SIR
I HAVE A PROBLEM IN ACCOUNTING THAT ONE OF MY CLIENT RECEIVED CREDIT NOTE AGAINST PREVIOUS PURCHASE BILLS AS RATE DIFFERENCE. AND SELLER SHOW THESE CREDIT NOT WITH SGST AND CGST AND SUBMITE IN GSTR-1.

MY PROBLEM IS THAT WHICH TYPE ENTRIES WILL BE PASSED FOR THESES CREDIT NOTES WHICH IS SHOW MY GSTR-2 AND MY INPUT SGST AND CGST LESS BY THIS.

SECOND THING IS WHAT TYPE OF LEDGER CREATE FOR THESES TYPE ENTRIES AND WHICH HEAD BELONG TO THESES ENTRIES.

PLEASE SOLVE MY PROBLEMS AS SOON AS POSSIBLE. THANKS

ICAI, in one of its solutions, categorizes "Provident Fund" as a "Current Liability". I don't understand how "Provident Fund" is a "Current Liability". In my opinion, it should be a "Non-Current Liability". Please explain.

Sir,

The Hutti Gold Mines Co. Ltd, Hutti (HGML) (a Karnataka Govt PSU), while closing books of accounts for F.Y.2016-17 has accounted Rs.83 lakhs interest on IT refund for the A.Y.2015-16, received on 30.08.2017 (before closing of accounts for FY 2016-17). This was done in the absence of order u/s 143 (1). However the amount accounted tallies with the interest received from the department (compared after receipt of 143 (1) order).

Now the CAG has made audit observation on the accounting of interest, stating that substantial amount of interest pertains to FY 2017-18 (April 2017 to August 2017).

Hence, expert opinion is requested on the accounting of interest income on refund of Income-tax.

An asset is manufactured at a cost of rs 200000 on 1st October for which loan of rs 150000 was taken on 1st April of that year at 10% p.a.The entire loan was outstanding till the end of the financial year. Which of the following is correct?

A. Capital expenditure Rs 200000 and revenue expenditure rs 15000

B.Capital Expenditure Rs 207500 and Revenue Expenditure Rs 7500.

C. Capital expenditure Rs 215000

D.None of the above.


Please answer with proper explanation.

Hello All, could anyone please advise how to get a product under copyright and what is the normal time to get approval from department ?

Need help in Tally.. How to Activate Receipts & Payment A/C In Tally...... On Google it shows go to.......Gateway of Tally > Display > Receipts and Payments But it shows Profit & Loss A/C only..

My brother sold residential house during the year 2015-2016 financial year and works out capital again of Rs 650000 and filing it return in this monthMy qtn is whether he can avail basic it exemption of Rs 250000 and pay 20 tax on balance amount since he is having income 54000 for the above and also he is senior citizen pl suggest

Process of consolidation of Asssociates

i) First year Associated company incurred losses. let 30,00,000
and
ii) Second year company incurred profits. let 70,00,000
iii) there no concept of pre acquisition profits since investment (let 3,00,00,000) made immediately after incorporation.

How Consolidation do for 2nd year

When the bad debts are recovered, the seller enters the journal entry as Cash a/c dr
To Bad debts Recr
My question is what will the buyer enter in his books of accounts for the above situation. Please tell with explanation.

Dear All,

This is my general query to all, pls tell about eligibility of Input Tax Credit. In any business which I T C can be taken or which is related to only business.

thanks