Dear Sir,

Please Provide me the Full Treatment of High seas Sales and Merchant Sales.

In Case of high Seas sale, we have make payment in advance for import some goods and after that when our goods in sea then we sale out such goods to some other buyer. than whats treatment follow to record such transaction in his books.

Please Explain through such Example:
The issue is to map the scenario for High Sea Sales for my Client.It is as follows..
1.We will issue import order to our vendor (imported vendor)for purchase of raw material.
2.We will issue order at the rate of USD 2600 per MT FOB china port.
3.Suppose 100Mt of raw material is shipped from china and we pay immediately to our import vendor in dollars.We also pay ocean freight USD 50/- per MT to our shipping agent/vendor.
4. So we enter into an high seas sale agreement with our customer for sale of material ie a Raw material @ USD 2750/- per MT CIF.
5.My client want to book purchase of raw material in our accounting records (but without bringing the material in our stock).
6.Similarly client wish to book sales @2750/-USD without movement of material from there plant.

Kindly let me know the procedure that is to be followed for capturing the entire transaction,as i am very new to this scenario.

and same query in marchant trading also.


Thanking you for your kind consideration

CA Chitranjan Agarwal
M.No. 8587858208
Email: info@cachitranjanagarwal.vpweb.in

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A TRANSPORT COMPANY HAS PURCHASED HEAVY VEHICLE ON LOAN. THE COMPANY HAS NOT PAID 2 OR MORE INSTALMENT IN THE VERY YEAR.

1. THE CLAIM FOR INTEREST IN THE BOOKS WILL BE FROM ALL 12 INSTALMENT TO BE PAID IN THE YEAR OR ONLY ON THE PAID INSTALMENTS.

2. THERE ARE SOME BOUNCE CHARGES & OVERDUE CHARGES. SHOULD IT BE ADMITTED IN BOOKS.

3.WHEN LOAN SQUARED UP CERTAIN DISCOUNTS ON OVERDUE CHARGES IS GRANTED.SHOULD IT BE TAKEN AS INCOME IN THE YEAR.

IN ALL I HAVE ASSUMED THAT FIRST INTEREST PART IS PAID OFF THEN PRINCIPAL. AM I RIGHT IN APPROACH.

WITH REGARDS

dear expert,

For Example :- there are two company 1.ABC Pvt Ltd. 2. Xyz Pvt Ltd and one individual account that is ashish account

1)Ashish Invested 5 lakh In Xyz Company as a capital But He Given Cheque In The Name Of ABC Ltd. which entry i have to pass in all three book

can please anyone give me advice how can i pass this entry .

thanks in advance

our communication service provider requets for an advance of Rs.40,000 but we paid Rs. 39,200 the advance after deducting TDS @ 2%. now in current month billing they adjusted only Rs.39,200/- only in bill. considering the cheque realisation not the original advance amount of Rs.40,000. is it right adjustment or not? Please clarify. ....

BASIC + 25% HRA PAID BY ABC CO. TO OUR ALL EMPLOYEES AND SOME EMPLOYEE AVAIL THE RESIDENTIAL FACILITY .

BUT 25% AMOUNT DEDUCT FROM SALARY AGAINST CHARGES OF RESIDENTIAL ACCOMMODATION WHICH ARE AVAIL THE RESIDENTIAL FACILITY, AND REST EMPLOYEE RECEIVED FULL AMOUNT WITH HRA.

MY QUESTION IS.

1 WHAT THIS IS A FREE ACCOMMODATION .

2 IF NO ,WHAT THE COMPANY WILL HAVE TO PAY SERVICE TAX ON RENT. RECD.

3 AND ACCOUNTING ENTRY OF CHARGES RECD. OF RESIDENTIAL ACCOMMODATION.

if biil inculuding with service & purcahses item then tds on service if service bill less than 30000.00. and wct on it total bill

Dear sir,


i want to know the when we prepare Ralted Party transaction as per companies act. in that i have to track sale and purchase transaction.
if any amount is credited/debited by any Credit note/debit note then we should consider the net off transaction or Taken as per sale and purchase made with them?
Should company raise the invoice for sales transaction?
pls explain in detail asap