In my office I do all accounts on cash basis i.e. all payments of Dec to be paid at Jan and I make entry in Jan. But now I was told that all expenses for the month of Dec to be taken in Dec as Outstanding and then it is provided in Jan. So according to office Rent for Dec to be accounted for like:

Dec
Rent A/c...............Dr
To Outstanding Rent A/c

Jan
Outstanding Rent A/c
To Bank

I told office that I'd make this provisional entry in March. Then I was told to be confirmed whether taking all outstanding provisions in March only is correct process or not. So Please advise whether my accounting process is correct or wrong? Should I make all outstanding provision every month or only March is enough?

One of my client is a partnership firm, which has been incorporated on 16-04-2012. they have incurred an amount of around 60000/-for advertisement and marketing expenses on march 2012, can we account that amount in the month of April 2012. or else give some idea regarding the issue

A company needs to make membership contribution to an institute outside India of 1000 US Dollars The membership period is from January to December of the Calender year... The invoice date is mentioned as 5th march and received to accounts after closure of books the payment is made in the month of May of the respective financial year...

While closing the entries in the books for March, the outstanding provision has made without considering the exchange rate of Rs.3,75,000/- (April to December) and Rs.1,25,000/- to the expenses (January to March)

After the final payment the outstanding amount was nullified and the balance is booked to the expenses without looking into foreign exchange fluctuations...

Please advise, whether foreign exchange loss to be booked for the above transaction in the books??? Is there any deviation from AS 11

as per companies act is it compulsory for company to depreciate new assets purchased during the year on pro rata basis...or it can be charged for full year..?

Hello Experts

Good Morning

Can you tell me being a consignor if i can club the consignment sales in turnover by showing consignment sales instead of maintaining separate consignment account.. is consignment sales is not part of the turnover of consignor and has to be shown only the profit/loss in General P&L Account derived from consignment account

please help

Kritika

Private Limited Co.

What is accounting treatement for bonus paid in current financial year (12-13), which is wrongly not provided in the books of earlier year (11-12) ?

Note - Written application received from employee in this matter.

for as a company its branch in every states How it is maintain account and income

1) Can employee refuse to deduct their PF from salary..!!
2) In above case if we follow normal accounting treatment, will it attract any law..!!??

During the normal course of business,Goods are purchased from foreign country in foreign currency.
What is the treatment of difference in exchange difference?
The foreign exchange gain/loss account is a direct or indirect income or expenses. Basis for classification into direct or indirect.
During the year end, what is the treatment of unpaid invoices?

Dear Friends,

Please let me know the main points to be covered while doing Inventory Reconciliation and Inventory Audit?