As per companies act it is mandatory to follow Mercantile system of accounting.

But, professional entity is required to follow cash system of accounting.

Can anyone guide Professional compnay has to follow cash or mercantile systme of accounting.

Dear Sir/Mam,

Can any one tell me what will be the journal entry for electricity bill paid by me??

i receive a bill of 400 and i paid 1000, 400 my actual bill amount and 600 as advance. what will be the journal entry for this?

Dear Sir ,

What is the % of TDS on Salary when Employee Earning Between Rs.25000 - 30000 Monthly when he having PAN Card Number .

Kindly Explain........

I want to get transfer to another firm but my problem is i have already completed my 1 year of articleship plz help me for that..?? Can i continue in same city after secondment???

My client have query. He has given money for divorce settlement to her wife. Her ex wife now ask more more because she told my client that money receive by her is taxable. So net in her hand will be less amount. So she ask more money for payment of tax at the rate of 30. My question is that is it taxable in the hand of receiver?.

Pls tel me that what is the cash purchase limit in particular day in private limited company

We purchase car 21st Feb Thereafter we bullet proofing the car on 31st march.it value is 3800000 can we capitalize it book as expense please advice

Can a CA or Articled assistant pls tell me the procedure to change from one auditor to another during articleship. Are there any restrictions. Can the previous auditor object & should his consent be obtained? Thanks a lot for the ans.

Dear Sir
I am receiving interest from post office MIS scheme Rs. 3200 per month and i have reinvested this amount to post office recurring deposit. My question is : (interested recd from MIS) and Recurring deposit interest (on accural basis) (ii) what will the entry treatment in tally.
Thanks....

A co. has bought a new car & has paid car registration charges for the same. Should Registration charges paid should be adde to the cost of car (i.e. Fixed Asset) or should it be expensed to P&L.