Hi All,

What if an employee pays on behalf of the company to the vendors through his credit card and company pays him by settling his credit card bills...

And what of same happens in case of director

Pls reply in case Employee is a relative/non relative of director.

If possible give references to sec/AS

Thanx in advance !

A co. made export in US & invoice is made on 23.12.2009 for $5,68,900.74. Co. sent CAD papers to its bank for collection on 24.12.2009. On 07.01.2010 Net payment of $5,68,774.74 is realised after deduction of commission of $126. On 07.01.2010 1$= Rs. 45.56. Co. kept this $5,68,774.74 in its EEFC A/c. On 13.01.2010 Co. got coversion of $5,68,774.74 into Rs. @ 45.66/- and Rs. 2,59,70,255/- (i.e. $5,68,774.74*45.66) is transferred to its CC A/c from EEFC A/c on 13.01.2010.

What is the accounting entry for above mentioned transaction?

SIR,

WE HAVE RECEIVED GOODS FOR JOB WORK AND ISSUE A BILL FROM SALE BILL FILE AT VAT 4%.

CAN YOU SUGGEST
1.) IT IS SALE OR JOB WORK INCOME
2.) WHETHER VAT IS CHARGED ON JOB WORK INCOME OR NOT.
3.) IS IT WRONG TO ISSUE JOB WORK BILL FROM SALE BILL FILE OR NOT.

PLZ REPLY................../

Dear Sir,

I would like to know about th procedure for bank guarantee & letter of credit as per Indian Banking standard.

hi... i am working as an accountant in a company it is a newly establised company in the construction field ( basically builders)

i want to know how should i book the direct and indirect expenses in the books of the company, frankly telling i have nop idea about accounting of construction company.

pls tell in detail ...means proper headwise detail.

pls help me urgent..

Insurance expenses paid at the time of purchase of a new Car , Whether should be capitalised to the Cost of Fixed Assets ( Car) or should be Charged to Revenue .

Dear All,
Please let me know the accounting effect of the commission paid on sales to a distributor...

how the same is to be disclosed in the financial statements, basically its presentation. Currently the said commission is added in my sales bill itself coz i need to take a transaction value for excise purpose in my sales bill.

According to my point of view the same is not my income and hence should not be added to my sales(income)afftecting my gross profit and overstatement of my income(for presentation in my books).

Kindly advice me on the above matter ASAP..

Regards

Dear Friends
I am working in company which have two manufacturing Unit. Out of These Two one unit in situtated in Specified area and its profit is 100% exempt from tax US 80IB. Company is paying MAT on its profit as its one unit profit is 100% exempt. Company has track record of earning profit and it is estimated that it will earn profits in forseeable future to.
I want to know how to treat MAT credit available for compulation of defferecr tax asset/liability.
Kindly clarify.

Dear sir
I want to know the suitable head for accounting entry. My company decided to pay back to the sale executive 50% of the recovery of old oustanding he deposit. and company will keep 1000 per case for new delivery and remaining amount will be payback to executive. The executive have to settel all his expenses, salary, market scheme, sales promotion within the amount company had paid to him. I have a problem that againt which expenses head I have to reimburse him.
1) recovery expenses.(bcos all the schemes and personal expenses will be paid through the executive)
2) Commission (TDS problem - the executive cant bear it bcos after deduction it is hard to expend the remaining money in market.)
3) Incentive (Same TDS problem)

Please suggest me.

Thanks & regards
SHAIKH A.K.

can a company declare 100% of its profit as dividend?