suppose we have make payment against voucher on 02.05.2016 and we will receive bill on 5.05.2016 for petrol expenses my question is when we will make entry in system on 2 nd may or 5 th may please suggest answer

A company is engaged in the business of transmitting electric power. It has a network of power transmission grids and sub-stations for distributing power.across the couintry. Recently it has entered into the business of providing consultancy to other organizations especially State Electricity Distribution Companies for setting up of distribution network, subststions etc. Some of their clients have in the recent past requested them for testing transformer oil. The company is treating revenue earned on account of testing transformer oil as 'Income from consultancy' and is booking it into their profit centre "Consultancy".
In this regard I have two queries:
1. Is the accounting treatment correct or should the Company book it as "Other income" in their profit centre "Transmission"?
2. Is a request made for testing other company's transformer oil a consultancy assignment?

Dear member, can anyone tell me which type of provisions we have to made at the end of financial. i am working as an accountant in private limited company and please provide journal entry also

Why closing stock is shown in credit side of Trading Account even it is asset but not an Income

what are the changes applicable in accounting PAPER - 1 ? Which AS & Chapters are affacted due to Changes? For IPCC May 2016 EXAM

In the case of Power generating company till date not started operational activity. so in mention subject please guide me which expenses will be capitalized or which expenses will be reflect in profit and loss statement and which accounting standard apply ?

Hi

As per my understanding, Goods in Transit should be shown in books of accounts when inventory has been dispatched to the customer, but the risk is on us. That is, we have not recognized it as sales. Please help me identify if I am correct on this understanding?

Now, should we show this transaction as Goods in transit every time such transaction happens, that is, we have dispatched the goods but these have not reached at buyer's place..or should we show Goods in Transit only during account period close?

Any help would be highly appreciated.

HI all,
Pls tell me what will be the entry if I Have to give someone advance from the project money and how it can be settled?

Monthly rent to be paid is 70000 , tds should be deducted or not . we are PVT Ltd company

My bank has debited my account on 31st march for full amount of my cc limit. So on 31st march my account shows debit by the amount of my cc limit. And the bank refunded the same amount on 1st april. Now what accounting treatment should be done for that debit and credit in my books of accounts.