We have installed a Ventilation cooling system at Plant, where can we classify this Asset.
Will it be under Office Equipment or Plant & Machinery.

Please advise.


Regards

Amit Nimbalkar

I want to know the full descriptions of balance sheet and profit and loss account.

Dear All,

I am facing an accounting problem for Revenue recognition for below EPC Case
Client is a contractor and has awarded a EPC contract by Govt for Rs.100 .
The client is required to Supply goods and services both , the portion of supply of goods is of Rs.60 and Services (erection services ) is of Rs.40. The client has subcontract to the same work to another contractor for Rs.100, which includes supply of goods for Rs.70 and Service for Rs.30.
Further the client has payment term with Govt is 90% payment of Supply of Goods will be made on completion of supply and balance 10% after completion of services part.

My Questions are as below

1. What will be the accounting treatment in the books of Client and subcontractor for supply of goods ?
2. What will be the accounting treatment in the books of Client and subcontractor for supply of services ?
3. which accounting standard or IndAs will be applicable for Revenue recognition ?
4. What are the Tax provisions under Income Tax Law and GST law will apply for Tax purposes. ?

Hi!

I need a clarification.
Our customer have raised debit note for Material rework done by them due some manufacturing defect . For that, they incurred labour charges of some amount. (For ex: Labour charges : 20000/-) They submitted debit note inclusive GST.

How to treat is debit note from my side.

I have to raise Credit note or I have to show in Manufacturing expenses.

Kindly clarify me.

Sir,
Our Gurudwara registered under society act Himachal Pradesh. The Income tax officer deducted an amount of Rs 18 lac from Gurudwara saving account. In saving account the cash was deposited which was collected as denotation from public . For refund of said deducted amount what i do. Please guide me.

Rajinder Singh

What will be the entry of a Partnership firm for provision of income Tax? should it be part of profit & loss account or appropriation account? Profit to be shared between partners is before income tax or after income tax? Please guide with accounting entry.

Sir,
I have deposited TDS on 4/6/19 for short deduction as per notice received from TRACES. Today only I found my Challan status OK on OLTAS. Today I am going to add that challan on TRACES but it was still not reflected on site. Kindly advise me when it will be come on TRACES so that I can add that challan & clear the outstanding.
Thanks
Parag

Dear Sir, one of my client is providing delivery service for E Commerce operator (Amazon) and Collecting Cash from Customer as transaction type is COD, Then depositing cash into his Current account and later transferring to e commerce operator, Now my query is how to treat that Cash Deposit and Transferring the amount to e commerce operator in accounting and GST.

Hope somebody will help regards my query.

Dear All,

We want to know whether the premium paid on the term insurance of the Directors can be booked as expenses.

Dear experts I missed to take ITC FY 17-18. If I correct in GSTR9 and filed then this ITC show in my Cash electronic ledger?