A partnership firm different unsecured loans received value Rs:20 lacs outstanding opening balance as per books.this total unsecured loans value rs:20 lacs transferred from a partnership firm to one of partner capital account.
Question:
How to passed accounting entries in a partnership firm and partner individual account.

SIR
As we are GTA ,we have to issue consignment note. Guide me how to issue the manual consignment if our office is one place and the loading point is in another place. Can we do it through whats app / e-mail after the filling the same to driver for reference?

thanks in adv

SIR
We are GTA, also registered under GST, but not charging any GST in the invoice for the services providing by us. ------- We are buying bio-diesel from Parties for our own use and accounting the transactions perfectly. My doubt is whether the stock of bio-diesel has to be maintained seperately like the manufacturing unit?

guide me plz
thanks in adv

If any entryof capitalize item and it's depreciation was made wrong in past year and came to know in current year then how to correct it in current year.

Dear Sir/Madam
What entry can be passed if Employee contributes to Provident Fund From his salary and also employer contributing pf in that account? ( in the books of EmployEE)
and also suggest which amount can be shown as receivable in the balance sheet( means the total of employee-employer contribution or else only employee contribution?)

Hi,

Can anybody help me on the below:

We have supplied material to customer for rs 103530.00 (98600+4930 GST)and bill has been raised for the same. Whereas the customer has transfered rs 99388.00 after deducting TDS and also GST @2% (i,e 2071.00 TDS & 2071.00 GST). pls help me how to account this in Tally. Also how it should be corrected in GST.

Please suggest me for this....

Dear Sir,

I Have Query About Export Ledger Adjustment . We Have sale Machine In Rs.5,00,000.00 Rawanda (South Africa ) Payment Received Rs.5,20,268.

Please Share Me Detail How Adjust Extra Payment Received Amount In Her Account

Dear Sirs,

in last FY-2019-20 our company has bought the car. we have received the invoice for Rs.62,00,000 with below details
1 assessable value 41,33,333,
IGST-11,57,334,
CESS - 909333
again we received one debit note for Rs.71,100 (RTO registration, Handling charges-60,254/- with IGST-10,848/-
Reimbursement for TCS - 62,000/-

Kindly help me out passing entries for the same.



Regards,

Lakshmana

DEAR SIR,

SOME INVOICES ARE MISSED FOR PREVIOUS YEAR ACCOUNTING. NOW MY QUERY IS OUR SUNDRY CREDITORS BALANCE IS SHOWING DEBIT BALANCE I HAVE CARRY FORWARD THE BALANCE FOR CURRENT YEAR PAYMENTS ARE MADE FOR THOSE INVOICES. CAN I SHOW DEBIT BALANCE IN THE LEDGER. IS THERE IS ANY PROBLEM PLEASE NOTE THAT ALL THOSE INVOICES ARE EXEMPTED GOODS CAN WE TAKE TO ACCOUNT FOR THIS MONTH OF OCTOBER 2020.

REGARDS

In the case of Lump Sum Incentive received from the Supplier on purchase, what is the right accounting method for its revenue recognition?

1. On receipt of the amount, can the full amount be recognized as income at point of receipt? or
2. The incentive to be reduced from the cost of stock or
3. The incentive received to be deferred in the form of provision and recognize as income in proportion to future sale of the stock items or else.

Assume:
(a) the money used for the purchase is financed which used to repay by using sale proceeds and
(b) incentive calculation formula/structure can be known only at a later time when the money is received.