Issue : Whether an entity in which relative of KMP is having significant influence is a related party for the reporting entity as per Ind AS 24.

Fact : A company (XYZ) is entered into transaction of purchases & Sales of goods with PQR, in which brother of KMP of XYZ is having significant influence (holding the position of Chairman & Managing Director and also promoter of PQR) Is XYZ and PQR a related party under Ind AS 24.

We are receiving bills from Transporter say GTA. Bills are booked under reverse charge.

Now Transporter says Sir Please do not Deduct TDS from our account and arrange payment in the name of Truck Owner. Truck owner is submitting his ITR accordingly.

Query:
A-Can Payment be made to Truck Owner against the bills of Transporter i.e. GTA??
B- If Payment can be made then can TDS not be deducted if declaration given by Truck owner with PAN that he is depositing TDS himself??

Hello Sir,
Some Equipments Purchased for GYM of Amount Rs.5016/- so is it mandatory to capitalize it or it can be booked as Expense ?

Please Reply.

Because of the hike in gatuity limit from 10 lakh to 20 lakh, the amount worked out by actuary ,the whole amount is to be charged to Profit in one year or it may be deferred to more than one year. Pl advice taking in to consideration the provision of AS-15

If we pass provisional entries for audit Fees, Postage & Telephone
for the period belonging to F Y 2017-18 as on 31.03.18-
The bills will be raised, with G.S.T., during next F Y 2018-19.
then what will be taxation status (taxable or not) of these expenses in F Y 2017-18 under G.S.T.

Dear Experts
Hi,
I had set up a business for export of fruits and vegetables and I am directly purchasing the goods from the farmers and they could not provide the invoice.
Can some one suggest how to record such purchases as there is no supporting documents.

Dear Sir,
It is inform to you that please give me solution f.y.2017-18 closing stock GST Liabilities treatment into Balance Sheet.
i.e GST Liabilities on Closing Stock Cost Value. Please.....

With Regards
Santosh Sales Pvt.Ltd.
Sujit Sasmal
(Accountant)

A NBFC ISSUED CHEQUES IN PAST IN HUGE NUMBER AFTER THAT RBI RESTRICTED TO CLEAR THESE CHEQUES WERE ISSUED..NOW IN BOOKS OF ACCOUNTS OF RS 45LACS CHEQUES WERE OUTSTANDING WHAT WILL BE THE TREATMENT ?

Dear Sir,

Please tell me accounting entry & their effect for,

i have book excess expenses in last year which i have to reverse in current year.

Regards,
GANESH BHOSALE
8898892240

hi,

We are the manufacturer.
If I purchased gloves for my labour for their safety during the manufacturing process then
which expense head should be debited for gloves.

Plz. reply..

Seema