if a properitor deposit income tax what will be entry for this and
income tax will show where ( profit and loss or balance sheet inwhich head)

Hi, my company is having 6 factories and there are sale & purchase of semi-finished and packing material products between these factories.

CURRENT PRACTICE:
We pass 3 entries because we have Head Office (HO) and 2 factories.

1. at HO we pass
Buying Factory A/c - - Dr
To Selling Factory A/c

2. at Selling Factory we pass
HO A/c - - Dr
To Buying Factory

3. at Buying Factory we pass
Selling Factory A/c - - Dr
To HO A/c

My question is whether this long procedure is right & is it required?

Why we cannot pass only 2 entries showing buy & sell at Factory itself without involving HO because anyhow we need to prepare individual financials of factories.

Is there any alternative for this?

And the same practice we follow for TDS, there we transfer TDS of all factories to HO as follows -

1. at HO we pass
TDS A/c - - Dr
To Bank A/c

After this entry we pass

2. at HO again we pass
Factory A/c - - Dr
To TDS A/c

3. at Factory we pass
TDS A/c - - Dr
To HO A/c

My question is same is it right or there is an alternative like directly paying from factory bank a/c and passing the entry without involving Head Office (HO)?

PLEASE HELP ME . . .

Dear All,

I was told the format of B/S and P/L has changed with the new companies act 2013. Is this true? If so what is the new format? Thanks in Advance

Dear Sir,
I have a problem in treatment of inventory of soyabeen and other simile types of stock due to mosture in stock how to treat in accounting in tally by reduction in purchase or sales or stock.
please guide me....

hello
Two partner A an B. partner A op. blace is 207880 and new capital introduced during the year is 400000 on 20-03 and 150000 on 28-03.
B partner 185880 no new capital introduced.
so how to calculate interst @12% and what is amount of interest.

hello friends...i m appearing in this nov. 14 for ca finals..(5th attempt), my marks in last attempt acs 51 mafa 45, law 63, audit 33, cost 55, dt 30, idt 48, isca 48 .. what should I do,how I prepare to make this attempt my last attempt...

Dear Sir,

Our Company selling goods through Amazon (online)only. For this we listed our products at their website and get order from customers then we raised our invoice and make accounting entry as Debit Amazon XX and Credit to Sales account XX. Also we get payment from Amazon not from the buyer, while remitting to us, amazon deduct some amounts such as Amazon fees, fixed closing fees etc.

My query is that how we do pass journal entry for such charges and what would be the appropriate accounting head for such charges.
Please reply asap..

Many Thanks.

Dear Sir,

We are running our own school buses in our school we make the diesel payment to the vendor on monthly basis without any contract. We are paying approx 80000/- monthly to vendor.
So please suggest us is the TDS applicable on this payment or not.

Regards
Mohit Sharma

We have just formed. the education society and running a play school under it... and our gross monthly income is 2500 I want to know about income tax procedure and accounts related..

partnership firm networth certificate format in excel