CAN WE SHOW RS.793000 AS A CASH IN HAND IN BALANCE SHEET ARE WE FACE ANY NOTICE FROM IT DEPT BY DOING SO.

If a goods rs 100 +12% gst means 112 purchased and now I want to sale it with 5 %margin, what value should I consider for margin 100 or 112, I B2b purchase and sale in retail

Please tell

Firm is in the name of wife and husband has taken demand loan from bank and same has invested in the firm of wife as unsecured loan and firm is paying interest of demand loan directly to bank whether TDS is to be deducted on payment of bank interest by firm as loan is shown as unsecured loan

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.