in pvt ltd company, we have introduce cash with company director a/c of rs.100000/-,pls tell me can i make receipt entry in tally of rs.100000/- on directors a/c? this is the right way or not to solve cash negative balance

journal entries in the books of mr bipin.(proprietor)
# drew from bank Rs 40000 for his personal purpose
case1) no entry bcoz the business of the proprietor is not related here what is related here is just the bank and he is withdrawing for his personal purpose. for eg if it was written as drew cash/goods for his personal purpose . here he is not withdrawing from his business but from the bank and that too for his personal purpose.
case2) drawings a/c .............dr
to bank a/c
is this correct as we have to assume here that he is withdrawing from his current a/c an d not from his savings A/C
PLEASE TELL ME WHICH ONE IS COORECT WITH REASONS. thank you.

Hi frnds,
I have some problem in following sums. please help me to solve the question. As answers are given but i am not able to solve this. please help me with proper steps.

1. A company issued 10000 shares of Rs. 10each. Total applications were for 12000 shares; allotment was made pro-rata. Application money was Rs. 2per share and allotment money Rs. 3per share. Rao failed to pay the allotment money on his 300 shares. How much is due from Rao for allotment? [ANS: Rs. 780]
2. S Ltd. had issued equity shares of Rs. 10, issued at premium of Rs. 2, for nonpayment of the final call of Rs. 3. Of these 100 shares were re-issued @ Rs. 11 per share. How much is transferred to capital reserve? [ANS: Rs. 700]
3. E Ltd had allotted 10000 shares to applicants for 14000 shares on pro rata basis. The amount payable was Rs. 2 on application, Rs. 5 on allotment (including premium of Rs. 2 each), Rs. 3on first call and Rs. 2 on final call. Vazir failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of these 200 shares were reissued @ Rs. 9per share. What is the amount credited to capital Reserve? [ANS: Shares Forfeited A/c Rs. 370 (Cr)Capital Reserve A/c Rs. 1050 (Cr)]

dear all,

i started business of renting P&M on hire from jan,12. Now i used to raise bill on 1st day of next month i.e 01st feb,12 and like this.

for mar,12 i raise bill on 1st april,12.
but company while providing me TDS certificate claimed this expenditure in their mar,12 accounts.

so should i book mar,12 bill on 31.03.2012 irrespective of the fact that i didnt raise march bill et till 31.3.2012..

please help

urgent....

Dear sir
I purchased a cellphone and paid 10000. later after two months i received a bag worth 1000 from the cellphone vendor. how should i record this bag in my accounts. Is it discount received or misc. income? . what if the item purchased is goods.Give me the entries also.

thanks®ards

harish

dear all,
i am working on the def tax of a pvt limited company. opening def tax liability is 2.00 lacs.during the year there is an asset. Both the liability and asset arose due to timing difference on account of dep. As on 31.03.2012 there is an asset of Rs.0.50 lacs.i want to know if i can recognise the asset or not.

If, We have not used our Plant & Machinery in the F.Y.2011-12. Is it necessary to provide depriciation?

can you explain how calculated TDS & What is TDS Procedure

what does ifrs means and when they will be applicable.Will GAAP and existing AS will be replaced by ifrs.Kindly send me format of financial statements made under ifrs

dear all,
i purchased a capital asset for 25,00,000/-.
now the bill i received is inclusive of:-
-machine value
-vat
-freight

but these items are not shown seperately in the invoice i.e 25,00,000/- is inclusive of all these items.

so my query is whether should i claim freight of 1,00,000/- as an expense or consider it to be in machine cost i.e to capitalize the whole amount??
(the supplier had provided me the copy of bilty from which i came to know how much is the freight paid by the supplier)