thankyou very much for claryfying my doubt.i also want to know how IFRS gets converged with AS in india

x of kolkatta sends out goods costing 100000 to y of mumbai at cost+25%. consignor's expenses Rs 2000. 3/5th of the goods were sold by consignee at 85000.commission 2% on sales + 20% of gross sales less all commission exeeds invoice value. Amount of commission eill be
(A) Rs 3083
(B) Rs 3000
(C) Rs 2500
(D) Rs 2000

After the completion of assessmnet the advance tax and TDS are to be adjusted against the provison created for that Assessment year.But what is the accounting entry if

1.Their is Self assessment tax is payable as per assessemnt order.

2.Their is Refund as per assessemnt order.


Please also confirm Where to show the income tax refundable whether under Indirect Income or to reduce the provision for the current year by that amount. Please confirm and suggest.

If a company made some expenditure on making a new cabin in the companeies premises then what will be the nature of this expenditue capital or revenue????/

Sir,
I am accounting for sub contractor for gov.roads,bridges etc.The firm is individual he has cc of rs.30,00,000 and other secured loans.While accounting bank ac loan process fees,search report etc such charges bank has charged how should i account in p/L (bank charges OR loan process fess) & in bank statement 100,000.00 & 50,000.00 these amounts has been debited saying Share Capital (how should it be accounted in tally)

Is servicetax applicable for sub contractor (for gov schme: for roads,bridges,dranage)his turnover is min rs 1,00,00,000

Dear sir,

our's is a private trust running an management training for MBA courses conducted by IASE university.

Our Director (Chairman & Trustee) went for official trip to delhi & jaipure. Meantime he incurred the expenses which is purely for his personal purposes.

What is the nature of treating that personal expenses in the books of accounts.

Please show me the journal entry to be passed in the books of account.

with regards,

R. Gurucharan.

In case of a lease transaction, who has the right to capitalise the asset?,lessee or the lessor. In this regard, is there any contradiction b/w AS and income tax act. To be precise in IT we treat lessor as the legal owner of the asset though he donot capitalise it. Please give me an expert opinion.

In case of a lease transaction, who has the right to capitalise the asset?,lessee or the lessor. In this regard, is there any contradiction b/w AS and income tax act. To be precise in IT we treat lessor as the legal owner of the asset though he donot capitalise it. Please give me an expert opinion.

In my one of the co., we have received the income in foreign remittance, and i have raised the bills for each month last date, so, how should i book the income into my books of account and at which rate it should be consider ?

Regards
Mihir Bhagat

Suppose we are manufacturing company which have given payments for some purchases of goods as well as store items. The material were used in this financial year. But the bills are not yet come till date. The crediors are showing DR balances. We want to finalise our accounts and audit and cannot wait for the bills to come. The payments made to creditors without bill booked for the above are shown as advance s in our books. Their would be no impact on profits for goods as the same would be adjusted in Consumption of Raw material. But for stores item purchased, Profit would be shown higher due to the non booking of bills.

I wanted to Know whether the treatment of showing advances and adjusting the same in consumption of raw material is correct?

Whether purchases are to be booked on basis of arrival of bills or use of material?

Secondly is their any other way to account this purchases without bills being received for same. Please suggest for Goods as well as services separately.