Dear sir,

i want to ask about accounting entry.
suppose ABC COMPANY have to pay Rs.1000 to xyx company AS PER AGREEMENT(I MEAN ABC WILL PAY RS.1000 TO THE XYZ AFTER 10 YEAR. FOR REMEMBER THE AMOUTN OF RS. 1000.WHAT ENTRY ABC TAKE IN HIS BOOK. ).so waht entry will be take ABC COMPANY IN THEIR BOOOK.

Dear All,

I am having problem in trial balance in tally 7.2, there is a difference of Rs.700 dr in trial balance on date 01.09.2010, however upto 31.08.2010 trial balance is tally, and if i am selecting range from 31/08 to 01/09 then there is no difference, but if i select any range from 01/09 to any date there is difference of Rs.700/- can anyone tell me how to resolve this error, the difference is arises due to difference in closing and opening balance of Profit & Loss a/c. but there is no entry on date 31/08 & 01/09. Please help me out

Tell me how to check and fix this error
Any Tally expert here ??
thanx in advance

what is meant by ACCRUAL BASIS transactions in Income and Expenditure account?

Dear all,

I need an urgent help to my following querie:

1. Our company ( A Ltd) has received two separate purchase order from our client.
a) Supply of equipments for client plant
b) Erection of equipments at client plant

2. Under (a) above, We had supplied material and raised sales invoice to clients as sale of goods and CST or VAT as applicable has been charged as per sales tax law. The owner ship of those good have been transferred to client at the time of delviery of goods. Since this is purely supply invices therefore client has not deducted any TDS on these bills. A Ltd has transferred to client the property in the goods for a price and all ownership have been transferred to the client. This is a fixed price order for supply of goods hence no uncertainity exists regarding the amount of the consideration of sale os goods.



3. Under Case (b) this is totally service order for erction and installation & commissioning of equipment provided by clients. These equipments have purchased by the clinet from us or any other vendor or imported direcly by the client.We have raised service invoices and charged service tax. Client has paid after deducting TDS. During period of time we have raised propotionately invoice as per work completed.

Q1. Our query is that AS 7 will be applicable or not. if yes how we will recognise income as per AS-7.

or
Q2. we should follow AS 9 for income recongnisation for sale of goods separately for order (a) above and sale of services separately for order (b) above.

Hello friends,

My company is a newly one and is going to purchase 5 year old plant & machinery. Can somebody tell me whether i have to consider w.d.v. of P & M or i have to consider purchase value of the old plant.

Building is belong to school.and now same school management operates the college in same building.same building is used by school and college.now i am going to prepare the separate financial statement for school and college.i already show the building in school balance sheet.now how to give the treatment of building in college financial statement.if house rent as an expenses is shown in college books then TDS on house rent is required to deduct which is not fair because building is belongs to same management and no rent is required to pay.so plz suggest me.can we show as a loan transaction to save from TDS.

MY FIRM FOLLOWS CASH BASIS ACCOUNTING,ON 25TH MARCH I PAID A SUM OF RS.12,00,000 TO MY CREDITOR BUT THE CHEQUE IS NOT CLEARED TILL 31T MARCH.SHOULD I BOOK EXPENSES ON 31ST MARCH OR NOT?PLEASE RPLY SOON

Hi. I am an accountant at a manufacturing concern. At year end, we journalise our closing stock (per stock take) into our books (dr stokc b/sheet, cr stock i/statement or trading a/c. We created a stock reserve last year, but do not reflect it as a reserve a/c in the books. We do a spreadsheet with gross stock, then show the reserve (minus) and journalise the Net reserve into the books. There was substantial markdowns during year and the chief accountant suggested we put through these entries and reduce the reserve by the markdown amount.

dr. stock reserve a/c 776284.57
cr. stock markdown a/c 711307.46
cr. commission a/c 64977.11

dr. discount allowed a/c 426543.94
cr. stock markdown a/c 426543.94
(being notional markup on discounted sales.

We have decided to open account for the stock reserve in our books and reflect the reserve as oppose to show the net.

My question is this. If we put through these entries our b/sheet stock will differ from the i/statement stock by R776284.57. Could we just put through and entry dr. say purchese and cr. i/statement stock? This will result in b/sheet stock agreeing with the i/statement stock. Also this entry will not have any effect on profits. Please let me have your thoughts on this matter please. Rgds.

Hi

Purchase of Antivirus (Computer Expenses) for next 3 years = Rs. 50000 + 5150(ST-10.3%) = 55150 (Bill amt)
TDS dedt @ 10.00% = Rs. 5000 and Paid to Govt on following month.

The payment of Rs. 50150 (55150-5000) to be payable in advance for three years.


Please send the journal entries for service tax Rs. 5150 availed and utilised for curent years and how the expenses can be book in these three years.

VINOD AGGARWAL
9810833006

Hi,

I received one USD invoice for USD1000 in the month of Sep 2011 (USD RATE 45), invoice dated March 11.

I am going to pay the vendor on Oct 11 (USD rate 46)

There is the different in USD rates.

What was the entry and adjustment I have to pass?