we have deposited cash with our education loan account br rs 2.1 lac and account closed, we have not shown in Itr. can it be revised it how to compl y (2) in case of cash deposited in overdraft account in view of cash sales proceed during demonitization of high value notes

Dear Sir,

My doubt is that whether a customer can deposit direct cash into the company account (Automotives Pvt. Ltd) rather than by Bank Trf.. what is the treatment.

please answer my query as soon as possible.

A partnership firm has started installing Plant and Machinery in F.Y. 2016-17 but installation is not completed till 31st March, 2017 so production was not started till 31st March, 2017 and production is start in July 2017. Firm paid interest on capital to partners on their capital investment in firm for purchase and installation of Plant & Machinery and construction of factory building. Whether interest paid to Partners on capital for above purposes is treated as capital expenditure and capitalized the same in firm books of accounts or treat as revenue expenditure pls. reply

what is debit interest capitalisation in OD bank account..? and how to pass Journal entry...?

sir pls inform that our company pay postage & courier exp and courier company charged GST 18% than we can take gst input credit.

Dear Sir / Madam/ frds, One of the assessee had made some mistakes in tally, so that its opening balance of many ledgers during P.Y. has been changed. Remaining all other transactions, payments & receipts are posted correctly. Now I have to change the opening balance of wrongly entered ledgers as in the actual books of accounts. If I directly try to change it, it shows "Difference in opening balance". Then how do I change it. Plz share your ideas please.... Thanks / Maya..

Dear sirs,

Someone can please clarify that purchase of un-productive cow (unable to give milk and new babies) will be considered as capital or revenue expenditure as livestock is considered under capital expenditure.

As per our understanding revenue expenditure mean that any purchase whose utility is less than one year will be booked under revenue.

Regards

In an Accountancy Book by T.S. Grewal, in the chapter of Journal, there is a question: "Insurance premium amounting to ₹50,000 was paid by cheque for all the machines. Out of the premium, ₹5,000 was towards insurance of new machinery." The solution given is:
Insurance Premium A/c Dr. 45,000
Machinery A/c Dr. 5,000
To Bank A/c 50,000
Since the premium of ₹5,000 is for the new machinery, it is debited to the Machinery A/c.

So, this means it is capitalized, right!?

Now, in the same book, in the chapter of Final Accounts, there is a question asking us to differentiate certain items of expenditure on the basis of Capital & Revenue. The questions are:

1. Second-hand car was purchased for a sum of ₹50,000. A sum of ₹10,000 was spent on its overhauling.
Answer (given in the book): Both the expenditures are capital expenditures. (I don't have any issues in this).
2. Cost of annual taxes paid and the annual insurance premium paid on the car mentioned above.
Answer (given in the book): This is a Revenue Expenditure!

Aren't these views conflicting!? Please explain!

Suppose we take a loan to construct a building on 01.04.2017. Annual Interest is say ₹5,00,000. The term of the loan is 5 years. The building gets constructed by 31.03.2019. Then, Interest paid on the loan for the pre-construction period, i.e. 2 years, is capitalized. Why?

TAX AUDIT QUERY:Pls confirm in Point no. 26 of Tax Audit (3CD) - Sec-43 B of Income Tax Act, 19611. Whether Tds payable has to be disclosed2. If yes, then we have to disclose the amount TDS outstanding as on 31.03.2017 or whole amount of tds liability incurred during the year.Thanks