RESPECTED SIR, THIS IS PARAMJIT SINGH STUDENT OF CFA. SIR I HAVE QUERY REGARDING ACCOUNTING ENTRY. THE QUESTION IS AS UNDER:
A PERSON "ABC" HAVING HIS PROP. CONCERN NAMED AS "ABC & cO".
"ABC & CO" DOING SOME JOB WORK OR U CAN SAY PROVIDE SERVICES TO "XYZ LTD" AN INDIAN COMPANY FOR COSTING RS 100000/- on dated 30/09/08. and on 25/10/08 "abc & co" received the amount 89700 rs after TDS (amount rs 10300) deducted by "xyz ltd".
so what would be the entry in books of accounts of "abc & co" (the prop. concern.) in cash mathod of accounting and aso in merchantile method of accounting.

also at the end of financial year the how to treat the amount of 10300 (TDS deducted) which is shown as an asset (loan and advancs) for "abc & co". as per IT act the prop. concerns are not elligile for assesments for income tax where as propreitor is self elligible for this as it is his business income.
kindly ples tell me the valid accounting entries in both cash and merchantile system of accounting for account books for "abc & co". and also the adjustment entry for TDS.
kindly plese reply my querry

thanks
PARAMJIT SINGH.
U CAN MAIL ME AT PREAHALTRADES@GMAIL.COM

Sir,
A is the Co. whose investment is in B co.(100 Share) had received the Bonus share (50 Shares).
The value of 100 shares is Rs100000.
when bonus received No entry has been passed.
Now A co. had sold the initial 100 shares @1000/shr.(at cost,No profit No loss).At what rate or price A co. Shows its remaining Bonus Shares(50 shrs).In short What value we show in Balance Sheet regarding that 50 shares.
PLease Answer.
Thank You.:)

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