If Goodwill does not appears in the books (self Generated Goodwill), and there is a admission of new partner for 1 by 4th share of profit. He brings nothing as the premium. Now old partners decide to show g/w in the books. Entry for this will be:

G/W A/c Dr. 10000 (say)

To A's capital a/c 6000

To B's capital a/c 4000

Now I want to ask why the incoming partner is not debited for his liability . If in this case g/w would be written off , in that case the capital a/c of incoming partner would have been debited . Then why not in this case?

sir,
i want to ask if a person is proprietor of a firm then is it necessary that his capital account in that firm and in his individual accounts that firm's name account are shown at same balance .. if yes then what is the treatment of profit tht firm has earned..
sir please help me in this regard.

Hi,

I have opened NEW PENSION SYSTEM (NPS) Tier-I pension account.

I am regularly making contribution to this account.

Contribution is invested after deducting charges is invested in Funds chosen by me.
Units are alloted to me just like Mutual fund.

There is no fixed interest payment for NPS contribution.

Also value of units in my NPS account will increase or decrease depending up on NAV.


For Example I am making contribution of Rs.50,000/- during the financial year 2010-11.Value of these units as on 31-Mar-2011 is Rs.55,000/-

Can u please tell me how to account for this in my books of accounts.

Sir,

A partnership firm has purchased battery and ups amount 31000.00.Suould it be capitalized or Shown to Expenses.Please Reply.

Please say me hoew to calculate Interest on TDS for Month March

March TDS Payable 100.00
How to calculate Interest for Paying Tomorrow TDS.

Thanks & Regards

Wht is the basis of allocation of expenses and income between revenue a/c and p&l a/c.
Plz answer

Hey Can anyone tell me the difference between the very common used terms "Attached" & "Annexed" in the Balance sheet????

we have 2 Project in a Firm now we are seprating the project in 2 firm. So, how to transfer the Stock in new firm? what will be the journal entry in tally ?
is it P&L Dr.
To, Partner Capital a/c

As a Organisation Policy useful life of Property, Plants & Equipments is considered to be 50 yrs. What is the accounting treatment if one of the property is very old & it has already depreciated for 50 yrs but today it has got a nice fair value. Should the revaluation be treted like that of land and no further depreciation is required to be provided?

ours is a construction company, we had made a provision for taxation for rs.315000 as on 31.03.10, there stands a dr. balance of tds deducted by client of rs.750000, the tax liability is rs.198000 and net refundable amt is rs.552000, how to do the adjusting entries, pls tel

Dear All,

I have two minor children.

I had done Mutual Fund SIP of Rs.10,000/- per month in the name of my children.

Mutual fund SIP amount is debited form my savings account & not from childrens savings account.

Can you please tell me hoe to account for this SIP in my Books of accounts.

Thanks to all in advance for your early positive response and guidance.