One of my client being a Pvt Ltd.Co.has engaged in manufacturing activities & also covered under excise/service tax.The company purchases an input from a supplier against C form.The relevant Bill of supplier related to 30.03.2013 & goods received in April,2013 within Factory premises.The details of purchase value is as under:-

Basic value Rs.195836/-
Basic Excise Duty Rs. 22664/-
Education Cess Rs. 453/-
Higher Edcu.Cess Rs. 226/-

Total Rs.219179/-

Now query is how to account for in Books of Account both in F.Y.2012-13 & F.Y.2013-14 respectively after keeping in mind the excise rules i.e. whether we have to account for as purchases or Goods in Transit.

Please reply urgently.

Thanks in advance.

one of our client took a place for rent for business premises.
the furnitures were already built in by the earlier tenant. this company purchase the same for 1 cr. where as the bill available for 70 Lacs only . can u please help me how i need to account the same. and on what amount i need to charge depriciation.

insurance charges paid on purchase & it is not paid by company (purchasing company) what is accounting treatment for the above situation?

Good Morning everyone.
I have a Query Regarding Live tax paid on purchase of vehicle.
What is the Accounting treatment for the same , should it be capitalise or charged to revenue ?

TATA ltd. picked up 51% equity stake in VSNL for rs.5000 crores. It earned a net cash flow from operating activities of rs.1200 crores. Out of this,rs.200 crores was received from VSNL in consideration of services provided by TATA ltd. to its subsidiary. TATA ltd. presented its cash flow statement as :

CASH FLOW FROM OPERATING ACTIVITIES :
operating inflow 1200cr
less: investment in subsidiary (5000)cr
________
(3800)cr
is it correct ?

We are finalising the books of a Listed Co. I have been asked to provide for the interest expense on an unsecured loan that we had taken from a related party.

At what rate of interest should i book this expense? Is there a statutory limit on the maximum rate of interest that would be allowed as expense???

Plz help!

WHAT IS THE ENTRY FOR THE TRAVEL ADVANCE GIVEN?
IS THE BELOW ENTRY IS CORRECT
SUSPENSE A/C DR
TO CASH A/C

AND UPON KNOWING THE ACTUAL AMOUNT
TRAVEL EXPENSES A/C
TO SUSPENSE A/C

DOES THE COMPANIES USE SUSPENSE ACCOUNT IN ITS BOOKS OF ACCOUNT? IF SO TELL ME THE OTHER INSTANCES WHERE SUSPENSE A/C IS USED


PLEASE
THANKS IN ADVANCE

Hi,

My question is in order to classify as "Prepaid Expenses", do we have to really pay the expenses in advance or an accrual of liability towards is expenses is enough?

For Eg; Suppose the accounting year of a company is calender year. The rent for the period 1-8-2012 to 31-7-2013 has been given by way of Post Dated Cheques (assume 12 cheques). In this case does the rent from 1-1-2013 to 31-7-2013 to be classified as Prepaid expenses?

Regards
S Menon

D/Sir
my queries is. I Received 50000/-Rs as a Security Deposit from Tenent as a rent agreement. then after 11 month he leave our property and now i have to return him security deposit 25000.00 becoz rest of amont are dedected in monthly rent received. how i make the entry in tally.

I want Form No. 13 for Lower deduction of TDS in Word Format.