expenses made for petrol Rs. 6350/- and bill and voucher received for Rs. 6350/- But when I saw the credit card statement I found that Payment made against Rs. 6350/- ( Credit card payment Rs. 6424.93 and petrol surcharge waiver Rs. 63.61) My question is that i should Booked (6424.93-63.61)=6361.32 or Rs. 11.32 excess payment how to book in my books.

To
The Experts

In a company a contractor had been engaged for some installation, commissioning work at its plant.
The contractor had to deposit 10% of the contract price(Extent of Rs.2.00 Crore) as security deposit (interest free) for successful and timely completion of the work. Otherwise the money will be forfeited.

The contractor failed & money forfeited. This shown as income in revenue account.

The auditor states that " unless board consent obtained that forfeited money cannot be shown as income".
Our view is "no such consent required" as forfeiting resulted into reduction of a liability and simultaneous increase in revenue/income.
Is our view is correct?
Regards
Abhijit

I have avail 2 term loan Rs 60 lakhs on 13.5% ROI and Rs 140 lakhs on 12% ROI and moratorium period for both loan is till Dec 2019 and till Mar 2019 they have released Rs 170 lakhs. Due to CAA movement and economic slowdown specially last quarter of 2019 I was unable to pay Rs. 14,15,398. Now from Jan 2020 EMI supposed to start but as they did not release my full amount and due to CAA, economic slowdown and COVID-19 my unit could not run and became NPA. In my sanction letter it is clearly written that 2% additional panel interest above normal interest rate, 1% loan processing fees and 3% pre-payment penalty charges. After repetitive request to restructure my MSME unit they rejected the proposal and the calculated Rs. 1,09,35,530 as Interest default till Sept 2022. As per calculation which I searched in online EMI calculator is supposed to be Rs 75,69,658 including interest default of Rs 14,15,398 during moratorium period and calculating Rs 60 lakhs @15.5% & Rs 110 Lakhs @ 14% with 2% additional penal interest including COVID-19 period and after NPA declaration. Kindly guide if this calculation is correct.

While considering the value of Raw materials for valuation in Both Balance sheet and Profit and Loss a/c, should we considered absorbing the Freight inward in the av rate of inventory.
This freight inward has been already shown in Direct expenses as freight charges should it be considered in av rate of inventory also?

This doubt arose because conceptually thinking even though we need all cost of procuring the asset in the cost of goods sold, it's effect has been already happened in the corresponding period in which the raw material is bought right?

expenses made for petrol Rs. 6350/- and bill and voucher received for Rs. 6350/- But when I saw the credit card statement I found that Payment made against Rs. 6350/- ( Credit card payment Rs. 6424.93 and petrol surcharge waiver Rs. 63.61) My question is that i should Booked (6424.93-63.61)=6361.32 or Rs. 11.32 excess payment how to book in my books.
Or i should informed to party to revised the bill and send how much amount.

how to make adjustment of petrol waiver in credit card and how to make journal entry in the case of Individual Business

Why purchases figure is showing in trading account credit side what are the effect if this

The Indian subsidiary company shows debtor of INR 60,000 receivable from Foreign Parent company but the Foreign Parent company shows creditor of eqv. amount of INR 50,000 , the difference is mainly due to some invoices that were recorded in Parent company at later date.
Now while preparing Consolidated Financial statement , how to treat above inter-company adjustment ?
Please advise

JV passed for Remuneartion paid . Bnak entry passed against Remuneration Payable.
Then How to Show Total Year Remuneration amount in Capital Account Credit Side.
1] Remuneration Paid A/c--------------------------------------------------Dr
To Remuneration Payable
2] Remuneration Payable A/c ---------------------------------------------Dr
To Bank
Then at the end how to show in Capital A/c Credit side. Because bank paid against payable.

My query is that Companies Act talks about adding gst to turnover, but CBDT considers it wrong to add gst to turnover. If I maintain the turnover according to the Companies Act, can there be any problem tomorrow from any department?