If importer directly sold the goods from ICD to his customers without bringing the goods to his own godown, then which date is relevant for purchase entry and which day's exchange rate is relevant for this accounting entry.

For, Import Purchase accounting which date is relevant for accounting entry.

1. goods reached to the Port
2. Goods Reached to the ICD
3. Date on which Custom Duty Paid
4. Date on which Out of Charge order Received from the Custom Department

or
5. Goods reached to the importer's Godown.

Which day's Exchange rate we should consider for the accounting purpose??

Can anyone please sugest me how accrual concept of accounting is used for accounting advance received for service industry.
For eg.
Cost of the project : 1000000
Advance reced against project is : 700000

Project completion cannot be measured .
Pls suggest accounting entry

How much income is to be booked on accrual basis of accounting

Dear Experts,

We seek your expert opinion on the following situation.

We had capitalised machinary around twelve years back for 45,00,000/- We have depreciated this machinary on wdv basis. We have wdv on sale date 2,71,210/- for whole machine. We sold part of the machine in current year for 1,15,000/-

Now to give effect of profit or loss on sold part we need gross value of the particualr part. Pls tell us how to derive the gross value of the machine part which we have sold.

Thanks & Regards,

for transferring expense and income account balances to profit and loss we need to pass a closing entry.
Is that entry mandatory to be passed in the books?

can income and expense ledger show flowing transaction accross the years even if we are taking opening trial balance without p&L figures.

Hi, good morning to all!

I'm working as internal auditor of a concern functioning in KANDLA sez. Accountant has shown an expenditure on buying gifts for Deputy D.C. who visited their office on certain dated but for office purpose.

What the accountant has done that he has booked the above expense under the head STAFF WELFARE.

Can we do so? what are other wise option to an accountant in various circumstances?

Thanks.

Dear Sir,

We have issued invoice for Eur. 5049, Custom department issued Shipping bill FOR Euro 5094.00

Kindly tell us which amount should we booked into account? for which amount buyer should be debited?

Shall we revise invoice if we do so even our previous invoice already with the custom department?

Kindly let un know proper settlement of the situation.

Looking forward to earliest help.

Thanks & regards
Jitendra

What is the accounting entry for issue of sweat equity shares to directors for consideration other than cash?

please let me no how to make entry for letter of credit transactions in the books

Dear Friends / Experts,

Please let me know the way to overcome the rounding off amounts especially for service tax 10.3%.

This is my situation.

12500 Fees amount
1287.50 Service tax 10.3%
0.50 ?????

Please advise suitably.


Thanks.
DK.