33 A Pvt. Ltd. Co. made sale of its products to Foreign Co.
Such foreign Co. found short quantity of material.

Accordingly, it issued us debit note towards material
short received by it.

It also debited our account towards duty and handling charges
borne by it on same.

As far as, value of material s concerned, same
shall be credited by us in sales return account.

Query is

1 In which account we should credit the party
for such duty and handling charges.

2 Foreign Company given us debit note on dated 01/11/14
in respect of sale made dt. 01/07/14. Which exchange rate
should be used to calculate credit note amount i.e.
whether date of sale or date of debit note issued by it
or date when we issue credit note.

Can anyone tell me, when we receive LC amount from a cutomer, should we credit the customer account or keep under LC account and transfer to the customer account when the LC is due.

if it is to be credit to the LC ledger and transferred only when due, what is the reason for the same.

Kjnd Attn : Dear Sir/Mam

Pls adv, as to how do we write-off old Sundry Creditors Balances pertaining to previous years.

Thnx and regards
Gurvinder Singh

i using tally for book keeping....my query is
if i given 10000 rs to mr.salman for mumbai site....i made the entry for this is
dr.advance against expenses and cost centrebin mumbai project-10000
cr.cash ac-10000.
is this right?

In dissolution of partnership firm, why are the assets transferred to debit of realisation a/c and liabilities to credit of it?

Hotel bills exceeds more than one lac in year. travel agency bills for air tickets exceed more than two lacs in year. is the TDS is applicable ? please explain in details.

please suggest me what are the various accounting treatments for various written off

when goods are consider to be sale

If i Buy a New Plant & Machinery / Furniture / Office Equipment, I Buy it NEW and pay amount of it.
But above New PROCUREMENT is actually REPLACEMENT of an OLD that Item.
[Suppose, IF i had 20 years old CNC Machine, now its Not Working and its life of working is over, and i Buy NEW in REPLACE of that]

now my QUESTION is What is Accounting Treatment ??
to Capitalise above [due to its life is more than one year] ???
or Book it as Expense [due to replacement of an old] ??
- AKASH UNADKAT

Please tell me what is rebate on discounting of bill?