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Mr.Doubt
This Query has 3 replies

This Query has 3 replies

25 October 2015 at 16:17

Accounting treatment

Dear Expert,

Our client (partisanship Firm)is in trading business for that business principle manufacturer ("PM") incurring some marketing and promotional expenses, these expenses.

In this promotion activity there is no out flow or in flow for our client, consultancy firm will incur all promotional expenses and they will inform the amount to our client at a point of time,inturn the same will inform by our client to principle manufacturer (PM) then PM will issue cheque to our client and after credit of that amount our client will issue cheque to the consultancy firm. here our client is just a middle man and not receiving/ paying any additional amount here.
Now, my query is can our client treat the amount received from PM as income? if so which kind of income it is??? and same amount will shown under business promotional expenses...or else what is the correct treatment for this transaction.

Note: PM is not having any capital/Investment in client business


Mithra
This Query has 2 replies

This Query has 2 replies

24 October 2015 at 23:57

Accounting of computer accessories

Hi, One of my clients accounted purchase of RAM, graphic card, mouse etc under the head purchase accounts instead of accounting under fixed assets or computer maintance. They also filed VAT for the same thinking those come under purchase account. Now how to rectify it? especially from tax perspective


Prasad
This Query has 3 replies

This Query has 3 replies

Sir, please explain the difference between Cost of goods sold/cost of sales and Cost of production in detail???


pradeep
This Query has 3 replies

This Query has 3 replies

24 October 2015 at 14:02

Tds deduction

dear sir, we have taken a transportation service he is made a bill detail freight charge 100000 service tax 3500 total amount 103500. so I want deduct tds so please tell me which amount will I deduct TDs @2%.


kartik
This Query has 1 replies

This Query has 1 replies

23 October 2015 at 14:34

Fd interest year

if I invest 500000 date of 1st June 2015 for one year in FD & interest mod annually or quarterly so which finicial year i have paid tax,2015-16 or 2016-17


Sankeet
This Query has 2 replies

This Query has 2 replies

How to Record Transaction for Import and Export and which rate has to be considered ??



Anonymous
This Query has 1 replies

This Query has 1 replies

23 October 2015 at 09:21

Journal entries

PLEASE EXPLAIN IN DETAILS PREPAID EXPENSES, ACCRUED INCOME, ACCRUED EXPENSES WITH JOURNAL ENTRY AND EXAMPLES


sanvi agarwal
This Query has 2 replies

This Query has 2 replies

22 October 2015 at 21:09

Is necessary to take tution

My attempt is in nov 16 .whether i should take accounts tution as i have heard that there is lot of modification in accounts.or do it from old classes avaialable


Kesavan
This Query has 1 replies

This Query has 1 replies

Dear Expert,

I have purchase share and also i have sales the share. Please let me know how to this type of accounts maintain in tally. Which entry i will pass.

Thanks,


m9467890
This Query has 2 replies

This Query has 2 replies

21 October 2015 at 19:34

Misc expenditure when cal. networth

a Limited company the Net Worth of a company is Share capital+reserve & surplus(excluding Revaluation reserve) - Misc expenditure & losses.My question is what is the meaning of miscellaneous expenditures here
Is it the misc exp. that included in the general & adminstatrive expenses?






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