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?

Respected sir / Madam,
I am R.Naresh (CA-Inter), recently appointed as an accountant in a pvt ltd company. I am Quite experienced in maintenance of books of accounts( Tally ERP) which i learned in my Articles. Now My request is How to Maintain systematic accounts in manufacturing industry in GST regime . please tell me in details. The information which you will provide will enhance to boost up my career.

Thank You

sir
i want to know sir
i am manufacturer and purchase raw material from some body then will i able to deduct tds at payment time from him if yes then which section of tds is coverd.

Accountant took entry of taxi bill by deducting TDS but I have made less payment after that some deduction, finally his books of account shows difference of amount Rs. 888/- Cr.
Now new bill submitted Amount Rs. 9459/- and he advice me to pay him 9373/- as per following
9459 - 888 = 8571
less TDS 1% (86) = 8485
Now add diff = 888
and paid him = 9373/- is it correct to set off difference in books ?

Dear Sir,

please guide in ESIC calculation
As per ESIC rule ESIC Applicable Upto Rs 21,000/-.
For e.g.
If Mr. A earn the salary of Rs. 18500/- monthly then he is liable to pay ESIC and contributed in April and May but June onward His salary is Revised of Rs. 25,000/- monthly then he is eligible to contribute the ESIC upto September?

As per my Knowledge, i think eligible to cotnribute upto September.
please reply if i am wrong

we are waiting your reply.

Regards
Rajnish

Hi Experts,


My query is whether a private Limited is required to disclose the Diluted Eps or not. This is companies 1st year and it has incurred a loss of Rs.722222. Basic Eps is shown the wheter diluted EPS is to be shown or not.???

what are the rules for e-way bill system ? , Is it for inter state supply ?

Hi,
If an invoice was received in current March 2018 and its services are to be rendered in June 2018 and payment is followed by services, how this can be accounted? what would be the Journal entries for this. Further if TDS is also involved for such services, what would be treatment for the both financial years?

Thanks in advance.

Weighing Scale capitalize or not ? please give me some explanation regarding this.

LLP. (limited Liability partnership ) deducted in code 20 or 21