My boss had taken a loan from one of his LIC policy for doing business. Now that policy is matured. LIC has deducted there loan amount along with interest and balance has been paid back.
I want to know what is the book entry to be made in his books of accounts.

why does misc expenses like discount on shares issued appear on the asset side of the balance sheet?

if every year i recognize insurance premium as expense so when any asset lost worth 90000 out of which it is estimated that 75000 would be recovered so i would pass the following entry
Lost by theft a/c Dr. 90000
To Asset A/c 90000
when it actually becomes due then
Profit & Loss A/c Dr. 15000
Insurance Claim A/c Dr. 75000
To Loss by theft 90000
when received/ due
Insurance Co./Bank Dr. 75000
To Insurance Claim 75000

OR alternatively
P&L A/c Dr.
Insurance co. Dr.
To Asset
in first alternate in which category insurance claim shall be classified

i)Revenue
ii)Current Asset In Tally

what is a/c payable
what is a/c receivable
what are the duties of a/c payable clearck

what are the accounts payable & receivable work in amazon company

please tell me

thanking you sir

Sirs,

How we make entries for PF contribution of employee and employer. In employer contribution we split their contribution like 8.33% for pension plan and 3.67% (totally 12%). Whereas how we make entry in company's book. how we verify the same. please explain clearly

Thank you,

Regards,
Dhanapal.

What is the treatment of 'expense on increase in authorised share capital' in books of accounts and income tax purpose?

Dear Members,

A company has Turnover of 4 Crores.and as on 31st March . Debtors of 10 lacs have been w/off.

Is there no limit on the amount to be written off.


Thank you.

sir
we are manufacturing of two wheeler Bike accessories, we have sale one machine to any other manufacture & charge CST, my query is that Sale of Machinery will be Count in Sales Accounts or decrease Our Fixed Assets from Balance Sheet.i have done below entry as example

(1) Party A/c Dr 102

Sales A/c Cr 100
CST Cr 2

(2) Sales A/c Dr 100
Machinery A/c Cr 100

kindly suggest.

We are an Interior Designers Pvt Ltd. Co in chennai. We do Interior Designers work for corporate. we do outstation projects also. in Mumbai there is a big project going on, for that we have 2-3 site supervisiors available. sometimes in urgency of fund for site expenses we transfer the fund to this supervisior personal A/c from our Co. A/c. Plz suggest me how can I adjust or how can I show this amount in our accounts.

Dear Sir,

We are Pvt. Ltd co. we did investment of Rs.7500000/- in Pvt Ltd co.during 2006-07 now in December 2012 we sold the share and we received Rs825000/- so what will be entry for the same?

Thanks in advance.....