Is there any real advantage in using LIFO method of inventory tracking as it only help to inflate profits in the beginning years (by showing higher costs of goods sold) and later on we have to show the older costs during an inventory liquidation? I guess that advantages of initial lower taxes will be offset by higher taxes later on.

Sir

COMPANY PAID EDUCATION EXPENSE OF ONE THE RETIRED EMPLOYEE'S SON. CAN THIS EXPENSE COME UNDER THE HEAD EXGRATIA.

We are Investment co & tarading dealing in shares & securites(NBFC) showing share purchases in B/s to under investment say Rs.10/-. In March 2016 we transfer them to stock in trade a/c for Rs.5/-. Now in March 2017 we valued them at market value i.e Rs.15/-. is it right or wrong. If we sale them in 2017 for Rs.2/- then what is the pur price Rs.5 or Rs.10 or Rs.15 pls guide

sir i m appling for gst application but its showing pan no does not exist what to do

Dear Sirs,

We are registered govt contractors. My query is how do we account for the daily cash transactions in our business ?

Cash transactions include hiring charges, purchase of sand, stone, etc, weekly casual labour payment, bribes , etc

On the same note how do we account for bearer cheques again also provided to some of our suppliers stated above.

Please advise.

Dear Sir/Madam

In an accounting system, Damaged goods/ promo goods/ personal use( Company ) goods are shown as separate accounts.

An automated entry in the system is coming as follows :
Damaged / Promo/Personal Use Goods A/c Dr 100
To Inventory Account A/c Cr 100

Due to this, in Cost of sales there is difference of the 100.


Can you guys please explain , how to treat damaged goods/promo goods ?


Any further clarification , please comment

In the accounts of the company Can we deduct total sale value of assets (including profit) from the total block value as provided in IT Act. In accountz we don't want to show profit.

sir i have a doubt regarding vehicle maintenance relating to a vehicle owned by the company but it is used by ex-employee now worked as a consultant in the same company. is it allowed as company's expense or it become charged as remuneration in kind to the consultant?

what should be the treatement of normal loss in due to evaporation in petrolium firms??

1)Treatment of interst on capital and salary received fm limited liability partnership firm in personal books of accounts of partner 2)can partner show as business income and claim all deductions