Dear experts, 

              we are issued a tax invoice on 3rd Oct, 2017 for FY 2016-17 Accounting working. Accounting fee - 60,000/- & CGST& SGST - 10800/- are the breakup of tax invoice. I passed entry for tax invoice on 31st march, 2017 as below as my principal said,

Accounting Fee A/c        Dr 70,800 (Includes GST) 

           To MAK A/c (My office)        70,800



Now Problem is, How to pass entry to utilise the ITC from the above tax invoice because we already filed clinet Oct month GST return by utilisation of ITC from above tax invoice for accounting work. and how to keep same 70800 outstanding due even after pass rectified entry for the above entry.

If Proprietors Current Account is appearing in assets side of balance sheet, is it a negative capital

Our tally Bank Account for the F Y 2016-17 was closed without taking consideration of Bank deduction made in March Month.
After doing Bank Reconciliation there is i am getting same amount of Difference in btw my Tally Balance and Bank Balance.
Kindly let me know how can consider these transaction in Current Year.

Note: 1.Our 2016-17's Tally account is closed now, We cannot make any changes in that.
2.The amount deducted in March Month which is taken while preparing balance sheet.

Kindly do needful for the same.

Whats the nature of the Account Discount on Redemption. Is it a capital profit or a revenue receipt? Please give Explanation

Zebra Ltd. invites applications for subscriptions to 50,000 shares for which Rs. 2 per share is to be paid on applications. Applications were received for 80,000 shares and shares were allotted on pro-rata basis to applicants of 70,000 shares. If the Excess application money is refunded, how much money will be refunded to Mr. Lion who has been allotted 200 shares?


Please give the explanation.

Hi, all of you,

Kindly help me in short term and long term borrowing. what is main difference in short term and long term borrowing.
and what is time period in these.

awaiting for it.

Regards,

Mohd Nasruddin

We have a one employee his salary is pending for last three month so can we pay cash salary for Rs.27000/- in once in a day. (9000*3)

WE ARE STARTING A NEW PARTNERSHIP FIRM AND ONE OF OUR PARTNER HAVE HIS OWN FIRM AND HE WANT TO INTRODUCE HIS CAPITAL AS STOCK FROM HIS OWN FIRM.IS THERE IS ANY WAY FOR THAT.
OR WE NEED TO MAKE A SALE FROM THE OLD FIRM TO THE NEW?

accounting tratment for depreciation

There were two assets in a block A worth 100000 and B worth 150000 on 1 april. If an asset is purchased during the year more than 180 days worth 200000. Now if both the assets A and B are sold worth 200000 during the year. What would be the depreciation?? Thanks