A Company entered into a contract
for manufacturing of 1000 kgs of a particular
product with another company.

It manufactured 1000kgs but the buyer could not
purchase the entire quantity.

The company raised debit note for compensation
excluding taxes for material not purchased by it.

Please advise in which account money received
for non-lifting should be booked.

Dear All,

Can a partner's personal home loan be booked in books of his partnership firm.

If Yes, then why?
Please tell fast.

my company had registered the PF ,they said PF 12% employee share & 12% Employer share is going to deduct from employee itself,

there is any possible to deduct both share from employee itself.

please reply ASAP.

Hi friends Would you please suggest me the accounting entry for the following? M/s XYS has received the order from overseas customer for export of goods. The order is on CIF (Cost, Insurance and Freight) basis. CIF means the Seller will incurr first all the cost, insurance and freight upto the custom port of overseas customer destination. Then the Seller will charge in the sales invoice for insurance and freight in additions to the cost of goods.
Now how to account for these freight and insurance?
1. Whether the value of Freight and Insurance shall be INCLUDED in the value of Sales? OR 2. Whether the value of freight and insurance shall be EXCLUDED in the value of Sales? Further, whether the value of Freight and Insurance (as shown in the invoice) shall be shown as income / reim. of exp. on the credit side of the P&L? OR Only the net balance of Freight and Insurance ( actual freight and insurance paid LESS freight and insurance charged on the invoice which is recievable from the debtors) shall be shown on the debit side of the P&L? If both are acceptable, which is the best presentaion? If the case is covered by any specific AS or accounting principles please let me know about it.

Received telephone bill & electricity bill for period 01-03-2015 to 05-04-2015, we made payment at 25/4/2015 for same.

Should we pass entry for Prepaid Exp. for period of April in Closing year 31-3-15

Please reply.

I have purchased a office and I am confused in which head to show the same, as a fixed asset or as a investment. Also i have not yet started using that office yet for any purpose,also let me know what to do after i start using the office.
I would be thankful to those who will try to solve this query for me. Thanks once again

Niket Shah

Dear all,

Recently we had issue cheque in the month of jully 2014 but this cheque yet not be clear then how to close this entry on 31st march please suggest this shown on bank reconcilation

A partnership firm provides machineries to their dealers against interest free deposit. and will take that machine after end of business relation. Now what about depreciation, Service tax.

why statutory auditor demand Ledger balance confirmation of any party.

Dear sir , i have no knowledge of how to charge depreciation on fixed assets like motor vehicle ? please give some solutions ?