I am an international facilitator/commission agent. I am resident and citizen of India. I am ordering a product to a Indian company for my foreign buyer. Indian company ask 20 advance deposit, my buyer insists on 10 advance deposit. For a solution, I decided to pay balance 10 deposit from my pocket to Indian company. My foreign buyer pay 10 and I will also pay 10 to Indian company. But this Indian company want all 20 advance deposit in US Dollars. How can I pay my side 10 advance in USD to Indian company. Please advice.

Sir/Mam, Please tell Accounting treatment for F.Y.2016-17 if the auditor is in contract with the party to receive Audit fees + ST applicable at that time? As in my case 17000 audit fee is payable by the party along with ST but audit done in August i.e. after 01/07/2017 when tax is 18%. How to do accounting in F.Y. 2016-17 for audit fee+ ST ?

respected sir i have just started my ca intermediate preparation i am confused between two books for self studying accounts that is CA PARVEEN SHARMA and TULSIAN PC PLEASE ASSIST ME WITH SOME SUGGESTIONS

WE HIRE A CAR FOR INSPECTION, AND THE CAR OWNER IS A UNREGISTERED PERSON, ON THE PRESENTATION OF THE BILL, WHAT IS THE GST RATE, WHICH IS TO BE APPLICABLE WHEN WE ARE ACCOUNTING.
(IF ACCOUNTING IS BEING DONE IN THE LEVEL OF A DIST OFFICE, WHICH WORK UNDER STATE LEVEL CORPORATION, WHICH HAS SINGLE GSTIN NO.)

XYZ Ltd. has taken a loan of USD 10,000 on April 1, 2016, for a specific
project at an interest rate of 5% p.a., payable annually. On April 1, 2016,
the exchange rate between the currencies was Rs. 50 per USD. The
exchange rate, as at March 31, 2017, is Rs. 48 per USD. The corresponding
amount could have been borrowed by XYZ Ltd. in local currency at an
interest rate of 11 per cent per annum as on April 1, 2017. What will be the treatment of foreign exchange gain & what amount should be recorded as interest in the books of accounts as interest.

Dear All,

We are running a salt manufacturing company. The process is we harvest the crude salt and the crude salt we wash and centrifuge. Then the centrifuge salt is the raw material for our refinery plant.

Kindly help me to value the inventory of stock on each stage.

Currently we are considering the direct cost of crude salt to value the closing stock of crude salt.
Harvesting cost is Rs. 100 p.mt
Wages is Rs. 50 p.mt
Hence the inventory value of crude salt is 150 p.mt
Indirect cost is Rs. 100/-

But when we transfer this crude salt to washery unit (15% washing losses are there) we should consider the input cost is the direct cost of crude salt or we should add the indirect cost of crude salt also.
ie we should take the input cost is Rs. 150 or Rs. 250 (including i.d cost)
Input crude salt cost - Rs. 150
Washing loss 15% - Rs. 176 ie. (Rs.150*100/85 ie.(100-15))
Direct cost - Rs. 74
Hence the inventory value of washed salt is Rs.250 p.mt
Kindly advice me on this regards.
Thanks & Regards,
Sugumar
Email id: sugu.ksa@gmail.com

Dear All,

We are running a salt manufacturing company. The process is we harvest the crude salt and the crude salt we wash and centrifuge. Then the centrifuge salt is the raw material for our refinery plant.

Kindly help me to value the inventory of stock on each stage.

Currently we are considering the direct cost of crude salt to value the closing stock of crude salt.
Harvesting cost is Rs. 100 p.mt
Wages is Rs. 50 p.mt
Hence the inventory value of crude salt is 150 p.mt
Indirect cost is Rs. 100/-

But when we transfer this crude salt to washery unit (15% washing losses are there) we should consider the input cost is the direct cost of crude salt or we should add the indirect cost of crude salt also.
ie we should take the input cost is Rs. 150 or Rs. 250 (including i.d cost)
Input crude salt cost - Rs. 150
Washing loss 15% - Rs. 176 ie. (Rs.150*100/85 ie.(100-15))
Direct cost - Rs. 74
Hence the inventory value of washed salt is Rs.250 p.mt
Kindly advice me on this regards.
Thanks & Regards,
Sugumar
Email id: sugu.ksa@gmail.com

dear sir/madam, we are purchasing milk packets from the same vendor for everymonth for pantry my question is about Tds weather Tds to be deducted under sec 194c or it is expected because of purchase of goods? Thanku in advance.

please explain whay right issue credit in investment account. it shoud be debit.

Assessee is a proprietor

There is only one asset in the block of Motor Vehicles

Asset was sold in the month of February 2017

Sale Value of the asset is more than the written down value of the block

Questions -

1. Will depreciation be charged for 10 months before the asset was sold?

2. What is the accounting treatment of the above transaction?

3. What is the taxation treatment and how to show in the ITR?