What should be the accounting treatment for expense disallowed in the assessment of previous FY. Can we show misc. income in the year of demand raised. For e.g. if Rs. 10 lakhs disallowed as expenses during assessment or survey for FY 2011-12. and now after completion of survey.. demand is raised during FY 2013-14. For Rs.3 lakh as tax and Rs. 1 lakh for interest. Please confirm can we treat Rs. 10 Lakh as misc income during FY 2013-14. And accordingly provision can me made for income tax and interest liability?

Dear Sir,
Pl let me know the accounting treatment of reversal of cenvat credit due to lapse of cenvat credit availment time.
and what will do if opening credit reversed due to lapse of time.

Kindly suggest solution on following issues:-

1) IF BILL RECEIVED DATED 05.04.2015 BUT CONCERN BILL EXPENSES RELATED TO FOR THE FINANCIAL YEAR 2014-15 AND OUR BOOKS STILL NOT CLOSED FOR F.Y 2014-15 THEN CAN WE BOOKED THIS EXPENSES IN MARCH -2015.

OR

WE NEED TO MAKE PROVISION OF THE ABOVE SAID BILLS.IF YES THEN IT IS POSSIBLE TO CREDIT LIABILITY TO CONCERN PARTY DIRECTLY OR EXPNSES PAYABLE ACCCOUT.

Dear Experts, My query is as below:
On recognition of income after it meets recognition criteria, the entry was:

Bank A/c Dr.
TDS Receivable Dr.
To Income A/c Cr

Now as the service could not be performed, refund in full is being made. Now my query is what should be the entry in this case as the TDS receivable has already been deposited with govt. which will be shown as credit in 26 AS and would be received on refund of income tax paid by the department.
So TDS receivable cannot be credited, if this is the case, what should be the appropriate accounting entries.

Income A/c Dr
to bank A/c Cr
to ______ A/c Cr

For any clarification please ask me.

how can i made entry of stock in transit

Sir,
I have paid the tds challan in wrong section. 194i ( Plant & Machinery ) but paid the challan for 194C ( 1 % Contractors )
how can rectify the error

Hi,
Can we book expenses in Mar and payment can be done in next fin. year (April Month) without any provision.

Please brief about provision at the time of books closing.

All dear sir , if any party deducting tds of 2% in services provided by us as a cab service . Then i want to know after which amount they shall deduct tds ?

Dear Sir,

pls tell me amount incurred on creation of new website for existing company should be debited in which head

pls also clarify whether it is revenue expenditure or capital nature


thanks

Dear Sir,

I want the entry for Advance payment to supplier. I hv passed blw entry. Kindly confirm.

1)
Advnce to Supplier a/c ---- Dr 100
To Party A/c --------------cr 100

2)
Party A/c Dr-----100
To Bank A/c Cr------100

Pls confirm above entry is correct or any other entry be passed.

Thanks
Yeshwanth Shetty
email id : yeshshetty@rediffmail.com