hello everyone
what is the diffrence between baddebts and provision for bad debts and why provision for baddebts will be created and what are the relevent entries when badebts were incurred

plz tell me the entry of Provison for taxation in accounts ans effects of entry in PnL Balance Sheet. if adavce tax made during the year we have to make any adjustment with Provision for taxation in Accounts

plz tell me the netry of Provison for taxation in accounts ans effects of entry in PnL Balance Sheet. if adavce tax made during the year we have to make any adjustment with Provision for taxation in Accounts

I am working as a Accounts Executive,
I've one doubt that is in my company we are started a contruction of factory. for that pupose we are issued a chq to the contractor. Ho to post this entry.

We have engaged a techinician for the purpose of repairing machinery. He has provided a bill stating labour charges, travelling & fooding seperately. Pls advice how to account in books:- 1.debiting entire amount to repairs & Maint.
2.seperately to the concerned head (if so whether liable for FBT).

On other case expenses of travelling and fooding incurred by us whether attract FBT.

What I want to know is at which rate export sales have to be recorded in the books....Is it at customs rate or RBI rate or Commercial Bank currency buying rates???

What will be the journal entry of goods given away as charity by the proprietor?

Dear All,

Can anybody tell me the accounting treatment of imported cows for a diary project?

1) How do we close books ?
2) what do u mean by Accumilated Deprecion

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