A Proprietorship firm take a loan from bank. for bank loan bank open new account & credit loan amount in new a/c. now the question arises what is the entry for that transaction ???????????
bank A/c Dr.
To _________________
what is the entry in case of loan repayment ??????????

We as a nuclear family is residing in an ancestral home. As our family grows we have constructed a additional floor on this property for living. Me, my father and my mother has contributed the capital to construct this additional floor. My query is that as this is a very huge expenditure, could me, my father and my mother can debit our personal capital accounts to show this expenditure as the title of this property does not belong to us but to my deceased great grandfather and the asset created out of this expenditure will not reflect in our balance sheets. If not, then what would be the treatment of this expenditure.

commission on sales promotion is dirct expenses or indirect

Please tell me

Dear all,

I am going to prepare monthly P&L, Balance sheet in this depreciation charges for monthly is also charge or not. How our current industry prepare P&L monthly for reporting to management about profit of every month please suggest.

There are 3 person Mr.A Mr.B & Mr.C. Mr. A gives premises on rent to Mr. B. but Mr.C pays rent on behalf of Mr.B.
So what will be the Accounting entry in all the 3 individual books.

How to identify fake purchase and sales

As per 194 C in Education institutes Bus Hire on Contract and payment made with Rent & Diesel

P lase clarify that TDS applicable on Rent or total amount of Rent & Diesel .

Hello All,
While I making a payment to a contract employee , is it comes under the heads of salary or what. He has joined as an Internal Auditor on contractual basis for a period of one year.We paid him Rs.25000/- p.m. as remuneration. He is super senior citizen. Can I deduct TDS on his remuneration although his exemption limit of Rs.500000.00 under the head of salary.

Hi , I want to know at what rate should we charge depreciation on Kindle Tablet which is only used for reading purpose. Will it be charged at 15% or 60%

payment of partner salary in case of loss made to partners is compulsory or not. and interest on capital.

please advice me.