Dear sir

Due to heavy rain Godwon roof leakage and damage some goods wroth rs.19800/- its conver under insurance Please advise tous below entry is right or wrong

Dr. Insurance clain receivale ( Under Current assets)
Cr. Purchase account

I HAVE RECEIVED TARGET INCENTIVE
RS 8960 TAXABLE VALUE-TARGET INCENTIVE
RS 1612.80 GST 18%
RS 10572.80 , PLEASE GUIDE ME MAKE THIS ENTRIES IN TALLY, SO THAT MY LEDGER BALANCE SHOULD BE REDUCED AND INPUT GST 18% SHOULD BE INCREASED

P NAGA KRISHNA SHASTHRI

A trade union has been formed and in the bye-laws it has been mentioned that a member has to pay Rs.365/-
towards one year membership and Rs.100/- towards one time admission fees. Total Rs.465/-
Now a lot of members are likely to join the trade union. But they feel that the membership fee is slightly higher.
So they have requested the Trade Union to collect only Rs.250/- towards both membership & admission fees.
The trade union has already collected Rs.465/- from 100 members. If they decide to reduce the membership & admission fees to Rs.250/- whether they have to return back the difference of Rs.215/- to the existing members
or is there any way to account the difference money collected in the form of donation etc. Whether the bye-law
has to be amended.

Hi, I Have a Question
A partner purchase Car And their Emi Paid in Company Account Interest Entry pass or not ?? Any Partner Reimbursed Interest Exp in their personal Income Tax return?? If Interest entry does not passbook of account ledger not match please give Suggestion for that.

Thanks In advance

Dear Friends,

I have received some shares from mother will in the year 2013 and Demat them in the year 2019.

But the accounting entries was not yet done in the books of account.

In the year 2020, i have sold some shares and received money in my bank account.

Also i have submitted my final accounts under ITR-3 for the assessment year 2019-2020.

I have no value of shares in my mother file so what procedure should i take ?

Please let me know

1. How to do book entries and what cost of shares to be taken in books at the time of entry ?

2. How to calculate gain/loss ?

dear experts,
pls let me know about the act for giving interest free loan of Rs. 40000 to an employee. How it can be treated in accounting books or we can give the same as advance salary. Employee will repay it from monthly salary for 20 months. Kindly confirm what will be appropriate?

thank you

Dear Sir,

1. I have purchased Fry pan & Mixie for business purpose. That value of the item is Below 5K. Now I treated as Asset or Expenses ???

2. Purchased provision items like rice, wheat & Maida etc for business purpose. we get tax invoice with GST, now I utilize that GST amount or not..

3. And we have own land, so we construct the building for hotel business. So we spend money for Building material purchase (Sand, Cement etc) & Labour charges. Now I treat the cost as asset or expenses.

Please advise.

Thanks in Advance.

There is one query.
There are one proprietory firm(name of firm :- pramukh construction) who construct the government dams and canal.There are GSTN number in gujarat.
Now he want open hotel and want to take GSTN number. so could he get another GSTN parellel number on the name of pramukh foods ?

Dear All,

Can anyone share SBI-TT Buying rate of 31.3.2020

As we write off intangible and fictitious assets in internal reconstruction.
We have to write it off whether it is given or not?
And also about patents, while solving problems I came across 1 adjustment in which balance of capital reduction is utilised for writing down patents.
And the given amount is 6000 and balance amount is 4000.
And the remaining 2000 is considered in the balance sheet after reconstruction.
Why??
What's the reason for it??