One of our client was recognising his brokerage income on marketing agency from their single client of germany on actual receipts basis, and even not books debtors because of uncertainity of reliasation of amount from their clients.
Now our client wants to books debtors but not with revenue for the f.y. 2013-14 & actually they filed legal case against him in german court.
They want to pass entry like
dr. Debtors
Cr. Capital reserve/ or other account

But we cant credit revenue a/c, becoz if we'll do this then we have to pay tax on it and it is not certain that whether we'll get such amt in future or not.

Plz guide me, which entry we should pass to book debtors in our clients books.

Dear all
i am contractor and the company is giving petrol reimbursement. please tell me how to pass the petrol reimbursement entry in tally..


plz reply...

We are a pvt ltd co, and have purchased a factory building from our relatives at a cost of rs 1.75 crores, the value of the property is rs 3.25 crores as per govt valuation we have paid stamp duty on rs 3.25 crores and the property has been registered and transferred in our name.

Now our auditors are saying we have to book income on the diff that is 3.25 cr less 1.75 cr which amount to rs 1.50 cr and pay income tax on it.

Sir as the seller would already be paying tax on capital gains why should the difference be taxable to us as it amounts to double taxation.

Kindly answer in detail as early matter urgent sir

If I purchase material from other state on 29th of march 2015 and material received on 2nd April 2015 on site.

what is the entry in books if the bill received on 2nd April.

Please explain whole working.

As a domestic company is there any change in rate of depreciation on motor car.kindly inform earlier.

what are d most imp topics in ipcc accounts?

Dear sir ,if party deducted tds but that amount not find in bank means if sales bill...40000 bank receipt .......38200 tds deducted ......800 but when i tally tds certificate with party ledger then that amount not in bank and in party ledger , then how to pass entry of tds in party ledger ? should i take entry like this tds a/c to cash is it correct to make tds entry ? tds

Hi,
For a partnership firm, a P&L a/c is prepared and Tax computation is worked out by adding or deducting relevant P&L items to the Net Profit.

Wanted to know which account is to be prepared (a P&L or Receipt/Payment or any other) in case of a sole proprietor?

Which sections are applicable while computing Tax for a sole proprietor?

thanks in advance

If an asset purchased in previous year, and sold in mid of the current year in profit.
So My question is the sale of asset is shown in PL or what about profit and depreciation how it is adjusted?

Please advise the rules and guidelines for capitalisation of expenses related to B2B exhibitions. We have our own brand and participate in National and International B2B exhibitions.

Regards,
Charu