Dear Friends,

In case of Goods in transit at the year end we used to show it in Current Assets and when Goods are physically received, then GIT is Credited and Purchase A/c is Debited. Since we have to issue Form C as per the date of Invoice which pertains to previous year (before any date of F/Year ending), hence, is it possible to book the expense in Current Year but Form C can be issued in Previous year date. How Form C will reconcile with VAT Return. Kindly clarify.

Regards
Saroj Pandey

Dear Experts Ours is a Trading firm wholesale and retail dealers in agro seeds and fertilizers. My query is that what is the closing stock we should take at the end of financial year. As per physical stock we have only around 3lakhs it differs while taking opening stock+purchase-sales how to take and is there any ratio or formula to calculate closing stock for trading firms. Thanks in advance

Dear Sir,

this salary total CTC salary for one month is 12000.00

Basic 40% of total = 4800
HRA 50% on Basic = 2400
Conveyance = 800
Special Allowance = 2068

Total Gross =10068

PF Deduction 24% on basic = 1152
ESIC dedution on Total Salary (12000)6.5% on = 780

Total Salary (10068+1152+780) = 12000.00

Please tell me i am right or any amendment required

please reply soonnnnnnnnn

Sir please tell me what is the rate of Cash reserve ratio & rate of provision to be made in sub standard assets (Unsecured Portion ) & Statutory Liquidity Ratio Applicable For May 2013

Dear sir
I have a payable a/c (supplier)and i made a payment on 01/02/13 Rs.200,000/- and the supplier deliver material only for Rs.150,000/- and invoice received for Rs.150,000/- and balance material they will supply on 30/04/12. my question end of 31/03/13 (year ending) the diff amount (Rs.50,000/-)how i will adjust this amount because my payable a/c going to minus figure so for the year ending what are the entries i have to pass to solve this problems. please help me

thanks

y depreciation is charged at different rate in income tax act and in companies act.

I have recently started a partnership business last year with my mother. My nature of business is consulting services. I have some queries as below. Please help me.

1) I have paid the service tax which i collected from the clients. But how should be it shown in accounts. Do I have to debit service tax paid in P & L a/c. Will I get deduction for the same.

2) My total receipts for the FY 12-13 is around 30 lacs. So I believe there is no tax audit required. But can someone please provide a specific format for preparing a P & L a/c & Balance Sheet.

3) As of now there are no employees as partners themselves are providing the consultancy service. There is a remuneration clause in deed to be paid in ratio of 80.20. So should we actually show remuneration paid through firms bank account & what would be the accounting treatment for the same.

4) Also if remuneration is paid to partners the firm is required to pay prof.tax. However do i have to register for the Prof.tax certificate. Also when I saw the mahavat site for registeration there are two options PTEC & PTRC option so which one should i select. And what is due date or last date for payment of partners prof tax for FY 12-13.

Thanks.

What should be the treatment of forex loss/gain arising due to restatement of Creditors for Raw Materials.

Dear Experts,

We have taken a vehicle Insurance for a period starting from 20/11/2012 to 19/11/2013 by paying a premium of Rs. 4060. But on 28/01/2013, we have sold the vehicle. Now we have to do the accounting for the same. How the Premium amount will be recorded in the books of Accounts. Whether we need to account for prepaid for the period from 01/04/2013 to 19/11/2013? What if we should not do prepaid as the vehicle is not with us. Shall we expense the complete amount in the year 2012-13 as Insurance Expenses?

Please Guide me on the same.

Waiting to the response of experts.

Dear Frnds,

Our Company Providing Real Estate Services, we Facilitates our customer to pay online installment, that requires payment gateway software, we have purchased the license from software company for 10 months (Payment Gateway Software) and pay RS. 10 Lac to software Company , please advice whether it is maintenance or intangible Asset or any other treatment

Thanks in Advance