A company is getting commission from a manufacturing & Trading company for selling their goods in market.

But bills are in the name of Manufacturer or Trader whose goods are being sold.

So on what basis will the company getting commission account its transactions?
1)Company is not having any sales on its own name.
2)What will be audit evidence for auditors.
3)How will the company show its income for tax purpose.
4)What papers can be shown in case of Scrutiny.

Pls help me out!!!!

Hi all,

Please help me with a correct Journal Entry. Suppose, a Co. has a Development Fund and it wants to purchase some Fixed Asset utilising the said fund. It has a particular Bank A/c (say D.Fund Bank A/c) which represents the D.Fund Value. Now, I think-
Fixed Asset A/c is to be Debited & D.Fund Bank A/c is to be Credited (Current Asset is converting into Fixed Asset)
Again, Development Fund A/c is required to be Debited because of its utilisation (Fund gives Cr. Balance) then which A/c should be credited in this case under Double Entry System of Accounting.

Kindly reply

Thanks in advance

Hi All tell me the difference between net profit and consolidated net profit

if i issued a work order to a contractor labour+material both cost & i also pay him 5% Vat , 4.125% S.Tax extra on Contract amount can u suggest me what tax i have to deduct T.D.S or W.C.T what & what %

if i issued a work order to a contractor labour+material both cost & i also pay him 5% Vat , 4.125% S.Tax extra on Contract amount can u suggest me what tax i have to deduct T.D.S or W.C.T what & what %

Dear Sir,

I Want to make a provision entry of Entry of Audit Fees of Rs 1,00,000/- + Service Tax Rs 12,360/- Should i make separate entry of Rs 1 Lac and Rs 12,360/- or Should i make entry of Rs 1,12,360/- since we have not recd the bill

Regards

Ravi Konda

Dear Sir,
If I want a make a provision entry of Audit Fees since we have not recd the bill Rs 1,00,000/- Should i show separate entry of Service Tax of Rs 12360/- or should i make consolidated entry of Rs 112360/-

Please clarify

Regards

Ravi Konda

My question is as a Advocate, Advocate is mainting his accounts on payment and receipt basis. He received a demand draft dated 31.03.08 in april 5th Fy 2008-09 from his Company client, Company has deducted TDS on this payment. My question is :- What accounting entry is to be passed in Advocate Books and what will be the impact of TDS certificate for the FY 2007-08.
Reply please.

My question is as a Advocate, Advocate is mainting his accounts on payment and receipt basis. He received a demand draft dated 31.03.08 in april 5th Fy 2008-09 from his Company client, Company has deducted TDS on this payment. My question is :- What accounting entry is to be passed in Advocate Books and what will be the impact of TDS certificate for the FY 2007-08.
Reply please.

in case of accounting for private limited company who is engaged in investments in derivative segment-
Whether the daily mark to market margins as accounted at the broker's end should be accounted on daily basis for each future contract upto its settlement/sqarring up?

The movement of the funds will not have direct bearing on my bank account rather it will affect my fund account maintained by the broker. While accounting in the books of company, whether one needs to also maintain mirror account of the brokers transactions in the Fund Account?

Please guide on the accounting treatment to be given in the Company's Books.