What is the treatment of Retention money in contract sales and if retention money is deducted from sales amount then how it can be treated in balance sheet.

Hi,

How can i adjust TDS charged in current year for transactions of previous year

Brief History:

A business associate of a client forgot to charge tds on a transaction during the financial year and charged the said tds amount in the next financial year as per 26AS

Due to oversight on the client's part they forgot to raise an entry of tds charged during the previous financial year and the said TDS amount does not reflect in the Associated Party's Ledger Account as opening balance which is leading to a difference in Final Accounts

How can i rectify this error since i cant make changes to previous year's balance sheet

also to further clarify the client didn't use the said tds amount while claiming tax credit during previous year

How we can bifurcate the amount of long term loan in balance sheet. Suppose i have a long term loan of Rs 500000/- and my EMI is Rs.20000/-. Interest rate is 10%. What amount should i shown as Short term loan and long term loan in Balance Sheet.

Prepaid Rent comes under which head? And accounting entry for rent paid in advance?

How to enter tranctions for
amount received from student for fees and deposited in bank

in tally wer nd wt i need to enter????

is it necessary for bank to hold cancelled if yes then for what period ??? or it can destroy cheque?? please help

Dear Sir,

we are reseller of cosmetic product im Maharashtra , now we want open our branch in gujrat & Punjab, so kinldy let me know the rate of vat for gujrat & punjab state.

thanx

Mohini

Dear sir,


Second hand purchase of a packing machine will come under what head in tally

I have complete my B.COM.and due to some reason I am unable to continue my further study. I want to make my carrier in accounting. what type of job would be best for my future? if I wish to work under a C.A what amount of salary I can expect?? plz guide me!

if company purchased mobile phone as a ixed asset in August month the depreciation will be on pro rata basis or full depreciation @ 15% to be calculate