I am a banker.A cash credit limit is sanctioned to our client against book debts o/s upto 90 days. But in his latest b/s bookdebt are shown as Nil. His accountant is clarifying that they have adopted new practice of accounting in which they have removed the bookdebt from the asset side and as a double entry book keeping they have deducted the debtor amount from the sales figure. He further is stating that there are sufficient debtors' o/s as on the date of the B/s but since they do not want to add them in sales to save income tax. If they show the debtors in asset side they have to add them in sales also. please clarify is there any prevalent accounting practice.

hi i want to know whether Huf can take gifts from relatives & gift will be exempt from tax or not

If a company establish a new set at different location for that purpose company procure various fixed assets which was not put in use so my query in this regard are company charge depreciation as per companies act in the books of accounts.

Regards
Amit Nandy

what will be accounting treatment of recovery of deposits in the name of seller company in case of slump sale.
The business is already sold where such deposits were written off earlier but selling company now recovered such deposits in their name.what would be the treatment for the purpose of accounts in this case??

I have filed TDS returns for salary for Q4. although, all the details of deductions and payments are correct, I got intimation u/s 200A stating short payment of TDS. After downloading Justification report I could know that for one employee only they are showing short deduction for entire year.However, I have verified there's no mismatch or PAN error. Pl some one guide me what to next as Demand us for 1 Lakh

Is there any limit to deduct tds in case of transportation charges when the amount paid is small?

agar june month ke payment ka cheque present na hua ho 2nd party ki taraf se tb hm march me kya entry karege

paid advances 5000 and remaining by cheque 16000 for printing stationary to jawahar press

A question was asked to me on an interview.

If an item was delivered to a company on 31.03.2013 (last day of FY) with out a bill and the books need to be finalised on 05.04.2014, what will be the procedure ... whether we will account in 31.03.2013 or we will wait till the bill receives.

Hello there,
My query is, is there any limit to write off the balance. in my company's p&l a/c in indirect income, amount written off is seen negative. what does it mean? is it acceptable in audit?