Can we make reverse entry of fixed assets which was not recorded in our books but wrongly recorded in books when sold and make profit.
Suppose we bought a AC but not booked it in books but when we sold it we recorded its accumulated depreciation and fixed assets. Now there is a difference of actual assets and books recorded assets. How can treat it.

Hi,
Can a Partnership Firm get its Accounts Audited from a CA before completion of the Financial Year. And what are the conditions.
Details are as under:
Date of Formation- 15/07/2020, Industry: Film Industry, Purpose for Audited Balance Sheet: Subsidy from State Govt, Audited Accounts needed: Till 15/10/2020, Film completed but will be released/ Sold to other party in Jan-2021.
Please suggest
Regards
Sushil

I have disposed off the asset whose value was not included in my fixed asset list. Now the asset shows in trial balance is less than in actual.please asbise

6. Sales Invoice towards Professional Fee of Rs. 45000 including GST. Provide the details journal entries with considering the GST and TDS.

I had been sold Rice to registered GST delear for rs.200000.Now he has paid Only rs.195000.Due to Weight loss of Rice.So please guide me for regarding entries of accounting in my books of account.

Experts please help me out.
What are the journal entries involved in the following transactions. Say rent payment by Mr.A 1.Online payment initiated by Mr.A goes to Mr.B (payment gateway) say Rs.10000 2.Mr.B settles to Mr.C (intermediary) Rs.9800.00 3. Mr.C finally settles to Mr.D(end user) Rs. 9700. Total commission Rs.300 beared by Mr.A.
C raise invoice for Rs.300

Accounting equation treatment for the entry
Extra furniture worth₹2000 sold to purana for ₹2500 and entire amount was taken for personal expenses of owner

A Trust has received a second hand bus as donation. The trust has incurred expenditure for registration with RTO and insurance. How to account this bus in the Trust? And at what value?

Sir,
I would like to know the treatment of Accrued interest income in case of following TDR:

Date of Deposit: 01.01.2017
Date of Maturity: 01.01.2020
Accrued interest as on 31.03.2017:X
Accrued interest as on 31.03.2018:Y
Accrued interest as on 31.03.2019:Z

X is included in Y and Y is included in Z.

How accrued interest will be calculated for the FY2017-18, 2018-19,2019-20.

Please help me regarding this. Thanks.

We have one situation and is described as:

Suppose LOAN is taken from PNB bank & is transferred to the Company's bank account- IDBI bank.
Later on, the loan is transferred to the owner's Saving account (VIJAYA BANK).


But EMI payment is being done thru company IDBI Bank account only. How entries will be done?



Eg.

MAIN COMPANY > LOAN from PNB bank > Get the loan from pnb bank > Amount is credited to the company's IDBI current bank account > Later loan is transferred to owner's personal saving bank a/c (VIJAYA BANK) > EMI is paid by company's current bank account till date.



A loan is taken 4 years back. Which entries need to be passed in Quickbooks/ Tally?