m getting wrong...

Thanks and Regards
Nikhil
Learner