Dear Sir,
We have received expense bills relating to FY 2016-17 in current FY 2017-18 against which we given advance in FY 2016-17 but expense not booked in FY 2016-17.

Now my question is how I should deal this situation??
Should I treat that as a prior period expense ??

Prior period expense ------ Dr
To Party

Pls advise

Dear Sir ,
I have taken ITC on Closing stock as on the date of GST implementation in TRAN-1 return. Now my question is how to pass journal entry for the same ??
Note that I have passed an entry given below . Please advise whether this entry is correct or need to be rectified :-

Input Cgst ------ Dr
To Inventory

(Note that earlier I have capitalised the Excise Duty in the inventory since our product was exempt in excise law but now it is subject to 18 % rate of GST)


Pls advise

My firm bought a machinery from out of India. At the time of clearance we get bill from agency charges including Ocean, Endorsement, Inland, Container Clearing and many other Charges.

Now tell me that all of them charges are Indirect Charges or Capital charges which is Add in Value of Machinery

What is the difference between capital reserve and capital redemption reserve ?
What are its uses ?

Hi,

Please tell me how to write off the unpaid salaries from salary payable head.

Please aware me, how will i treat loss on debtors of year 2012 in Current Year and effect on Current Profits?

May i know for the computation of deferred tax liability or asset of a Company which rate should be considered for FY 2017-18 . Whether future rate of tax or the current year rate... kindly help me out its urgent... kindly mention the tax rate

Dear Expert,
In Case Of Hotel,Restaurant Business there is Gas[Cylinde] GST Bill Received from Gas Agencies,May I claim that Gst.Please Confirm...Thank You.

Hello Dear ExpertA Register Dealer purchasing taxable item for there house construction by there Proprietor name then can we take ITC ?

One of my client engaged in Export of Goods and import of goods.During the year ended company has purchases a goods from America and it was in transit. so company has recorded it as "Material in Transit" on 31/03/2017 at on prevailing exchange rate of Rs.50/$.
the entry has been made as followed by the company

Material in Transit A/c Dr. Material Value*50
To Party Material Value*50


On 15.04.2017 the company has received goods. and on that date foreign exchange rate prevailing Rs. 55.
The Company again recorded the goods as follows:

Purchases A/c dr. Material Value*55
To Party Material Value*55

and after receiving of Goods the company has reverse the Entry which was posted on year 31.03.2017
The reversal entry was as followed:

Party Ac/ Dr. Material Value* 50
To MIT Material Value*50

Whether this treatment is correct or wrong?