what is difference between
Accounts receivable
Accounts payable
Trade receivable
Trade payable.

what is the difference between
interest due and payable and interest due but not payable.

Interest accrued and due and interest accrued but not due( in the case of Assets)
interest accrued and due and interest accrued but not due ( in the case of Liabilities)

Interest 'accrued and due
Interest 'accrued' but not due

Sir,
A Gst registered dealer below mentioned transaction accounting entry passed procedure in books
1.un accounting sales turnover
2.stock variation value
Question:
Dealer accounting entry passed procedure in books.

Please make journal entry of provision for taxation on 31st march.
and also make journal entry of short and excess provision of provision for taxation.

Dear Team,

Could anyone help me on below query,

Our previous executive processed payment of Euros against Proforma Invoice as advance to a supplier and passed Journal entry ag. Actual Invoice received from supplier. Both the amounts differs.

Please advise how to calculate FOREX loss/gain and also to square off foreign currency with Invoice amount.

Thanks & regards,
V B Vijay Kumar

Question
a) On 08.06.22 The DGFT issues an MEIS License of various shipping done in past.
Total FOB Value of these various Shipments -92,95,700 & its MEIS License Value RS.8,71,777 as per License received.
b) We Sold this license of Rs.8,71,777 on 09.06.22 at 85% in the Market to our Client for Rs.7,41,010/- by generating a TAXFREE sale invoice to a GST registered dealer.
c) We received the above license amt RS.7,41,010 from the above client on 10.06.22 in bank.

Summary
1st Here we received MEIS License of Value 8,71,777 (in the form of License) Date- 08.06.22
2nd We sold it in the market for Rs. 7,41,010 Date-09.06.22
3rd We recd the above amt 741010 in bank date -10.06.22

1. What would be the entries for all these three steps ?
2. Accounting entry should be in such a way that this Taxfree sale would reflect in GSTR-1 (remember there is no purchase its a license recd from DGFT (Govt)

Request for a detailed accounting entry step by step preferably if one would first practically try it in tally and then post a reply, as i called up tally customer care & many of the executive could not give a satisfactory solution to it..

Hi,

1. If purpose of company to invest in chit fund is for obtaining fund for business purpose then while making subscription payment every month whether such payment will be treated as Investment or posted in current assets?

2. Any dividend received is adjusted again chit fund account or posted under profit & loss account?

Thank You

What are differences between Advances and prepaid.