Dear Sir
My friend is doing business of tent house. He want to take loan from bank for expansion of business for Rs 500,000/- . He doesnot have closing stock . He have only fixed asset of bamboo , clothes etc.
I want to know on what basis bank will sanction loan .Kindly advise.

partnership firm has taken insurance policy of employees, one employee got injured he spent rs 35000 in hospital company give him (to employee) rs 15000/- and put claim to insurance company when insurance company pass that claim remaining amount will com in company account then company will give that remaining amount to that employee

How to calculate interest on late fee of nil return month of November

SIR
I HAVE A PROBLEM IN ACCOUNTING THAT ONE OF MY CLIENT RECEIVED CREDIT NOTE AGAINST PREVIOUS PURCHASE BILLS AS RATE DIFFERENCE. AND SELLER SHOW THESE CREDIT NOT WITH SGST AND CGST AND SUBMITE IN GSTR-1.

MY PROBLEM IS THAT WHICH TYPE ENTRIES WILL BE PASSED FOR THESES CREDIT NOTES WHICH IS SHOW MY GSTR-2 AND MY INPUT SGST AND CGST LESS BY THIS.

SECOND THING IS WHAT TYPE OF LEDGER CREATE FOR THESES TYPE ENTRIES AND WHICH HEAD BELONG TO THESES ENTRIES.

PLEASE SOLVE MY PROBLEMS AS SOON AS POSSIBLE. THANKS

ICAI, in one of its solutions, categorizes "Provident Fund" as a "Current Liability". I don't understand how "Provident Fund" is a "Current Liability". In my opinion, it should be a "Non-Current Liability". Please explain.

Sir,

The Hutti Gold Mines Co. Ltd, Hutti (HGML) (a Karnataka Govt PSU), while closing books of accounts for F.Y.2016-17 has accounted Rs.83 lakhs interest on IT refund for the A.Y.2015-16, received on 30.08.2017 (before closing of accounts for FY 2016-17). This was done in the absence of order u/s 143 (1). However the amount accounted tallies with the interest received from the department (compared after receipt of 143 (1) order).

Now the CAG has made audit observation on the accounting of interest, stating that substantial amount of interest pertains to FY 2017-18 (April 2017 to August 2017).

Hence, expert opinion is requested on the accounting of interest income on refund of Income-tax.

An asset is manufactured at a cost of rs 200000 on 1st October for which loan of rs 150000 was taken on 1st April of that year at 10% p.a.The entire loan was outstanding till the end of the financial year. Which of the following is correct?

A. Capital expenditure Rs 200000 and revenue expenditure rs 15000

B.Capital Expenditure Rs 207500 and Revenue Expenditure Rs 7500.

C. Capital expenditure Rs 215000

D.None of the above.


Please answer with proper explanation.

An asset is manufactured at a cost of rs 200000 on 1st October for which loan of rs 150000 was taken on 1st April of that year at 10% p.a.The entire loan was outstanding till the end of the financial year. Which of the following is correct?

A. Capital expenditure Rs 200000 and revenue expenditure rs 15000

B.Capital Expenditure Rs 207500 and Revenue Expenditure Rs 7500.

C. Capital expenditure Rs 215000

D.None of the above.


Please answer with proper explanation.

Hello All, could anyone please advise how to get a product under copyright and what is the normal time to get approval from department ?

Need help in Tally.. How to Activate Receipts & Payment A/C In Tally...... On Google it shows go to.......Gateway of Tally > Display > Receipts and Payments But it shows Profit & Loss A/C only..