Suppose we sold material worth rs 100 to a customer

During transit there is a loss of 5 Rs material and customer received material only worth 95/- .Now as per the contract with the transporter ,this loss to be recovered from the transporter

Now there are two ways to account it

1) First approach

Transporter Dr 5
&
Customer Cr 5

2)Second Approach

Sale Dr 5 RS
&
Customer Cr 5 Rs

Then

Transporter Dr 5
&
Misc Income Cr 5


plz let me know which one approach is correct and why ??

Suppose we sold material worth rs 100 to a customer

During transit there is a loss of 5 Rs material and customer received material only worth 95/- .Now as per the contract with the transporter ,this loss to be recovered from the transporter

Now there are two ways to account it

1) First approach

Transporter Dr 5
&
Customer Cr 5

2)Second Approach

Sale Dr 5 RS
&
Customer Cr 5 Rs

Then

Transporter Dr 5
&
Misc Income Cr 5


plz let me know which one approach is correct and why ??

Hi,

I am working with Pvt. Ltd. Co. which had some branches and my senior have arranged a presentation session for this Branch Accountant.
I was told to prepare a Accounting Presentation for this seminar
wherein i have prepare a slideshow to explain accouting work to a fresh accountant from college
i need help in this regard
can anybody help me in this regard

Let me know the treatment of
sale of DEPB/VKUY Licence in F.Y. 07-08
of Aprox Rs 25 Lac.
& Balance Licence to be sold as on 31.03.2008 is Approx Rs 15.00 Lac.

Please let me know the treatment of above.
Is the sale of Licence treated as Sale or Other income.
and what can i do for the balance of licence.

I am working in Real Estate Co. Our co made agreement with land owner to construct the residential complex on the purchase of FSI (development rights) from the land owner & for the same we paid the cost. In this transaction how I passed a/cing entry. Shall I dr to land cost under gropu CWIP ?

Pls guide me with illustration.

thanks
Anjan S. Mehta

suppose we sold material of Rs 1000 to a customer .
on the way there is a theft of material amountin to rs 100 and as per the contract ,transporter has to bear the loss

Now there are two ways

first
Debit the transporter 100 RS
&
Credit the customer 100 RS

second

sale Dr 100 Rs
Customer Cr 100 Rs
and then
transporter Dr 100 Rs
Misc Income Cr 100 RS

Which one approach is correct and why ???

I want to Know wether Every year Audit of Accounts of Flats welfare Association, & submiting of the same to registrar of socities is compulsary. please guide me.

we are providing labour as labour contractor to client not for security purpose. under the categery security services it was excluded and also excluded form man power recrutment agencies categery. we have provided this services for the period march 2006 onward without charging service tax . can any body help me out whether it was correct or we have to pay even though not received from clients

R/ Experts,
can anyone mail or suggest me, from where I can obtained the payroll in exel formate?

Thans in advance
Mail ID: scnoida@gmail.com

A company has given a deposit of say 40 crs to a party and has obtained development rights on it to develop the land

At the time of the sale proceeds the co will give 20% of its share to the the Party to whom deposit is given

So what should be the accounting and taxation treatment on this??