Hi Experts,
Iam working in an event management company and would like to know is there any limitations on cash withdrawl since we have lot of petty things to procure , payment to travel, transport, bus etc in cash depending upon the event.
and also in many cases we don't get supporting / invoices for the cash expenses . eg we needed to buy nail polish, hat , for one of our client women day celebration we bought from local vendor there was no bill or any thing. How to handle this in accounts and audit point of view. Kindly guide

Sirs,

We are commission agents in Cotton Business. We have tie-up with cotton suppliers, yarn sellers and yarn buyers.

We pay the transporter on behalf of the yarn seller to deliver goods at yarn buyers' depot. For this we receive money on account from the yarn seller and pay the transporter.

To be clear, we get money from the seller and pay the transporter instead of seller paying directly.

In our books we account it as - recd from seller and paid to seller, without involving the transporter - so at some point of time, we hold some excess money.

Query is : Will receipt of such money from yarn seller affect our income, i.e will it attract any service tax ?? or pls let us know the implications of this transaction (during the PY we have recd and paid to the tune of 8 lacs)

Thanks in advance.

Dear Sir / Madam,

I'd like to ask you whether the Business Visa Fees paid by the company on the director children, and foreign travel expenses are allowable expenditure.

thanks in advance

What is the Accounting head of Barcode Registration & Annual Fees. ( For Marketing requirement )

Sub: how to treat government grant received for depreciable asset

A machinery capitalized @ 1,20,000/- on 1 Jan 2012. and im following SLM method @ 16.70%....
In sep 2013 i have recd. grant of 50,000/- now how i have to treat in my books. what is the effect in my p&l a/c.

Please reply
Thanks

I was preparing final statements of a firm and found out that cash in hand is negative in tally. What is to be done? Because of which my balance sheet is not getting tallied. And my liabilities side is short by the amount that is negative. can negative Cash in hand be shown on liabilities side ?

Dear Sir,

In one of the Companies,it was noticed that provision has been created for the non-arrival of the invoice copy of the vendor, though the asset has been physically arrived in the premises. In case this provision has been provided soon after the ending of the half year, whether this provision is subject to depreciation???

Whether this treatment is correct or the arrived asset has to be accounted as CWIP and reversed when the invoice comesin??

Please reply as soon as possible.
Thank you in advance

What should be the date of Purchase?
1. Date of Invoice.
2. Date of Receipt of goods.
3. Others

Kindly explain giving references to your solution.

Thanks

should firewall expense be capitalised or not?

Dear Experts,

Kindly help me solve this query.

While auditing my client's books, I found that they had debited the professional charges on a later date than bill date so as to extend due date for payment of tds. However the date of payment was correct. Is this treatment acceptable?

To be exact,

Date of bill - 26/4/2013
date of payment - 30/4/2013
Date of entry - 1/5/2013

Entry made is as follows:

30/4
Party 5056
To bank 5056

1/5
Prof charges 5618
To TDS payable 562
To Party 5056

Please also explain that in this case, was tds payable upto 7/5 or 7/6 because the payment date was 30/4.