Is there any limit on the drawings of partners in partnership firm. Because of these over drawings capital balances are showing debit balances.

I m a science student and did my coaching from a private tutor. But I think dat was enough as I still feel I m quite weak in accounts. How to clear accounts concepts by self study and also tell if any ref book could help me.

Dear All,

Last year i booked a invoice for $1000 but few months later when i was following up for payment i came to know that work had stopped for 2 days and hence they asked for revised invoice.Now my query is how do i pass a reversal entry for the difference in amount..Thanks in Advance..

Plt ltd co has to make provision for gratuity as per AS 15. The above provision need not be paid, then how to reverse it of is it we have to reverse the old provision and pass the new provision every year kindly explain and please give journal entries to that effect

what is meaning of retained earnings???please help

Suppose on 01.08.2014 company has received USD 75000 as advance against sales which is converted using that day's spot rate say INR 60. On 30.09.2014 company issued sales invoice in INR of Rs.5 lacs. Now in this case whether AS 11 is applicable or not?? If yes/ not whats should be accounting entries on both days.

My Company purchase Dell Wireless KeyBoard and Mouse, USB adapter can i take them as an Asset or Computer Spareparts and can I get Input VAT Credit for them. My company is an IT company.

Hi,

I want to know the accounting treatment for the following issue:


A manufacturer (company) has outsourced work to a job worker. The job worker has purchased a machinery and shown in the books as a fixed asset and claims depreciation. The manufacturer reimburses the cost of the machinery incurred by the job worker in Equal Monthly Installments. Further the manufacturer doesn't want this amount to be shown as a loan installment. Now should the EMIs be reducing the value of the fixed asset in the books of the job worker? But then at some point the value of the Fixed Asset will turn negative, since the asset is being depreciated. What should be the Accounting treatment for this?

Thanks

Can you please tell me what is a TRUST DEED?

how to calculate the useful full life of the assets for the purpose of sechulde 2 of the new companies act 2013 in case of new incorporated company