Hi Experts,\

i need your assistance in preparing the financial accounts of a school for bank loan requirement. i have been provided te bank statements for the last 3 years and the voucher of expenses. Request your help.

Sounak

SIR
SERVICE TAX PAID ON FRIGHT INWARD TO BE ACCOUNTED AS FRIGHT EXPENSES -CLARIFY

Salary related to past year paid in current year, in the past year's have not accounting for this salary.
(this salary related to increment in salary which pay with retrospective effect)
and the reason of increment is strike of labour for increment. please advice me for accountig for this arrear salary.
(this party under tax audit)

Dear Sir, I am an employee with a partnership firm, I used to withdraw my salary only for the amount I require, I was assured 12 % interest on the remaining amount at the year end, but now they are telling that interest cannot be given on deposits from employees. It it true ? In the books of account they have deposits/ loans from relatives, and they are giving 12% interest on that amount, but not on my deposit. Is there any rule which says not to give interest on employee's money with the firm?
Please help in this regard.

What is the logic behind the Initial Recognition Exemption?
When any land is purchased and recorded in the books, it does not affect both accounting profit and taxable profit. So, can it be considered that no DTA/DTL is to be created on it?

Hi
We are buying 150,000/- worth of goods from china and we paid by TT for the same.
Bank charged 250/- as TT charges. again, we paid 3500/- as shipping cost to the supplier.
How can i enter both expenses ?
Shall i include TT charges and shipping cost in Purchase value or do i show it separately under "bank service charges" and "Freight charges " respectively ?
Please suggest me through Journal entries

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HelloHow do I make accounting for a jewellery shop ? The purchase is made and the rate is fixed later on. For eg I buy 100 grams gold today the rate is ₹2000 and tomorrow I make the payment while the price is ₹3000. Please suggest me any reference book if any. Thank you