Hope you all r doing gud..i was going through books of account of a Proprietorship concern...i found out that there were bundle of errors in accounting in current as well as preceeding FYs..like 2 or 3 banks were not accounted for,FDR were not shown in B/S,Negative cash,cash payments of 5 lakhs and much more..so how can i post all those unaccounted bank accounts in company's Books.one thing more concern is under scrutiny case of AY 11-12.

Thanks

plz give me your valuable advice that whether the following entry is correct or not.
Suppose a consultancy firm received consultancy fee..for this he passed a entry

Bank\Cash A/c..Dr
To consultancy Fee A/c

Now he passed entry for service tax payment...i,e.

service tax A/c.. Dr
To bank A/c
(* service tax shown under indirect exp )


However As per me it should be
Bank A/c ..Dr
TDS Receivable A/C..Dr
To consultancy fee A/c
To EC A/c
To SHEC A/c
To Service tax payable A/c

And payment entry for service tax.

Service tax payable ..Dr
EC....................Dr
SHEC..................Dr
To bank
please show me correct way.

In balance sheet, below line "loan from Bank" I had put a note
that such loan is secured by hypothecation of plant, machinery.
furniture, computer

As far as sanction letter is concerned, it is written therein that
loan is secured by moveable assets, land & building.

Query is"

Whether plant & machinery is covered in moveable assets.
Management has contented that plant or machinery is
not covered by sanction letter.

If management contention is right, then I will delete the word
plant & machinery in balance sheet for period ended on 31/03/14 before signing the same from our auditors.

As far as balance sheet of period ended on 31/03/13, 31/03/12
is concerned , I had put the same note. Whether I have to give any note in
balance sheet of 31/03/14 about use of plant or machinery in earlier balance sheets.

Please advise.

i am working in It company i have one doubt about TDS rate & under which section it applicable

in our comopany we are hiring manpower through comapnies ( Skilled person like engineer) we are deducting TDs @ 10% under section 194j please advice this is correct or any other section we haev to deducted

please any experter guide me on this .

what entry should be passed in tally for a new car bought actual mount of car is rs 4 lakhs. but amount paid by chq is 200000 and rest amount is car loan .

we have received demand notice from Maharashtra Maritime board towards short payment of Export wharfage ,the amount related to last 4-5 years , is it prior period exp or not if not , pls explain

Hi all,

I wanted to know the procedure for the evaluation of expired medicines is it on the purchase value or on the MRP?

Why closing stock is not shown in trial balance?

In case where invoice contains labour charges & some material on which vat has not been charged.....for example labour charges Rs 8000 & wooden ply etc Rs 40000. do we have to deduct TDS on same under contractor. vendor is individual.

Please explain about TDS. how it is differ from normal TAX. How we can calculate & pay TDS.