Hi
If we purchase 3 wall clock Amount Rs 7965/-
Do we need to create an asset for the same.
Is there any guidelines for fixed asset accounting as per the new company act?
If yes request you to share the document.

BR
Manjiree

A company in its normal course receives payment from customers through e-banking. One customer has given post dated cheques for payment and signed a legal undertaking as well.

Should the Post dated cheques be recognized by debiting 'Cheques in Hand' GL and corresponding credit to be given in Customer ledger?

Please suggest regarding accounting for PDC?

The goods had been imported from CHINA.
For the purpose of recording the entry for the same in the Tally whether the Exchange rate mentioned in the Bill Of Entry should be taken or the Exchange rate prescribed by the RBI ??

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.