Hi Experts,

Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed. I request to provide us suggestions about how to account this in alternative way.

Thank you.

A steel manufacturing Company has two business units. It has its own iron ore mines. It transfers the ore produced from mines to the other units for production of steel, which is the main business of the Company .
At mines department, the main cost involves are querying and raising cost other other direct and indirect expenses . It transfers the ore materials produced to the other segment at cost of manufacture through the debit note where the other segment shows it as “Raw Materials Consumed” in the process of manufacturing of steel.


My Query:
1. Whether the current treatment is correct to show the querying and raising cost (including other direct expenses) as “Raw material Cost “?? Or else to treat the querying and raising expenses as separate line items of expenses ?

Ref : Guidance Note to Division II to Schedule III:
9.5.1. Cost of materials consumed
Materials consumed would consist of raw materials, packing materials (where classified by the company as raw materials) and other materials such as purchased intermediates and components which are ‘consumed’ in the manufacturing activities of the company. Where packing materials are not classified as raw materials the consumption thereof should be disclosed separately. However, intermediates and components which are internally manufactured are to be excluded from the classification.
9.5.1.6. In the case of industries where there are several processes, materials may move from process to process, so that the finished product of one department constitutes the raw materials of the next. The consumption of raw materials for production of such intermediates would have to be accounted as raw materials consumed and so, it follows that internal transfers from one department to another should be disregarded in determining the consumption figures to be disclosed.

Kindly Suggest

Hi,

I have a small doubt, I am proprietor and i have two current accounts and i have accounted the same in tally along with those i have savings bank account where i am doing personal transaction there. My question is do i have to account personal account transaction also since i am a proprietor ? Please help me out....!

Sir,

Requesting you to resolve the below query.

Nature of firm: Proprietorship

Car Purchased in the name of proprietors brother, but the loan is in the name of Proprietor & His brother( Loan taken in joint Account)

Car Loan repayment is routing through proprietors SB A/c.

Please suggest can we take the car in to books of accounts & also can we take the loans in the books of accounts.
If no, How to treat the repayment made through SB A/c.

Thank you

I have made a FD on 24.06.2013 with sbi for 5yrs.
By mistake it can't show in the F.Y.2016-17 balance sheet.
How to show this in F.Y. 2017-18 balance sheet.
Pls guide me.

Hi
my company has 5 branches . If anybody have such reconciliation table .
kindly share the same.

Dear All,

In case of a FSD registered under Excise Act, passes accounting Entries in his Books of Accounts on Filling Transition-1 for booking credit under GST Regime.

cancellation of gst registrations terminate the business what are the proceedger anybody can explain me

Hello,

Please suggest for any expenses incurred for the machine's service engineer towards travelling, lodging and food. In which account head these expenses will be pass.

Hello dear Expert If A company till To last year in audit but now this year which is not aggregate turnover for audit then need to maintain gross profit or net profit ration and there individual firm fixed asset can take depreciation