Respected Professionals,
I have gone through the chit fund entries posted on this website before and I would like to raise a query.

The following is the excerpt of the chain of solutions given in this link: https://www.caclubindia.com/forum/chit-fund-accounting-152751.asp

"The entries were posted as follows:
While you are subcribing a chitty, th entry will be:
Kuri a/c Dr
To CAsh
(For the amount of payment we made)
On pricing/auction you must account in accrue basis:
Cash a/c Dr
Discount a/c Dr.
To Kuri
After that, all the instalment you pay must account in accrue basis:
Kuri A/c Dr.
To Cash
To discount."

In the first entry above, no discount was being recognized. But after the Chit is auctioned the discount account is credited and income is booked in P&l A/c when subsequent payments are made.
Why don't we account for the discount income before the Chit is auctioned?

It'll be of great help if I get a clarity on the same.
Thanking you in anticipation.

Hi,

I would like to know about the Difference between the non-controlling interest and minority interest.



Regards,
Srikanth Musini.

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Dear all,

I purchased Plant & Machinery for RS 50 crores on instalment basis i.e 10crores for 5 instalment . Subsequently while paying last instalment the vendor wavied off Rs 10 Lakhs.
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I don't make separate books of accounts for the commission Business. All the assets are shown in my personal balance sheet.
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Dear all,

Mr X is an individual who sold the goods to customer with a warranty of 2 years. Acc to Mr X from his past experience, it is probable that there is some claim under warranty so for the same Mr X wants to create a provision of 2%

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Courier Service Provider providing the services of carrying the documents and he is mentioned Service Tax Registration number on the invoice and he is charging the Service Tax, so should I deduct the TDS..?

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