our company purchased certain bearings classified under stores & insurance spares (Current Assets)from a party for Rs.100000/-. There was a clause in the purchase order that if the materials were not delivered to us within a stipulated time we are going to deduct certain amount from the bill.As a matter of fact we deducted Rs.3000/-. my question is whether the stores A/c will be dr by Rs.100000/- or Rs.97000/-.plz provide with the J.entries

I am a researcher and have paid Rs. 2lakhs a cash for a purchase of an equipment.
Is that allowed or what should I do for this.
I have a grant sanctioned from Govt of India.
Please advice whether I shall carry out cash transactions or not??/

eg. I have paid. 25000 as advance and receive recharge balance of 26000 and also get commission of rs 150 please prescribe accounting entry of whole situation.

what is the difference between prepaid expense and advance.

How much cash can be withdrawal at one go by a Private Ltd. Company for day to day requirements. And the open cheque needs to be issued on whose name for cash withdrawal, it be self, cash or on directors name.

The accounting entry for a purchase is here as follows,
Dr.Purchases 1000
Cr.Supplier 800
Cr.Scheme 200 (this is treated as income).
The problem is that this scheme they deduct is actually paid by us for their sales promotion expenses (for purchasing gifts,for giving credit note for distributors etc.)
So here are the questions,
1.Should we treat the Rs.200 Scheme as liability?
2.What is the product cost actually we incur for the above product.

journalise the following opening entry please.

Cash in hand Rs.2000/-
plant Rs.50000/-
Debtors Rs.10000
Creditors Rs.8000/-

food expenses incurred for statutory auditors , under which head this expense shall be booked? any separate disclosure is required? can it be booked under the head of staff welfare account?

I wnt to do industrial training after completing my two years of articleship. What if my current principle dont allow me do that?? what steps should i take in that case?? plz help me out

How I creat password folders?