Dear Sir, we have imported an machine in 2014-15 through EPCG license & export the material. Export Obligation was Rs.2111676.00 which already achieved in 2016-17. Due to lack of knowledge our old staff forgot to obtained Installation Certificate from chartered engineer, please confirm 1.) Can i submit closer documents with current dated installation certificate (EA already achieved in 2016-17) 2.) Is there any penalty or any other way to submit EPCG documents for closer of license. Note: EPCG Certificate valid till Aug-20

Read more at: https://www.caclubindia.com/forum/epcg-license-submission-closer-543152.asp

One company(A) had raised an invoice to their client (X) and that client has made payment to his sister concern company (B). So, now how to adjust this payment without transfer to that company(B) ?. Now, I raised the invoice from B company to A company of that amount but now I am facing the issue in TDS. If I have taken this invoice in A company and invoice amount transferred to X company but now I have required to deposit TDS and that TDS amount in debit. Please suggest how to adjust and what to do?

Read more at: https://www.caclubindia.com/experts/accounts-adjustment-2783959.asp

We sold goods to our debtor 1. Debtor 1 further sold our goods to our another debtor - debtor 2. Now debtor 1 wants that debtor 2 directly pays his dues of debtor 1 to us. Can he do so what is the procedure?

Dear Expert,

We are paying tds for godown rent an deducted @1% but we deduct it instead of 2 %
and the balance 1% we have refund it to customer

Can you please advise me how can we pass the journal entry to tally the tds and customer account

?

res experts,

kindly tell me i have in books parties credit balance(and in their books we have nil balance ) , may i transfer the balances into another firms and then make a payment to new party.

thanks & regards

Hi,

One company(A) had raised an invoice to their client (X) and that client has made payment to his sister concern company (B). So, now how to adjust this payment without transfer to that company(B) ?. Now, I raised the invoice from B company to A company of that amount but now I am facing the issue in TDS. If I have taken this invoice in A company and invoice amount transferred to X company but now I have required to deposit TDS and that TDS amount in debit. Please suggest how to adjust and what to do?

Hi,

Please share thoughts on accounting treatment of expenditure incurred in connection with additional share capital raised. For instance, advisory services provided by an investment bank. Can this be adjusted against share premium or it should form part of P&L.

The car was crashed 6 weeks ago and has been written off by the insurance company (non-repairable) they offered me Rs3000 and I told them that it wasn't acceptable! They finally offered me Rs 4499 and then deducted the policy excess of Rs600 out of this.
So this week O received the cheque for Rs 3899 which was addressed to me personally. I need to transfer this money into my business account but I'm not too sure how I reconcile the payment or what to put it as and also how to remove the car as an asset.

Value of asset (At cost): Rs6000
Accumulated Depreciation: Rs1200

I found that interest had been overcharged by Bank .but Bank doesnt agree how to check that the rate of interest is correct or not...

Provision is liability & asset both?
1. We create provision for expected expenses in future. It’s liability.
2. We create provision for expected profit in future. It’s asset.
Please correct if I’m wrong with above statements?