WE MAKE A EXPORT SALE (USA) OF $106848
BUT IN OUR CURRENCY INVOICE MADE RS.52,67,640/-
& PARTY SEND US A DOLLORS 3 TIMES.
1. ADVANCE $21365 @ RS.49.16 i.e. RS.10,50,284.74
2. AFTER SALE $74786 @ RS.48.73 i.e. RS.36,44,302.29
3. & LAST $10680 @ RS.47.89 i.e. RS.51,14,55.62

NOW AT THE LAST IN OUR ACCOUNT SHOWS OUTSTANDING OF RS.61,598.35

I WANT TO CAN I WRITE OFF THIS AMOUNT?
IF YES, TELL ME UNDER WHICH ACCOUNT HEAD?
IF NO, TELL ME WHAT I DO WITH THIS FIGURE?
TELL ME JOURNAL ENTRY WHICH I WILL USED IN TALLY.

Dear sir,

We are receiving quarterly interest income from the fixed deposit made in the name of our organisation.

The interest income is disclosed in the finacial statement at the net of TDS u/s 194A. Rs. 79.40 is only disclosed in the books. Balance of Rs. 20.60 is disclosed at the year end on the receipt of TDS certifcate issued by the Bankers.

As per the AS 13 the interest income should be disclosed at the gross income basis.

Pls guide me the accounting entries to be passed on the quarterly basis & the disclosure requirement as per the AS 13.

with regards,

R. Gurucharan.

Dear sir,

There is a Term loan of Rs. 1 crore taken from a bank dated 04/07/2007 for the trust.
The bank has not given credit to our Trust Account.

The loan has already been utilised for the purpose of purchase of land and paid in the form DD for full amount.

The loan has been not reflected in the books of account for the FY 07-08 onwards till the FY 09-10.
What is the accounting treatment to be given in the books due to error of omission?

pls guide in this regard at the earliest.

with regards,

R. Gurucharan.

Lont term investments are valued at cost, however if there is permanent decline then it should be consider while determining the value.
My qusetion is how to ascertain such decline in the value of the investment?

Thanks in advance

Hi Experts, I need to know about the new course on IFRS being started by ICAI. Here i am not talking about the course content or fees rather I would like to know the experience/output/feedback of the course. If any of U have done that course please do share Your experience. it would be of great help to me in deciding whether to join the course or not. please reply as soon as possible.

Thanks in Advance.

The Company has paid VAT on purchases. But the goods sold by them after production is exempted from VAT.
The query is:
Q1) Should the VAT paid on purchases be shown as VAT Receivable in the Current Assets or added to Purchases?

Note:The company is filing the VAT Return and claiming the refund but not in receipt of any refund upto now even for the VAT paid since F.Y.2005-2006.

If Business of Grain Merchant
What kind of Accounting System we have to take for it and in which section we have to follow it ?
How they Maintain their Items Stock ?
They have to Maintained Stock or Not? if No so How they have to indicated their Stocks in IT Return.
Pls tell me if this Section relating to any other business.give me the list of it.
Moreover, in Professional Accounting of Doctors can we have to maintained Drugs Stock Regularly ? & in case of Advocate ?
Pls Guide me in that Matter

Thanks for your advice in Advance
pls send me any file on my email ID related to this Query
my Email ID is murtaza_bhagat786@rediffmail.com

Hi! all.plz solve my following query.
what is the treatment of credit note of the freight issued by seller to buyer in case of FOR contract in which freight is paid by buyer at destination on behalf of seller and seller in turn issues credit note to buyer for this.

Please tell me A/Cing entries in books of seller and buyer.

what should I do?
If i given advance to employee & His cheque payment amount is deducted advance.

Suppose A is Employee, & I given advance Rs.1000 in cash. Now at the time of salary I payable to Mr. A Rs.10000/- But I paid Rs. 9000/- in cheque payment after deducting Adance. What should be the entry in tally for this effect.?

Please note that the holding company constructs a building for the subsidiary Company at cost + 10 % margin.
For the Holding company it is a part of the Turnover where as for the subsidiary Company it is a Capital Expenditure.

Kindly advise the treatment on Consolidation of accounts.