Under One Time Settlement Scheme, Bank has waived 20% of Total Loan Facility provided to a Company. How this has to be Accounted in the Books of the Company and reported in financial statements and which is the applicable accounting standard.

sir,
A doctor covid-19 patients treatment in hospital.patients fees collected charges mentioned below.
cash bill for one patients:
disifetional charges rs:400/-
Medical personnel rs:3400/-
ppe kit rs:500/-
Medicines rs:3500/-
lab charges rs:800/-
food chargers rs:400/-
total fees collections from patients rs:9000/-
question:
A doctor above fees received from patients accounting entries passed in books.

Cash bill for covid-19 patient
Disinfection charges rs:400/-
Medical personnel rs:3400/-
Ppe kit rs:500/-
Medicines rs:3500/-
Lab charges rs:800/-
Food charges rs:400/-
Total amount rs:9000/-
Question:

How to accounting entry passed in books

As per Section 134(5)(b) of the Companies Act, 2013, the Directors’ Responsibility Statement referred to in clause (c) of sub-section (3) shall state that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period.

In this regard, following are queries:

1. Is there any guideline or guidance issued by the ICAI with respect to this aspect? If so please advise.

2. At what time of the financial year, the Directors have to select accounting policies for applying them for that financial year. To make the query more clear, such accounting policies as will be applied to the Accounts for the year 2021-22 should be selected by the Directors at what time

A) in the beginning financial year 2021-22 or
B) can be selected at any time but before the close of 2021-22

3. Whether for Accounts of the Company for the financial year 2021-22, such accounting policies can be selected by the directors after close of the financial year on 31.3.2022 but before the approval of the financial statements by the Board for 2021-22. For example, for the year 2021-22, approval of financial statements shall be done after 31.3.2022, so can such accounting policies as will be applied to the accounts for the financial year 2021-22 can be selected in June, 2022.

4. Suppose, the Directors selected accounting policies in the year 2019-20, which are being applied to the Accounts of the financial year 2021-22. Now, a need arises for modification of some accounting policies to be applied to the accounts for the year 2021-22. Please advise can such a modifications in policies be done after 31st March, 2022, say in June, 2022 for being applied to the Accounts 2021-22.

What activities to be considered in Cash flow statement to check the
1.Financial health
2.Sustainability of a company

My doubt is that we was generated a service invoice to a client abroad , we already took LUT. So issue invoice with 0% igst. The client remit payment through a payment app. But they payment was hit to bank in INR. We already file gstr 1 return as export services including the former invoice. But while gstr 3b we are requested to pay igst of the same invoice@18%( because the payment received in the form INR). Client is outside india so they are not agreed to pay the gst portion. So we decided to pay the gst portion on the behalf of client.
Normally the entry for service is
Account receivable a/c dr
To output igst
To service income
Payment of igst
Output gst dr
To bank

I want to know the journal entry when the igst payment in case of services to the foreign client ( who makes pyment in INR) ,& we pay the gst instead of them.

How to pass journal entry of profession tax for company and Directors.

Respt Sir


In a godown trading stock worth Rs 100 loss by flood . Insurance co. has calculated salvage value worth Rs 22 and paid to us .
The damaged stock at godown which are likely to be auctioned in open market by insurance co. ,we have opted to buy back damaged stock (good condition / recycle /usable) for Rs 18
please guide me a accounting entry in tally
Regards

Hey , Can anyone help me in this query.
what is the best practice to record the hamali payment entry in Tally i.e. In case 1. Debit... Hamali A/c & Credit .... Cash / Bank A/c. In 2nd Case Debit.... Hamali Name A/c & Credit .... Cash / Bank A/c. In case 1, only one ledger will be maintained i.e. Hamali A/c . In case 2, Hamali Name1, Hamali Name2, 3, 4......... etc ledgers will be opened.

We made sales to a party in 2011-2012 of which one sale of Rs5 lakhs was entered into partys AC by mistake. Now the mistake have been found. The sale of 5 lakhs was made to other parties during that period. How can we rectify now this mistake? Pl advise? Will there be any issues from Income Tax?