we are importing raw material & we have to make payment in US$ from our INR a/c. My query is e g If I want to make payment of US$ 50,000 to the foreign supplier, in payment entry which forex rate I have to take? Because in RBI site shows both buying & selling rate. Hence can i take average rate of diff between buying & selling rate.
Pls explain & advice.

Thanks,
Anjan Mehta

Hi, Recently Government of India announced PF Employee and Employer shares will born by Govt if Gross income below Rs 15,000 /- or employees below 100 Members. How to bring Government paid PF amounts in books. What are the entries to be passed. Please Guide me.

Hello,
I have a query regarding to tds u/a 194C.
If taxable value of single voucher is less than Rs. 30,000 /- but after addition of gst it's total value become more than Rs. 30,000/- then how tds will be deducted?

Sir, we charge red ink interest if due date is falling after statement date. However my query arises when red ink interest is calculated on bill receivable, whose due date is after statement date. Therefore we calculate negative interest, which in fact, means we are debiting the debtor's account. If our assumption is that he is making payment on statement date, he should earn rebate for early payment of the bill. But due to interest being in negative, we actually debited his account. Therefore he is paying extra even though he is paying early. I could not understand the logic behind it, or is my concept about red ink interest is flawed. Thank you very much in case you answered.
Thank you.

Dear experts,
Please let me know, if we pay amount for marine insurance then how we will record it in our books.? What will be journal entry for the same.?
Thank you in advance

Dear sir,
In proprietorship, In which account should be recorded in the profit on sale of building. Under capital account or it will treat as indirect income.

Sirs,

The problem is aw follows: There are two directors in a Pvt. Lt company. One of the directors requested for transfer of x amount to another PVT. ltd company where he is also one of the directors.
The directors are mother and son and no creditors as the company is new.
The accountant simply transferred the x amount say Rs. 1,50,000 to that company, say in January 2020.
It was detected now.
If we treat this as drawings then it should be treated as remuneration and TDS had to be deducted which has not been done.
How do we treat this transaction in the books of accounts?

Accounting entry for the land purchase from general reserves.

How to classify OD taken against FD
If we take OD against FD who's tenure is more than 1 year then can we classify this OD in Long Term Loan.in the financials.

Respected Sir,

I never filed Income tax return because my annual income is less then 250000/-. But i am saving every year 70K to 80K in each year from 2008 ( In my saving account) if can i make fixed deposit for RS.700000/- Does income tax department raise any question to me about that. Please advise to me.