Sir / Madam,
Pls. let know whether discount offered by one trader to other trader in the course of business will be defined as "TRADE DISCOUNT" and will not have any impact into books of accounts " Discount given and/or received" ledger.
For ex: "X" Trader having GST no. issued tax invoice offering discount on bill of Rs.10,000 to Buyer "Y":

Gross amt : 10,000=00 qty: 1000 units per unit:10/Unit (10,000/1000 units)
Discount : 1,000=00
CGST/SGST(As applicable) (will be computer after discount from gross value which comes to Rs.9000).

So while booking this purchase bill recd from "X" my purchase value would be 9,000=00 (Rs.10,000-1,000) like wise my per unit cost would be 9.00 (9000/1000 unit). In short there will be no effect of discount of Rs.1,000=00 offered in bill by "X" a trader Seller) in his sale bill to "Y' (a buyer.)as it comes under "Trade discount" and and accounting rules does not allow effect of "Trade discount" into books of ac/s of "Y" a buyer.

However, in case of giving a effect of discount offer by seller as per his bill above is also a trade discount and hence no effect will be given also in books of seller offering a discount offered into bill raised to buyer.

Hello
My client is a company engaged in the business of plotted development. Means It will purchase a piece of land, develop roads, parks and other amenities and will sell the plots. Can you please help me as to which accounting standard is to be applied for revenue recognition. AS-9 or AS-7 i.e POCM as it is not a construction contract but guidance note on real estate transactions provides for use of POCM where economic substance of transaction relates to construction contract. Please revert asap.

Company A has two subsidiaries B and C (both 100% SH), It also has a JV with D (50%) and an associate E (49%). Which companies should contribute in A's consolidated P&L??
Eg:
Sales: A (standalone) - 100, B - 20, C - 20, D - 150, E - 100
Sales: A (consolidated) - ??

Dear Team,
I've got a doubt, how can I account for my assets in the newly incorporated company? before incorporating I was operating as an individual but now I'm using my assets for the purpose of my company and i want to include all those assets in my new company's records. How can I Account for this? can anyone help?
Thanks in advance.

The Assessee had imported a machine in F.Y.2015-16 and taken the benefit of EPCG scheme, got exemption from Basic Customs duty and Cess under the scheme. But in F.Y.19-20 the conditions of export obligation were not fulfilled and the Assessee has to pay Customs duty of 1,12,00,000/- along with Interest of Rs.67,20,000/-.
My questions are,
1) Is that interest amount of Rs.67,20,000/- allowed as expenditure under Income Tax Act.
2) Can I Capitalise the Customs duty paid in the 4th year, if so as per which provisions of PPE as already Asset was put to use 4 years back.

Dear Sir,
what is the entry for freight provision, if we need to deduct freight amount due to freight bill not available with purchase invoice.
And when we received freight bill.

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

?