Dear Experts,

If in the financial statements of an entity there is opening balance of loan & Advance by Rs.500,000 for which no amount received during the year then in the current year it will be classified as current asset or Non current Asset ??

Thanks in advance....................

Should we pay only basic amount of invoice where invoice is received after 180 Days from date of invoice as we cannot avail ITC on such invoice??

Hi. sir,
I am Vinay I need INCOME AND EXPENDITURE (LOSS) ACCOUNT FORMAT

Hi
Can you suggest me how to account the damage vehicle repair exp while insurance claim received by repairer/service centers.
If service center provide invoice to us
Invoice
Repair Charges (Labor service charges) Rs.30000/-
Spare parts cost Rs.20000/-
Total Bills is Rs.50000/-
in this bill service center claimed insurance on our vehicle, then he received claim of Rs. 15000/-
then service center ask to pay Rs 35000/-
how to account in our books

What is Degree of Financial Leverage?Please define it in a simple manner with the help of an example.

Dear Sir,

i have received the invoice from workshop company for welding job Amounted Rs.12,124/-. Is there any TDS applicable on the invoice or not. and what is the limit.

Dear Expert If a Proprietor get Remuneration and interest from there another partnership business then can this remuneration and interest will taxable under in his Proprietorship business

My company has given Advance Salary to an employee Rs. 20,000/-. His actual salary is Rs 13,000/- per month. My company is deducting Rs. 2,000/- per month from his salary against the Advance salary. Kindly tell me how to show these transactions in tally ?

sole proprietors in India use a current account for their business, rather than a savings account, to avoid interest.

I don't understand why — if you account for the interest properly and pay tax on it, it shouldn't be a problem, right? I won't have a transaction every day on this account, so a savings account should be fine. I see no reason to refuse the interest if I can earn it and, worse, pay more fees for a current account.

Is a sole proprietor not allowed to earn interest from a bank account?

we have received invoice dtd. 13.03.18 for rent for the period from mar 2018 to feb 2019 from owner. we have issued some CDC AND PDC to the owner. Could you please let me know what journal entry to pass for this transaction ??Thanks