Dear sir, we receive a bill from our transporter of amount 157890.00 of dtd 28/05/2015 & same show in our books on same dt & still payment not made to transporter we will pay the bill on 15/06 & now my ? is we have to deduct tds on this or we ignore it because we book expense before the 01/06

My client sold development rights to a builder, in consideration of 7% of revenue accrued to builder by selling the flats developed by him. The land in my books is showing as stock in trade. I want to know what will be the accounting treatment with respect to closing stock i.e. how much closing stock of land is to be shown.

What is the entry for Collecting Processing fee(Income) through DD from Customer Service Point and deposited into bank

My client a limited Company has made advance payment of Rs. 10,00,000/- to his client in United States in January' 2015 in dollars, for material to be received in May'2015. No more payment is to be done now. The expense shall be booked in May'2015 when material & invoice shall be recd. Now on 31.3.2015 should the advance payment be converted on rate prevailing on 31.3.2015 or not as per AS-11. Kindly help.

Hai..This is pavithrakannan..In Advanced Accounting under departmental accounting, can anyone explain briefly about meaning of stock reserve and why we are debiting the closing stock reserve and crediting the opening stock reserve in general p&l A/C. while calculating G.P % for stock reserve, why we are taking previous year for opening stock reserve and current year for closing stock reserve..

Doubts in Final Accounts of Sole Proprietorship: 1. Why Net Profit is added to Capital in Liabilities side ? Is there no scope to show in other places like Reserves and surplus ? 2. Why Interest on Drawings is added to Drawings ? Being an expense, is it correct to show in Liabilities ? 3. Why Interest on Capital is added to Capital in Liabilities side being an Income ?

Greetings of the Day

In my Company we have raised an Invoice 14thDecmber2014. we got 80%payment in the FY 2014-15. remaining 20% payment got in 01st May how to enter this. Please let me know

In case of Pvt Ltd Co.,Our client have received certain Advances in foreign currency & converted the same in Indian Currency in our books against export of Goods to overseas Buyers.However such export orders have been cancelled & accordingly forfeit the same & considered our income.
Now query is whether this is correct so far FEMA is concerned & if correct then in which accounting Head the same has to be shown as income.

For your Kind information my client has credited to Sundry Balances W/off Account.

As the amount involved is in nearly 5 Lakhs
so what has to be followed as per accounting concept.

My question is cash payment is not allowed more than Rs. 20,000/- or Rs. 20,000/- and more than Rs. 20,000/-. It is allowed to make payment to same party more than Rs. 20,000/- on a single day or it is also allowed on cash expenses made by party on single day not be exceed Rs. 20000/-. If salary paid in cash and amount exceed Rs. 20,000/-, So this expenses is allowed or not. If not than what should be done in the case of salary

"I have a Invoice, I which our company purchased some Computer Equipment of
both Capital in nature and Revenue in nature.

The Invoice is with VAT & discount.

Should I will first bifurcate the revenue and capital expenses including VAT after
that I will account the same ?

How i will treat the total amount of discount on the Invoice ?

Please help.
"