Mr. X is a partner in a Firm getting salary of Rs.60,000/- and interest on capital Rs.48,000/- p.a as per partnership deed.
Mr.X has also a proprietorship business.He wants to treat the salary & interest as follows:-
1. He wants to credit the salary & Interest of Firm in the PL a/c of his proprietorship business.
2.He wants to add the Salary & Interest of Firm in the Capital Account of his proprietorship business instead of crediting it in PL A/c of his proprietorship business.

In the partnership firm he has already added his Salary & Interest to his capital Account.

Whether any of the above two treatment above 1 & 2 is correct or Wrong?
Please give your expert advice.

Regards

A car the w.d.v. of which was 105000 was exchanged at a value of Rs. 170000, for purchasing a new car of Rs. 650000, 480000 was paid through bank, what will be journal entry in tally??

Sir please tell me what type of expense is income tax and EMD

RESPECTED ALL
FOR CALCULATION OF GOODWILL IN A PARTNERSHIP FIRM BY AVERAGE PROFIT METHOD,HOW MANY NUMBER OF YEARS .EITHER ACCORDING TO LAST REVISED PARTNERSHIP DEED OR OLD PARTNERSHIP DEED?


WITH REGARDS
BALU

Dear Friends
What would be the entry of loan taken against FDR and closure of that loan account after one year?

Thank You

A society in Maharashtra is registered under both Societies Registration Act & also The Bombay Public Trust Act, it has to maintain accounts as per which Act:
1. The Societies Registration Act or
2. Bombay public Trust, 1950???

If I am unable to find that cheque kisse aya hai to kya kare

Dear Experts i had purchased 500 shares of value 200 rs each and i i show them as investments in my balance sheet...i have a query that if the price of a share at the ending date of my balance sheet changes to 500 should i value them at 500rs or rs.200? please help.

QUESTION: I have sold goods in foreign. Please guide me.
EXPORT SALE (IN USD) 34,150.00
SHIPPING BILL RATE Rs. 66.40
REALISED (USD) 34,093.00
REALISATION RATE Rs. 67.14
FOREIGN BANK CHARGES (USD) 57.00
INCOME FROM FOREIGN EXCH. FL Rs.0.74

FOR ABOVE SALE WHICH OPTION IS RIGHT FROM BELOW TWO OPTIONS AT THE TIME OF RECEIPT?

OPTION (I)
PARTY (34150*66.40) CR 22,67,560.00
BANK (34093*67.14) DR 22,89,004.02
BANK CHARGES (57*66.40) DR 3,784.80
INCOME FROM FEF (34093*0.74) CR 25,228.82
TOTAL 22,92,788.82 22,92,788.82

OPTION (II)
PARTY (34150*66.40) CR 22,67,560.00
BANK (34093*67.14) DR 22,89,004.02
BANK CHARGES (57*67.14) DR 3,826.98
INCOME FROM FEF (34150*0.74) CR 25,271.00
TOTAL 22,92,831.00 22,92,831.00

x company revalued the land & building say for rs. 500 the boook value before revaluation was say rs. 250.

Now the assets is sold for rs. 400 .

So my question is whether rs. 100 capital loss can be adjusted with the revaluation reserve. If so what would be journal entries.Here the entire revalued assets is sold .