hello sir,

one of my client engaged in manufacturing of Cosmetics product, purchases raw material from itely and take custom rate for recongition.

but as per AS-11 rate specified for recongition is spot rate or average rate.

what is the actual treatment for recongnition. and what compay do further after recongnition
if spot rate follows then which date rate taken for recongition. good enter into india or if customer received good date.???

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.

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

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

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

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

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

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..

Is allowance for obsolete inventory a direct expense ?

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