Dear all,
In last year, our stock theft of approx. 450000 then we filed a claim to insurance company for bear of our loss. Now in current year we received the claim of rupees 350000 from the insurance company.

myself pass these two entries:-
1. for book the loss in last year or rupees 450000
loss on theft a/c dr.450000
to stock a/c cr.450000

2. For in current year we book income 350000
Bank a/c dr. 350000
to insurance company a/c cr.350000
shall myself correct or not, need you all view point on this? thanks

Dear expert, Please explain whether capital reserve is personal/real/nominal account ? also provide reasons for that answer.

A director of a pvt. ltd. compay having salary remuneration of rs. 4 Lakh which is paid at the end of the year. Director also disclosed a rs. 1.70 Lacs deduction under section 80C out of which 1.50 lakh is deducted from the salary i.e. 4-1.5 =2.5 lakh. Now the Company not deducted on salary of director. whether it is Correct? kindly reply urgently.

Dear Sir,

We are a company based in Dubai.Our owner has a sole proprietorship firm in Mumbai.This mumbai office brings sales to dubai office business.The mumbai office gets a 50% percentage commission .Entry is passed every year in the books of mumbai office.The other 50% is credited to Dubai office and dubai office is shown as creditors.Till now mumbai office has not realised this amount to dubai office and has accumulated in the past years and has now become a huge amount.

This year the revenue from commission is 1.7 million,whereas the sundry creditors is 7.5 million.This huge disparity is causing us trouble.Mumbai office is not in a position to settle this amount.Is there anyway to transfer this 7.5 million as capital of the owner??? or else wat can we do? Please advise

dear sir,

How to show debit balance of CC account...
1. Cash & Bank Balance (Under current assets)
2. other heads ??????????????

Please give solution as earlier as possible

when the profit on sale of fixed asset is to be transferred to capital reserve

how i can create internal control system in accounts section in office

is cpts account is hard

we are FMCG distributors of HUL, and we give discount on invoice from our basic Margin, and these amount reimbursement by HUL , what is the accounting of this event.

please suggest me..

Why account word is not suffix after personal accounts name, now ?