I have a firm and I made investment in F.y 15-16 in some other business(firm).Accordingly they gave me interest of Rs.50 lac in that year and they also deduct TDS of Rs.5 lac in that year.But they didnt pay me the rest of the amount which is Rs.45 lac.
HOW WILL I MAKE THIS ENTRY IN TALLY?

Hi

Please let me know when we should raise sales invoice and record it in books of accounts in following 2 cases:

1. When seller assumes the risk of delivery till buyer's place?
2. When seller assumes the risk till dispatch of goods?

Any help in this regard will be highly appreciated.

Dear All,

My Query is produced below -

We have a machinery whose useful life is 10 years as per Companies Act, 2013. It has an identified component whose useful life is also 10 years. But, the component can be replaced at the end of 10th year and then the machinery can again be used for another 7 years. How should that be accounted in books.

Shall the company at present account the useful life as 10 years and at the end of 10th year (if the component is replaced) revise the remaining useful life to 7 years (but by that time, the overall asset cost will be its residual value) and do the same will be treated as a change in accounting estimates as per Ind AS 8 ? Or some other treatment will aptly present the case.

Kindly suggest.

Regards,
Monica

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