dear sir/mam,
in F Y 2010-2011. previous employer made short pay tds for proffession services. but auditor checked and report me wrong happens tds . in year ending what entry made for adjustment of tds and inthis year it is use to pay or not? pleas tell me sir

hi,

plz help me regarding this issue

a 90 days letter of credit was issued by buyer to the seller..the seller produced the documents to the negotiating bank upon delivering the goods..the seller's bank discounted the bill & paid the amount..mean while the the seller's bank could not recover the amount from buyer's bank & letter of credit got expired after 90 days..henceforth the seller's bank without prior permission, deducted the discounted amount from seller's bank account.

kindly let me know, what legal action can seller take against seller's bank & buyer's bank.

According to Guidance Note issued by ICAI, MAT has to be taken under Loans and Advances in Balance Sheet whereas ASI 6 assumes MAT as a current tax which has to be dealt like Income Tax i.e shall be taken to Profit & Loss Account. What should be the proper accounting treatment?

We have taken a land on lease from Government for the period of 99 years.We have paid rs.10,00,000 for this land and we have to pay Rs. 20000/- per annum as lease rental.kindly tell us wheather this land will be treated as freehold land or lease hold land in our books and what is the accounitng tratment of Rs. 1000000/-this amount will be amortise in a period of 99 years or not.

Regards
Surendra

Plz tell me accounting entries of following:-

Income tax payable 500000/-
Advance Tax 100000/-
TDS Deducted 50000/-
Net Income tax payable 350000/-

I have a query whether in accounts provision for made for the full amount i.e.Rs.500000/- without adjusting advance tax and TDS.and if yes adjustment entries when is required to be passed whether after final payment of tax and whether in finalised bal. sheet this adjustment entry to be considered.Pls reply

Initially the materials was imported without payment of custom duty.
Due to non fulfillment of installation condition within three years,
DGFT demand the customs duty suppose Rs. 100/-
Interest was also demanded for entire period which comes to Rs.15/-

What will be treatment of both expenses?

sir plz guide me regarding the accounting treatment of the following situation in case of a private Ltd company :

Tax payable = Rs.5,00,000

TDS deducted = Rs.2,00,000(standing in the books)

i want to know how much provision for tax should be made in the books of account.

sir the client has done the following treatment:

Profit and Loss Account

Profit before tax 8,00,000.00

provision for tax 3,00.000.00

tds deducted 2,00,000.00

net profit 3,00,000.00

Sir is it right presentation to take
tds deducted to profit and loss account instead of adjusting it with provision for tax.In my opinion he should make tax provision for Rs 5,00,000 and adjust the tds with tax provision. sir plz reply soon.

i want to know when manufacturing account is prepared as one of our client is engaged in manufacturing of pet bottles but instead of preparing manufacturing account he prepares trading and profit & loss account for the last five years.i also want to know as he prepare trading a/c he is charging factory rent as indirect expense which I think is wrong. plz reply soon. thanks in advance.

why is provision dor bad debts of previous year removed from p and l

debenture holder agreed to take over freehold property book value rs 100000 at a valuation 120000 in part payment of their holdings & to provide additional cash of 130000 secured by a floating charges on companys asset at an interest of 8% pa.. amount of freehold property is 425000 6% dentures rs 3750000...can u tell me journal entry for internal reconstruction please