Sir,
if X ltd issued a cheque on 15/9/2017 as donation.The cheque is not yet presented by the party.90 days time limit is already over.What journal entry should i pass now?

Respected Sir,

I want know Rate of depreciation as per
Companies Act on plant and machinery, pump, furniture,, computer, motor cars

under which head we need to book expenses on following item in tally while doing journal entry

1) If we purchase a credit card of rs 100
2) If we paid one time implementation fee for some application installed in computer

second question is
how to do journal entry for imprest account and under which head of balance sheet we need to take imprest account?

The Goods and Services Tax (GST) Council in its 27th meeting held on Friday approved a simplified returns filing system for taxpayers, which will approximately take a year to come through. The Council also approved change in ownership structure of GSTN, the IT backbone of GST, to convert it into a fully owned government entity, with equal ownership of states and Centre.The other proposals for incentives for digital transactions and sugar cess over and above 5 per cent GST and a cut in GST rate on ethanol were discussed but no final decision was taken. Two separate ministerial panels will be formed in next two days, Finance Minister Arun Jaitley said.All taxpayers, except composition dealers and dealers having nil transactions, will be required to file one monthly return and a three-stage transition period has been proposed, after which input tax credit will be provided only on the seller uploaded invoices.Till the time the transition to the new return filing process happens, the present system of GSTR-3B and GSTR-1 shall continue. First stage will continue for a period not exceeding six months by which new return software would be ready.In stage two, which will be for another six months, the new return will have facility for invoice-wise data upload and also facility for claiming input tax credit on self declaration basis, as in case of GSTR 3B now. During this stage 2, the dealer will be constantly fed with information about gap between credit available to them as per invoices uploaded by their sellers and the provisional credit being claimed by them.In stage three, GSTR-3B and provisional credit will be withdrawn and only the new return will be operational. Change in GST returns filing system will require tweaking of GST-related laws, Finance Secretary Hasmukh Adhia said.The panel on sugar cess and ethanol rate reduction will give its recommendations to the Council by next two weeks, while the committee to look into incentives for digital transactions will submit its recommendations by the next Council meeting. The government will also need to bring in an ordinance to facilitate imposition sugar cess, Adhia said.The Council had discussed a proposal wherein a 2 per cent concession, subject to a ceiling of Rs 100 per transaction, may be offered to consumers in B2C transactions if they pay through cheque or digital mode to incentivise digital payments.

Dear Sir,
I hv a query regarding accounting. In our company some employees get advance amount wide bank for their routine expenses & they are providing details of the same may be after 25/30 days. now the same employee gets salary amount in advance. now i have a question if i create a single Employee Advance a/c then how to bifurcate the same . also suggest if any other method is available. (Pl note that we don't want to make individual employee salary account ledger)

TIA
Mansi

Dear Sir,

I am a Whole seller trader. i purchased material and sale to different dealers. sometimes when i sold material some damaged part stands in my books and i transferred it to shortage & Surplus. but his Quantity remain stands and now he is increasing. So, i want to know about that can i book a loss in Profit and loss account for it?

is it possible or not?

if yes....

Then please clear the matter how can i treat this loss in my books. also suggest the entry.

Hi,
My Company gives Foreign Exchange to our employees for foreign Travelling for official work.
Suppose I had purchased on 1st April 1000 US$ @ Rs 65/- and gave it to Mr. C and when Mr. C return on 17th April, he returned me back US$ 100 which I returned to Authorized Dealer @ Rs 64.80/-
So how should I record Entries for Foreign Exchange?
Or I should have to sell at Rs 65/- to authorized Dealer and don't record any difference in books?
What if I retain it with myself and then sell it after 6 months or give to another employee for official purpose?

In how many years offc furniture and fixtures can be written off and at what rate??

Dear Sir/Madam,
Can a bank account in joint name remain open after the demise of (only) one of the account holders?
If yes, can it remain open for unlimited period or for a certain period?
If only for a certain period, what is that period?
Can new cheques in the name of the deceased be depositied in that account and money withdrawn later by the second account holder?
If yes, for how much period can such cheques be depositied? For example, if an old payment for the deceased is received by cheque few years after the demise.

Thanks in advance to those who can give clarity on this.

Hi all

I am managing the accounts of a petrol dealer, we have petrol bunks and depot also. we sell petrol and diesel in wholesale and retail. sometimes, when we face shortage of stock, we borrow it from other dealers and return it to them when our stock comes (like barter system) and also some times we take petrol from them and in return we gave them diesel and vise versa.
now at the end of the financial year, we found that the stock (qty) is showing a negative balance (means we have to return the stock to another dealer)
since we have not paid / received any amount for these stock transfers we are not showing sales / purchase for these transactions, Only physical stock register is maintaining for these kind of transactions.

Is there any way to show negative value of stock in the balance sheet?

please help me

Thanks
Rens Sebastin Lukose