Professional fee invoice of Rs. 1 lacs plus GST @ 18% was received from ABC ltd on 25th may 2019. the same was paid on 05th June 2019? What will be journal entry for same and its effect in profit and loss account and balance sheet?

Sirs, As a Private Limited Company Registered in 2018),
I have plans to export a product ( I have obtained IEC, GST etc.) and to understand the industry, right now I am sourcing buyer from overseas and getting paid for it by the seller.
How to account for the consideration I am receiving from the Seller in the books of accounts and its GST implication and other Income-tax implication.
I shall be obliged if I am guided in this issue.

PURCHASE OF RS.10,00,000/- AND TRANSPORTATION CHARGES 99000/- IN SEPARATE BILL BY TRANSPORTER WHICH AMOUNT IS CAPITALIZED

I want to prepare Capital A/c of sole proprietor. Kindly tell all possible content of Debit side and Credit Side of Capital A/c of Sole Proprietor. Can i add interest credited on saving or current bank account to credit side of Capital A/c? Also please tell if i Debit following items to Debit side of Capital A/c: Premium on Insurance, Tution Fee, Mutual Fund, PPF etc.? Thanks in advance.

if customer deducts TDS and paid net amount to vendor. then usually vendor at the time of closing of its books of account, book TDS receivable entry and gives credit to customer.

here the query comes: what Prudence Says ? at the time of closing of vendor books. TDS is not reflected in vendor's 26AS. there be a delay by customer in filling of its TDS return.

is it logical to book TDS receivable entry at the time of closing of books?

Hello dear experts,In Gstr3b tax free purchases amount is wrong filed and March return is also filed so can I correct it in Annual Return GSTR9C ?

Recently I answered below question for paying 1 lac as professional fees to CA in interview...Let me know if it is correct...Bill booking entry Dr professional fees 100000Cr CA 90000Cr TDS 194J. 10000Payment entry Dr CA. 90000Cr Bank. 90000Is this correct?Reply would be helpful...

What should be the proper accounting head for DSC purchase? I have put is as General Expenses.

Dear sir,
Can you Plz help me how to Do accounting for Imports and Exports of Goods.
Eg. I had Imported 10,000/- Value stock and I paid all Taxes like Customs and IGST and Other.

I am Treating
Purchase Value (Paid to Debtor) - Treating as Purchas i.e.,10,000/-
Bank Charges - Treating as Indirect Expenses
Customs and other I am - Treating as Indirect Expenditure. One to the Amount extant IGST is treating as Asset since we get ITC in gst .

IS that Treatment is Correct.


And also Say Exports of goods Entry.

Please answer,

FOR DEPRICIATION UNDER COMPANIES ACT, 2013

LED LIGHTS COMES UNDER OFFICE EQUIPMENTS OR ELECTRICAL EQUIPMENTS, ?