is loss the reduction in whatever we have or does it include the gains that we give up while choosing among different alternatives in business for eg investing in shares instead of investing in fd that could have earned more

when we do expenses we lose that money as well as the potential income that we could have earned but why do we don't consider that potential income as loss in accounting

Hi,

in Previous year some accounts are wrong classified like, some accounts classified as debtors instead creditors, what we we do in such type of case if ITR is field.
please give me reference applicable AS.

What are the differences between General expenses & Administrative expensive?

can someone please guide how to do monthly closing of books of accounts? In our org annual closing only is there so i have no idea of monthly closing..

Dear Experts,
I am working with private limited company. We had received a advance of usd30000 from our overseas customer. Due to some reason we have been unable to fulfill their requirement and now we have to refund the amount. But the issue arise that am asking to my bank to refund the amount usd 30000, they are denying to refund money in usd. And said we can only remit the amount in INR equal to the amount received at that time. But at that time the usd rate was 72-73 and now the rate 82-83 if we return their money in INR then they have a loss of 2500-3000 USD. You please advice me on that the bank justification is correct. Here we are unable to fulfill customer demand which is our loss not their. Its very difficult to convince to the customer that we can refund only usd 27500. In case of Export our bank send reminders even for 1usd then how the overseas customer can accept the loss of 2500.

How to do GL scrutiny for Accounts receivable in SAP

Hi Expert,

Our company is food and restaurant based company, at the time accounting the sales made through Swiggy and zomato we debit the Swiggy and zomato, as on March 31st, 2022 their is Swiggy and zomato balance under trade receivables.

So for the purpose of calculating the trade receivables turnover ratio can we consider these sales made during the year through Swiggy and zomato as credit sales.

If not is it correct to disclose the Swiggy and zomato balance under trade receivables?

Please suggest I'm stuck with the point

We have purchase a software for HRMS solution, like for employee attendance, salary calculation and generating Pay Slips.
But the they were failed to implement software as per our requirement, and agreed refund the advance amount.

So my question is, what should be the next process for refund ? should I raise raise debit note and after receiving my debit note they will raise credit note or no need to raise debit note, and they will directly issue credit note and refund the amount ?

Directors existence is different from company..company has a separate legal entity...then how the Director's personal finances growth with the company...like Reliance..
Whether they keep remuneration on the basis of that? Like if turnover of a company is 250 crores and Rs.15 lakh per month as Directors'remuneration is decided?
Or there are any otherway of retrieving funds from company?