i purchased goods from kuwait, initailly material was good, but later the quality didnt match to the standards therefore it didnt pass the quality check and laid in customs due to which i am facing heavy loss. the concerned party has agreed to reduce its price for all the invoice, can this be allowed? if yes then what is the procedure?

On what date is the import bill accounted in books? Is it to be accounted on the date of commercial invoice/ date of bill of lading/ date of bill of entry and accordingly which exchange rate to be recorded? in LC Terms

Hi,
Supoose Mr. A has started business with capital of Rs.1 Lac and invested in purchasing stock for his shop.
He almost invested his capital in purchasing stocks only. How record this entry in balance sheet.
As liability side is showing greater amount than assets side.
PURCHASE 200000
SALES 230000
CLOSING STOCK 48000
MISC. EXPENSES 39000
NET PROFIT 79000
OTHER INCOMES 40000


CAPITAL 100000
FURNITURE 15000
CASH 31000
NET PROFIT 79000
CLOSING STOCK 48000
DIFFERENCE 85000




WHAT IS MISSING IN THIS BALANCE SHEET , PLEASE SUGGEST ...

Sir, I have received an amount from court after 18 years with interest for the accident held with me & there was certain disability so as my career is spoiled to do a job. I have received from court with interest. which ledger to be created under which head & what entry to be passed for the amount received with interest.
Thanks for the favor Sir.

If one person has business and all payments and receipts related to business are done through his Saving bank accounts. Tax audit is also applicable in this case.

How to maintain accounts in tally?is there any need to pass journal for each personal and business transaction?

Sir,
Suppose I am a shipping company and I come under a contract of sale of a ship for 11million.but I did not get the possession.
I am getting a advance payment of 6 million.
So let me know, when I will recognize my sale and how I book this amount and what the treatment will recognize when I will get final payment.

Thanks
Regards
Surbhi

Hi,
I have receive the Dell Server assets in Jan 2018 (FY 2018-19) & received the bill on same date, the asset is fixed at site & it is start working from Jan 2018. But there is spend some Professional Engineer cost for installation of the asset & the Professional cost Invoice is receive in April 2019 (FY 2019-20). Then how can I Capitalized this Professional cost in last year 2018-19?

1. Booked a Villa of Rs. 43 Lacs in 2008 possession was agreed within 3 years.
2. Paid 95% within a year as and when Invoice generated by taking home loan and rest 5% was to be paid at the time of possession.
3. Possession not given after 3 years, even after lapse of 8 years in 2016 the unit was not ready.
4.Requested the builder to give possession on as is where is basis.
5. Builder estimated work of 7.5 Lacs remained left and got ready to pay back and entry to this effect passed in giving credit to buyers account.
6. Builder did not paid 7.5L rather constructed the left work.
7. Generated the iñvoice of 7.5L on 31.03.2019 charging GST@12%.
8. Buyer argues that new invoice cannot be generated for amount already paid in 2009 . Hence no Gst.
Pl advise

CA Suraj

Q1. How to utilize profit in business, explain at list 5 year transaction?

sir,
There is a difference in my closing bank balance according to the bank and my opening of bank balance in accounts.how could i pass an entry to tally with my bank balance so that my balance sheet shows no differences.