Dear Experts,
Mr. X and Mr. Y are running proprietary firms Mr. Y has taken loan of 60 Lakh in which he has cleared the loan of 20 Lakh of Mr. X and rest 40 lakh was credited in Mr. Y account. However Mr. X will not return the 20 Lakh to Mr. Y

Pls tell me the accounting treatment for the same.

Thanks & Regards
Vishu jain

Sir,
In a public ltd co., In FY 201617,One of the Directors brings in cash Rs 34Lakhs for a land purchase in a single day. But the transaction is postponed. So the entire cash is deposited in company's current account in SBT by the accountant as per that director's instructions.
After 2-3 days the full amount Rs.34L is withdrawn in cash(via cheque& repaid to the director
What shall be the accounting treatment for the cash transactions in the Daily Cashbook to avoid any legal issues both for the director and the company?

We showed it as loan from director in cash& its repayment
Is it ok?
If its wrong,how to correct?

Should we mention details of debtors, creditors and cash detail in Itr 4. If we do not then wat will happen..

Dear Experts,

If in the financial statements of an entity there is opening balance of loan & Advance by Rs.500,000 for which no amount received during the year then in the current year it will be classified as current asset or Non current Asset ??

Thanks in advance....................

What is Degree of Financial Leverage?Please define it in a simple manner with the help of an example.

My company has given Advance Salary to an employee Rs. 20,000/-. His actual salary is Rs 13,000/- per month. My company is deducting Rs. 2,000/- per month from his salary against the Advance salary. Kindly tell me how to show these transactions in tally ?

sole proprietors in India use a current account for their business, rather than a savings account, to avoid interest.

I don't understand why — if you account for the interest properly and pay tax on it, it shouldn't be a problem, right? I won't have a transaction every day on this account, so a savings account should be fine. I see no reason to refuse the interest if I can earn it and, worse, pay more fees for a current account.

Is a sole proprietor not allowed to earn interest from a bank account?

we have received invoice dtd. 13.03.18 for rent for the period from mar 2018 to feb 2019 from owner. we have issued some CDC AND PDC to the owner. Could you please let me know what journal entry to pass for this transaction ??Thanks

Can a director of private company take loan from same private company without showing details to ROC.
And
Can a director of private company provide loan to same company without any restriction

SIR I WANT TO KNOW ABOUT THAT I HAVE NOT DEDUCT TDS ON JOBWORK AND MY JOBWORK AMOUNT IS
1150000/- IN THE F.Y IF I WILL NOT DEDUCT TDS THAN HAVE ANY PROBLEM AND HAVE ANY PROBLEM THAN WHAT SHOULD I HAVE DONE