Cost of Acquisition 137,000
Less: 20% Downpayment 27,400
Loan Received in Bank Acc 109600
Interest Payable on Loan Receipt for the period of 36 Months - 14738.25
( as per Repayment Schedule on Reducing Balance Method)
Amortization Schedule for 1st Year Date

Openig Balance Interest Principal Total Instalment Closing Balance 5-

May-12 109,600.00 753.50 2,696.50 3,450.00 106,903.50 5-Jun-12 106,903.50 759.46 2,690.54 3,450.00 104,212.96 5-Jul-12 104,212.96 716.46 2,733.54 3,450.00 101,479.42 5-Aug-12 101,479.42 720.93 2,729.07 3,450.00 98,750.35 5-Sep-12 98,750.35 701.54 2,748.46 3,450.00 96,001.89 5-Oct-12 96,001.89 682.01 2,767.99 3,450.00 93,233.90 5-Nov-12 93,233.90 640.98 2,809.02 3,450.00 90,424.88 5-Dec-12 90,424.88 621.67 2,828.33 3,450.00 87,596.55

Closing Balance of Bank is 87596.55

but as per my accounting Ledger Balance Shows 96738.25

I Accounted entry as follow

Bank A/c Dr 109600.00/-
Prepaid inTerest on Loan A/c Dr 14738.25 Loan Payable A/c 124338.25

then deduct every month 3450.00 as per above interest and principal schedule.


Can any one reconcile the balance n show me how to rectify the error


In Addition as per Bank Balance confirmation report there is some accrued Interest of 542.00 what kind of interest is this? pls Help

Atharparkar@gmail.com

Cost of Acquisition 137,000
Less: 20% Downpayment 27,400
Loan Received in Bank Acc 109600
Interest Payable on Loan Receipt for the period of 36 Months - 14738.25 ( as per Repayment Schedule on Reducing Balance Method)
Amortization Schedule for 1st Year

Date Openig Balance Interest Principal Total Instalment Closing Balance
5-May-12 109,600.00 753.50 2,696.50 3,450.00 106,903.50
5-Jun-12 106,903.50 759.46 2,690.54 3,450.00 104,212.96
5-Jul-12 104,212.96 716.46 2,733.54 3,450.00 101,479.42
5-Aug-12 101,479.42 720.93 2,729.07 3,450.00 98,750.35
5-Sep-12 98,750.35 701.54 2,748.46 3,450.00 96,001.89
5-Oct-12 96,001.89 682.01 2,767.99 3,450.00 93,233.90
5-Nov-12 93,233.90 640.98 2,809.02 3,450.00 90,424.88
5-Dec-12 90,424.88 621.67 2,828.33 3,450.00 87,596.55


Closing Balance of Bank is 87596.55

but as per my accounting Ledger Balance Shows 96738.25

Accounted entry as follow
Bank A/c Dr 109600.00/-
Prepaid inTerest on Loan A/c Dr 14738.25
Loan Payable A/c 124338.25

then deduct every month 3450.00 as per above interest and principal schedule.

Can any one reconcile the balance n show me how to rectify the error


in Addition as per Bank Balance confirmation report there is some accrued Interest of 542.00 what kind of interest is this?

pls Help

dibnm2710@gmail.com

If a branch is going to close what will be the treatment of Pre-Operative exp.? Whether all exp. be written off once or in 5 installments?

What is the procedure if same case is of a pvt. ltd. company?

Dear Sir,
I want to know the scope for Chartered accountants in foreign countries.Is there any opportunity for CA to work outside,
does we need to pass some other examination.
Please guide us about all.

can u solve my problem that Co. sell goods to Mediator 2200 include cst and Mediator sell goods to customer rs2600 inclusive vat 400..customer return goods to company directly....now i hv got problem that what journal entry should passed by mediator at the time of return of goods to company,,,,,,,,and what treatment of vat and cst....and mediator paid vat to govt.

Dear All,

During the audit i came through some freight bills which were booked for payment in the month of July 2012 and all such bills were pertaining to September - December 2011.Client has made the provision for it and it has been reversed as and when the actual bills are booked.

My question is that how long a Company can maintain these provisions and does it differs from case to case ????

Looking forward for your opinion on this issue.


Thanks in Advance

Dear Friend,
a load of edible oil sent by us in a tanker met with an accident on its way to the customers place.Therefore the goods did not reach the customer. We have raised a claim with owner of the tanker to the extent of invoice value of the goods. The following entry is passed in our books.
Claim receivable(Lorry Owner) DR XXX
TO customer CR XXX.

However The sale was untouched. Is there an entry missing?. If sale is to be credited since the sale was not effected at all, which account has to be debited?

Please Help

Rgds

Hi,

I am Really Confused with these, Please Answer in Detail with Example if possible.

A. Difference between Provisional and Projected Balance sheet and its USES ?

B. what are the Basic Ratio to analyses a balance sheet for loan ?

M/s XYZ (Export Orientied Firms)

Sales > 1000 Euro on 1 April 2012 (Rate 69.70)
Sales Proceeds > 1000 Euro on 25 April 2012
(Rate 71.25)

At What Rate the sale will be Recorded ?
while making the Bill the amount will be Recorded in Euro or INR ?

NOTE : Is there any AS Governing the same ?

Sir,

Management says the auditor to written back the creditors under Section 41 of IT Act, 1961 and take that amount in P&L A/c in that case is it responsibility of CA to take written representation of the same from the management?