one of our client received payment in advance for a non-civil contract on 16/03/2011. he also made the provision for service tax and paid on 31.03.2011. Now as per service tax law it is cumpolsury to raise the invoice within 15 days of advance payment received. my client raised the invoice also on 31.03.2011. But my friends the contract is not started in F.Y. 2010-2011 but it is started in April 2011. Now i want to know how we can recognice the revenue for F.Y. 2010-2011 for this part. Please tell me asap

Here my query is whether Borewell to be capitalized under Buildings or Land as Land development. Further whether can I capitalize drilling cost, PVC Pipes, Electrical Compressor and other accesories all put together as borewell.

Three parties X,Y AND Z
"X" sold goods to "y"worth Rs.80000. "X" has given discount to "Y" of Rs. 30000

In the books of "Z", "Y" has a debit balance of Rs.38000. He settles the same by paying Rs. 8000 and asks to adjust the discount of Rs.30000 received from "X"

"X" and "Z" have continuous running balance in each other's books.

will "X" be able to take credit of discount given in his books? if so please suggest the accounting entries

Is there any limit or any provision/procedure subject to which cash can be infused by a director in a private limited company??

Pls. tel me whether TDS should be deducted on Advance amount also or is it only after the bill is receieved from the concerned that TDS entry be booked?Im confused...Pls. help me....

Pls. help me with the capitalizing journal entry.
Also i would like to know that whether assets should be capitalised based on amount?apart from ensuring whether the exp being capitalised has resulted in improving the efficiency of the Asset,if the amount is meager will that still amount to capitalising asset in books of accounts?

our company (pvt ltd. co ) is following slm method . What is the rate of depreciation to be followed for plant and machinery . According to me it should be 4.75% but our co is taking 13.91% (wdv). our consultant is saying in nesd the general rate is 13.91% Please clarify.

dear sir, my client, who is a doctor wants to buy a ready made house worth Rs.1500000/-. he wants to take loan Rs.10 lakhs,from SBI. the bank Manager wants a project report. what accounts or statements should i prepare?

Client not covered u/s44AB.

At what rate should the Imported Asset be capitalized in books. In my opinion the same should be done @ bill of entry date. But is there any alternate opinion.

Thanks & Regards

Dear Friends / Experts,


I have the following query :


In the Balance Sheet of 'A',

Account Head - Advance from Clients having balance of Rs.54000/-. (Say X - 12000,
Y - 12000, Z - 30000)


Actually, there is no Advance from Clients.

Query :

How do I pass necessary Journal Entry to remove the Advance from Clients or give proper effect for the same ?


Ans : ..............

I shall wait for the views.

Thanks.