Received telephone bill & electricity bill for period 01-03-2015 to 05-04-2015, we made payment at 25/4/2015 for same.

Should we pass entry for Prepaid Exp. for period of April in Closing year 31-3-15

Please reply.

I have purchased a office and I am confused in which head to show the same, as a fixed asset or as a investment. Also i have not yet started using that office yet for any purpose,also let me know what to do after i start using the office.
I would be thankful to those who will try to solve this query for me. Thanks once again

Niket Shah

Dear all,

Recently we had issue cheque in the month of jully 2014 but this cheque yet not be clear then how to close this entry on 31st march please suggest this shown on bank reconcilation

A partnership firm provides machineries to their dealers against interest free deposit. and will take that machine after end of business relation. Now what about depreciation, Service tax.

why statutory auditor demand Ledger balance confirmation of any party.

Dear sir , i have no knowledge of how to charge depreciation on fixed assets like motor vehicle ? please give some solutions ?

Amit Ltd purchased a machine on 01.01.2008 for Rs 120000. Installation expenses were Rs 10000.Residual value after 5 years Rs 5000.On 01.07.2008, expenses for repairs were incurred to the extent of Rs 2000. Depreciation is provide @ 10% p.a. under written down value method. Depreciation for the 4th year? 1) 25000 2) 13000 3) 10530 4) 9477

1. purchase of window , Ms package & software for the limited company is to be considered as revenue expenses or capital expense? 2. why duty drawback on export is considered as indirect income and why it is shown on credit side of profit and loss a/c?

Dear Sir,

Please Provide me the Full Treatment of High seas Sales and Merchant Sales.

In Case of high Seas sale, we have make payment in advance for import some goods and after that when our goods in sea then we sale out such goods to some other buyer. than whats treatment follow to record such transaction in his books.

Please Explain through such Example:
The issue is to map the scenario for High Sea Sales for my Client.It is as follows..
1.We will issue import order to our vendor (imported vendor)for purchase of raw material.
2.We will issue order at the rate of USD 2600 per MT FOB china port.
3.Suppose 100Mt of raw material is shipped from china and we pay immediately to our import vendor in dollars.We also pay ocean freight USD 50/- per MT to our shipping agent/vendor.
4. So we enter into an high seas sale agreement with our customer for sale of material ie a Raw material @ USD 2750/- per MT CIF.
5.My client want to book purchase of raw material in our accounting records (but without bringing the material in our stock).
6.Similarly client wish to book sales @2750/-USD without movement of material from there plant.

Kindly let me know the procedure that is to be followed for capturing the entire transaction,as i am very new to this scenario.

and same query in marchant trading also.


Thanking you for your kind consideration

CA Chitranjan Agarwal
M.No. 8587858208
Email: info@cachitranjanagarwal.vpweb.in

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