on 31st March shown in books as
Advance received Rs. 10,00,000 from Debtors
Advance Paid Rs. 20,00,000 to creditors
can I pass journal entry on 31st march as
for advance received
Debtors A/C Dr 10,00,000
To Advance received from Debtors Rs. 10,00,000 (under current Liabilities)

For Advance payment
Advance Paid to creditors Rs. 20,00,000
To Creditors A/c 20,00,000
is correct way for accounting.

what is contribution and drawing in LLP and Partnership firm Accounts, what is its meaning.

Our company has formed a gratuity fund trust for managing gratuity payment of employees, part of this our company has deposited an amount per month to the trust and the trust subsequently deposit the amount to the LIC, when we required to pay gratuity the lic transfer the fund to the trust and trust will pay the amount to employee. The trust has got approval from income tax part c of fourth schedule of income tax. In this scenario how we will maintain the books of accounts and is the trust has mandate to conduct audit,

In previous year if we book expense as fixed assets how can we rectify in the current year? How can we book expense in income statement whole of fixed assets wrongly booked in previous year? ( also in the case of small remaining amount of fixed asset like Rs.350) Neither we can show 100% depreciation nor we can show it as disposal. If you have any solution please advice. Thanks in advance

Lic received after maturity , whether it can be credit to capital account, is entry correct
Bank Account A/c Dr
To Capital account.

Sir
One of our debtors is also our creditors almost over 3 cr sale and purchase can we deduct tds on purchase of goods
@ 1% or there is another rate

Can i Deduct tds u/s 194c on machinery Installation value 37,50,000/-

what will be the adjusted from Capital account, specially in the case of Company , LLP and proprietorship firm..

Respected Colleagues,
Vehicle owned by father but used by son in his business and paid insurance charges by son his current account, now my first ques is whether son will claim insurance charges as expense in P&L and if Repair & Maintenance (petrol, diesel & wear tear) of vehicle also paid by son & claim as expense, then is it in order?

Tally Entry for the below transactions:

1) Industrial Oxygen Gas purchased for factory metal / iron / steel cutting comes under which group (Direct / Indirect) & which head ?
2) Lubricants purchased for factory machines / manufacturing machines comes under which group (Direct / Indirect) & which head ?