Accounts QnA [Resolved]

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neetu sharma

This Query has 1 replies

25 July 2016 at 13:19

Goods in transit query

Dear Sir,

My query is for entry of goods in transit at the month end.It should be booked with total invoice amount or basic amount? Entry should be like this:
Goods in Transit Dr.
Bills Payable Cr.
Please correct me if I am wrong.

And also want to know what about Duties (Excise and Vat) credit.Can we take credit in that month or not.If not then we have to book the invoice with basic amount only.
There's a lot of confusion please reply urgently as I have to finalize my books for balance sheet.

Prajakta U

This Query has 3 replies

25 July 2016 at 12:54

How to adjust opening balance difference

I am finalizing balance sheet of business proprietor for F.y. 15-16, and there is no proper record maintained of last f.y. 14-15. Thus there is opening balance difference in assets side. I am using Tally erp 9

How to adjust this difference.
Plz help

Bhavesh Panchal

This Query has 1 replies

23 July 2016 at 13:57

Accounting entries

our client is trading in share market. he is Individual(HUF). i do not know how to record share truncation in tally eg: share purchase, share Sell, Brokerage entry ect. and how may ledger create in tally and under group.please help me my email address:-panchalbhaveshsma@gmail.com.

Please
please

Anonymous

This Query has 1 replies

22 July 2016 at 11:11

Accounting treatment

i am working in manufacturing co. and this was partnership firm till 23.05.15. this firm was dissolved and submitted the deed to income tax. from the very next day i.e. 24.05.15 company continue with proprietorship owner is same but they had mistakethat they did not open the bank account for prop. ship firm they did transaction with with partnership firm bank which was not closed instantly so what is the accounting treatment for both of companies please reply soon

Pavel

This Query has 1 replies

21 July 2016 at 13:34

Date of Authorisation or Date of Payment

Dear Experts, I am confused about something very basic. I want to know whether the date of payment in respect of payment voucher or date of authorisation for payment voucher to be taken while recording payment in preparation of financial statements? Also let me know what date to be taken when the payment has already been made but reimbursed later or approved later on.? Require your suggestions

Gurwinder Singh

This Query has 2 replies

21 July 2016 at 13:22

Accounting entry

we are running a manufacturing unit
in financial year 15-16 we purchase old empty plastic drums from kabari wala without any bill in cash
value of that drums is 45000.00 ( 10000+12000+15000+8000)

kindly tell the accounting entry for the same
in which head it should be debited

thanks

Apurba Sen

This Query has 1 replies

20 July 2016 at 10:35

Depreciation

Dear experts,

Please advice me on below case:

I'll run my proprietor business upto september or october 2016 (f.y 2016-17). Then how will I charge depreciation on Fixed assets? Will I charge depreciation for 6 or 7 months out of 12 months? My assets value 642136.99 (computer).
Please help..

Jishnu Surendran

This Query has 13 replies

19 July 2016 at 12:10

Inventory

Is allowance for obsolete inventory a direct expense ?

Anonymous

This Query has 1 replies

18 July 2016 at 15:15

Paypal calculation and tally entries

Hi Expert,
I have one client how make software for foreign vendor, and he received money by paypal, USD, AUD, GBP,etc ( and paypal will transfer amt in bank after conversion), but don't know how to calculate paypal statement and entry in tally, kindly help me on the same it very great full. kindly send calculation on my email id. arvindm899@gmail.com
there are 1 day transaction as per paypal.
Date Name Type Currency Gross Fee Net Balance
30-04-2016 Mohammad Jahanp Web Accept Payment Received GBP 200 -7.6 192.4 192.4
30-04-2016 Mahmoud Ashrafabadi Web Accept Payment Received USD 300 -11.4 288.6 836.01
30-04-2016 Khameis Dhanhani Web Accept Payment Received USD 200 -7.7 192.3 547.41
30-04-2016 Megha Sharma Web Accept Payment Received AUD 200 -7.7 192.3 192.3
30-04-2016 Shabir Ahmed Web Accept Payment Received USD 150 -5.85 144.15 355.11
30-04-2016 yathish thota Web Accept Payment Received USD 100 -4 96 210.96
30-04-2016 Nouf Alotaibi Web Accept Payment Received USD 70 -2.89 67.11 114.96
30-04-2016 HANAN Web Accept Payment Received USD 50 -2.15 47.85 47.85
30-04-2016 From US Dollar Currency Conversion INR 51,283.87 0 51,283.87 51,283.87
30-04-2016 To Indian Rupee Currency Conversion USD -798.69 0 -798.69 0
30-04-2016 Bank Account Withdrawn to: hdfc (India) INR -51,283.87 0 -51,283.87 0
30-04-2016 From British Pound Currency Conversion INR 11,725.97 0 11,725.97 11,725.97
30-04-2016 To Indian Rupee Currency Conversion GBP -124.99 0 -124.99 0
30-04-2016 Bank Account Withdrawn to: hdfc (India) x INR -11,725.97 0 -11,725.97 0
30-04-2016 From Australian Dollar Currency Conversion INR 64,081.19 0 64,081.19 64,081.19
30-04-2016 To Indian Rupee Currency Conversion AUD -1,312.69 0 -1,312.69 0
30-04-2016 Bank Account Withdrawn to: hdfc (India) x-2102 INR -64,081.19 0 -64,081.19 0

Thanks