I am from Ahmedabad. I just wanted to know the method of revenue recognition for construction contracts that is normally followed. I doubt that method prescribed by AS 7 of recognition on the basis of percentage completion is followed by everyone. Please guide me

in bal sheet creditor is rs.180000

adj: creditors agreed to waive their 30% rights and company paid rs.30000 of shares in part for renewing their liability.

what will be the JOURNAL ENTRY

my id abhipcc@rediffmail.com

I would like to know what would be the entry in tally;
insurance matured and the payment was done through cheque.The premium paid for the following insurance I was showing in Drawings. is the following entry right .
is it a receipt entry.
By bank
To proprietors capital a/c

existing policies jise 25year(1st jan1980) pahle se use ho raha tha, ab hum is policies ko change kar rahe hai.
to retrospective effect kab se liya jayega ?

Please suggest me a best accounting software for my business. I am not so happy with tally.

SIR PLEASE EXPLAIN WHAT IS THE ENTRY IN TELLY. WHEN TDS @2% IS 1500
AND TDS @ 2.06 % IS 500. THAN SIR PLEASE TELL ME WHAT IS THE ENTRY IN TALLY WHEN IT WILL DUE (JOURNAL MODE F7). THANKS IN ADVANCE.

Hi every one.

I need to know the journal entries need to be passed when the nil value assets(fully depreciated) are discarded or scraped.

how to give effect for the gross block.

credit will be asset name.

to which account i have to debit.

i am engaged in jewellery manufacturing on small scale. my primary buuisness is to make jewellery i take orders from retail jewellers for which they provide gold alongwith issue voucher in my name(e.g x gms of 22ct gold) after completing my work i return the furnished ornament to respective jeweller for which again they issue me receipt voucher mentioning the amt of gold returned alongwith my labour charges on thatmuch amt of gold deducting the tds @1%.
in all this transaction i don't issue any kind of vouchers to jeweller .
my query is that
1> is it necessary for me to issue any vouchers
2>do i need to collect any other chgs (e.g service tax) other then my labour chgs .
3> how to pass acc entries for this (including tds)
i ve not formed any company to do this work all income from this work are shown in my personal file . is it advisable to form company for this work.

What is the Meaning of "Trade Investment" as disclosed in the schedule VI? Which investments will fall within the definition of " Trade Investment" and why?

Any body can provide interest calculation sheet for bank cash credit a/c.