31/12/07
debtors-10000
pbd is to be created - 2000
31/3/08
actual bad debts - 3000
31/7/08
bad debts recovered - 2000
whay entry would you pass in book of accounts ?
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What does tax liability means>?

Dear experts,

A very happy new year to you all..

This is with regard to a advance that I wish to give my stockists towards purchasing a storage equipment. I do not want to show those equipment in my books, yet i want to somehow retain the rights over the assets in case there is termination of our relationship with the stockiest in which case i can take the machinery back and install in the new stockiest's premises.
Is there any arrangement by which this can be done?
If i enter into a hire purchase agreement, can i maintain control of the assets and yet not have to show them in my books? Please advice..

Warm Regards,

Aditya

ABC ltd. purchased an ERP package from Xyz in the year 2008. Entire package has 10 different modules like pay roll, accounting (for financial Accounting) stores, merchandising, job-work sales & stock accounting etc. Each module will take at least 6 to 8 months to customized & developed different reports. Vendor is customizing the different module one by one. On the completion of one module he takes up next module for implementation & customization. Vendor is customizing implementing different module with the help of his team of 4 persons & with the help of staff members of the ABC ltd.
Vendor’s billing pattern is as follows:-

i) One sales invoice he raises for complete ERP package and charge the Vat &/or CST accordingly and;
ii) Another monthly bill he raises for the implementation & customization of particular module.

My query is that:-

(1) Should the ABC ltd. capitalize the customization & implementation monthly bill
or treat it as the revenue expenditure.
(2) Should it capitalize the software module wise & claim the depreciation accordingly since the individual module can be put to use independently also.
(3) Should ABC ltd. capitalize the fist bill as “SOFTWARE WIP” till the entire package gets customized because the package will be fully utilized after the lapse o 3 to 4 years

i want to know why we open cc A/C how its transaction is processed how can we apply whats its facility & whats its disadvantages

a person is partner & propriter of a firm and uses funds ofr the both from both bank ac how should it be accouted in
1)partnership
eg.cash recd from propriter
2)propritor
eg. cash drawn for partnership firm

for commission given to parties and the tds is deducted 10.3%, the income goes more than 10 lakhs than what will be the entries given in tally

Dear Sir,
Guidance note on treatment of expenditure during construction period has been withdrawn. My question is when an existing firm set up a new industrial undertaking then during construction period all the expenditure shall be capitalised. For Borrowing costs there is a seperate Accounting Standard AS-16, But what about the treatment of other expenses like Security Service , Electricity Expenses as the Electricity connection is obtained at the site, Supervisory Charges etc , Under which Accouting Standard these expenses are covered. Previously these expenses were allocated to the cost of fixed assets as per the Guidance Note what is the procedure now please advice

I am working in pvt ltd company. The company is paying commisson his clients. I want to know what will be the tds rate and how to post the entry

I want to know can I change the accounts from Without Inventory To With Inventory. Is it Possible? and how can it be done?