Hello I wanted to know that can we take labour contract charges in HUF account.

There are 2 partners in a firm , one of the partner died so whether it becomes proprietorship concern now but pan is in the name of the firm, how to keep the same firm name going, does the asset becomes the asset of the existing partner, not able to understand how to go about it..
Thanks you

Hi,

Inventories are assets:
(a) held for sale in the ordinary course of business;
(b) in the process of production for such sale;or
(c) in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Does packing materials such as LDPE and HDPE covers should we maintain inventory details and shown as closing stock?

Sir, I am working in a Service organization, a client deposited money into our company account for paying his fees through our account. Actually, it is not our income. How to account for this transaction in tally

What is the accounting and income tax treatment of subsidy received under MLUPY
If Subsidy Received is against Term Loan ?
if Subsidy Received is against Working Capital Loan ?

What is the treatment of trade receivable related to previous year confirmed not to be collected in current year i.e, bad debt as per Ind AS.? No provision is made in previous year for bad debt.
Weather it should be recognized as bad debt in current year profit and loss account or should prior period financial should be restated (reduce income of comparative year)?

Hello Sir,

We have raised to invoice (In Euro) to our party which is situated in spain.

Mistakenly they have initiated payment to our Holding company in United Kingdom.

Amount received in Holding Company is in GBP currency as it is situated in UK.

Our Indian books of accounts are still showing that Amount receivable from Spain Party.

What Accounting effect should be given to close this invoice from AR report ? Please guide.

In Tally prime, How to enter Freight charges under RCM? Please clarify

whether security transaction tax deducted from Mutual fund profit while calculating Mutual fund profit short term or long term.

how to transfer goods from godown to place of business of same firm.