During the year 2017, Company has given the job work for Manufacturing of Jewellery to China Factory. Factory charge to the Company is 15 CNY Currency per gram for Casting+Filling+polishing (Process under Jewellery Manufacturing) and once Goods are ready from this Process then Diamonds will be set in the Jewellery for which Factory will charge 3 CNY Currency to Company per Pcs of Diamonds..

Now Once the Finished Goods are ready they will ship from China to Hong Kong and According to above rate they will issue Labour Invoice which is straight forward Exercise and According to Labour invoice we book under Labour charges in Company.

But to Start Production of Jewellery Company Need to Give the Gold In Advance to Factory and this account will be like Running Account of Gold Balance. For Example Company has given 100 KG Gold to Factory in 2017 and out of that Factory has given back the Finished Goods of 92 KG to the Company.

Now in Above Para issue is balance of 8 KG (100 KG-92 KG) which Factory charge to Company under Normal Gold Loss/Wastage which is fixed as 8% with the Company which company has to pay to them.

Now Two Issue from the above Story- One is where we should account gold Loss ? Currently we are booking as purchases of 100 KG under Purchase Gold only As Factory has given 92 KG Gold Finished Goods to the Company and Company has delivered the goods to Customers so We should account Purchase Gold to the extent of 92 KG only or

We should account 100 KG as purchases of Gold as well as 8 KG Gold Loss under Labour expenses?

Please help to clarify the above issue

i have replaced display glass bcoz previous was broken,
so i purchase new glass for RS 16500/- what kind of entry i have to pass repair & maintenance or furniture & fixure ?

Hello dear experts Filed gstr1 but there is a Invoice wrong filed in gst no if amend it they ask new Invoice no and date next month and my question is this bill new create in the next month or still actual date or bill no which is created in the last month.

We have Entered a Agreement towards Erection & Commission of Solvent Plant With XYZ(PLC) Party. But XYZ Party has sublet Fabrication Work to ABC(Individual) and Asked us to Make Payment on his behalf to ABC for Mobilization & Fabrication Work at Site. Please Suggest can i make payment of ABC and Debit to XYZ and What Rate of TDS Should I Deducted from Advance Payment, Whether 1% or 2%.

Sir,
We have private limited company, in this company we are having 55 branches.
My query is:
Can we pay the professional tax for each branch???
Or
Can we pay the professional tax for directors

Please suggest me

Sir i have paid car insurance of rs 74918 on 13.04.2017, how much amount will be prepaid as 31.3.2018 and also solve accounting entries..

Hi
A company deal with another company for event .
The deal amount is USD 5995
After some time event organiser company receive USD 5945 only
It means company receive USD 50 lesser
How event company will do accounting
How it represent 50 USD
How company will raise invoice after receiveing 5945

Dear Sir,
Thank you in advance..

There some amount credited in my bank account which is not recognizable due to insufficient information in bank statement narration.
Now quarry is can i account per in my books of account as "Suspense account" or can i show in BRS in excel is enough without enter in
to books as on 31st march 2018

We have lease agreement with Landlord from Jan 2016 to Dec 2020 having rent of 192,000 from Jan 16 to Dec 16 then 202,000 from Jan 17 to Dec 17 then 212,000 from Jan 18 to Dec 18 then 222,000 from Jan 19 to Dec 19 then 232,000 from Jan 20 to Dec 20.
Total Rent payable for 60 months is Rs.1,27,20,000/-
Average monthly rent is Rs.212,000/-
In F.Y.16-17, Rent equalization reserve was created of Rs.210,000/-
So my question is do i need to create this reserve every year and what is the purpose of creating as i am not giving any advance to lessor i am making monthly payment.
If i have to create reserve this year then will it be Rs.90,000 reserve.
Please let me know wehther it is correct and what accounting entry will i pass .

Dear experts,

1 director left pvt. ltd. company & sold his 7000 shares @ rs.10 each to others two directors in equal distributions (i.e 3500 shares @ rs. 10 each).

How to pass these accounting entry? please help.