Dear Experts
plz go through the below mentioned journal entries and suggest me that what value of the sales will appear in the trading account
our company a manufacturer units sold goods on credit to Glaxo Smith Kline Consumer Ltd
and charged excise and vat there on as mentioned follow
Glaxo Smith Kline Consumer Ltd ---a/C Dr Rs 80563
To Sales--------------Rs 74400
To Excise Duty @4%----Rs 2976
To education Cess@2%on excise-Rs59.52
To H.Edu cess@1%on excise-Rs ---29.26
To AP VAT@4%--------Rs 3098.61

what value of sales will appear in the trading account i think it will be net sales value only not the total value of the bill.
Thanks & Regrds
Shambhu Jha

A ltd. provides telecomunication service to B Ltd. Rs. 10000, for a specified periocd.with service tax.& B Do the payment & deduct the TDS


my Q is 'what is the entry in the books of A & B (jurnal entries, for service tax & TDS)


PLs reply asap.

WE have Purchas a Portable HOuse/Cabin for the accomodation of Workers at site, this to consider as assets? If assets in Which Head and what should be the Rate of Depreciation.

And pls give the entry for the following example

Portable House/Cabin 60000

Transportation from the manufacturer to the site 40000

and construction of the base to install the Portable House/cabin 5000

hi everybody,
i am an ipcc student.i am facing difficulty in accounting concepts.can anybody suggest a good accounts book which can help me strengen my concepts in accounts and help me to perform better in my exams.out of hanif mukherji,tulsian,shukla&grewal which is the best or should i buy books written by some other author? very confused . pleeeze help.

WE ARE WHOLSELLERS THRERE ARE ABOYT 1000 CUSTOMERES .WE GENERALLY MAKE SALES ON CASH BASIS BUT SOME CUSTOMER DID NOT GIVE CASH IN THIS CASH WE KEEP A GENERAL DEBTORES ACCOUNT IN WHICH TOTAL OUSTANDING IS SHOWN AND WHENEVER WE RECIVE MONEY WE REDUCE FROM GENERAL DEBTORES ACCOUNT ONLY AT ATH END OF YEAR WE PREPARE OUSATNDING LIST IS THIS METHOD IS OK AS PER INCOME TAX AND M VAT ?

how much time will it take to prepare for accounts without classes

Sir

Book Profit 6915/- of the partnership firm for the financial year 2009-10
Please guide me how much remuneration to partner eligible and how much amount to be transfer to partners capital account and how much to be shown in profit and loss account of partnership firm for financial year 2009-10

Akbar

sir
what is the journal entry for Closing Stock. We are using inventory on manually and accounts are keeping Tally. so how to enter the Tally for losing stock journal entry.

Co A having Assets worth Rs. 100 Cr; share capital Rs. 1 Cr & Loan liability Rs. 99 Cr.

Co B acquired all the shares of Co A.

Now they have shown the Investment of Rs. 1 Cr in their balance sheet.

My question is that....
Can Co B create any asset & Reserve in their balance sheet in asset side & liability side respectively, against the loan liability of Rs. 99 Cr of subsidiary company???

If yes, confirm with support...

Thanks

Hello Experts
Happy Diwali
I have one entry for sale of car in the private ltd co. I have done the entry in this manner. Kindly advise if it is right or wrong.

Car A/c Dr 250000/-
Sale of Car A/c Cr 250000/-
Being amt of sale proceeds.
Sale of Car A/c Dr 51530/-
Profit on Sale of Car Cr 51530/-
Being amt of profit on sale.
the value of car is for Rs.198470/- as per books of accounts as at 1/4/10.
Kindly advise. It is urgent.
thanks and regards
sanjay