I received an order for manufacturing of spares with an advance of Rs. 1,50,000/- against an order value of 6,00,000/-.
Party refused to take delivery.
sent legal notice.
sold the goods as scrap for 80,000/-.
Rs. 5,20,000/- is under recovery.
i am to file a money suit for recovery of damages.
how to account as copy of ledger has to be submitted.
stock a/c 6,00,000/-
debit to
sales 8,00000/-
mr.purchaser(advance received)1,50,000/-
Mr. purchaser(under recovery/ salvage loss)3,70,000/-
please enlighten.

I am doing accounting of Travel agent company. They hire vehicles from thrid party.
The bill is like this
Invoice Amt - 10000
Less:Diesel - 4000
Total payable - 6000
Less: TDS (2%) - 200
Net Payable - 5800

They give diesel coupons of petrol bunks with whom they have contract, and later make payment to these petrol bunks at the month end.
Can someone please advice me on how to account this whole transaction???

Can I purchase fixed assets or contribute capital in cash ? if I pay more than 20k in cash for expenses incurred it will be disallowed. In case of fixed assets and capital contribution there is no question of disallowance. are there any other implication ?

when will ipce result will be declared. till now result is not declared

Hi,

I have a purchase a flat in the name of my and my wife & paid to developer Rs. 10 lacs from my account & Rs. 5 lacs from my wife's a/c. Also paid stamp Duty, registration fees & other legal exps Rs. 2 lacs and brokerage Rs. 25K from my wife's a/c..

Now my questions are what amount to be shown as fixed assets to the respective owner? can we consider the Exps incurred for stamp duty, Regn. fees, legal expenses & brokerage as fixed assets (included in land & building/flat)?

Dulal

sir, I have registered for ipcc both groups on dated 28/01/2010. now I have cleared my ipcc first group in Nov. 2011 and awaiting for results of second group of ipcc on 31/01/2014. sir should I revalidate my registeration ?

Hi Sir,

I Am working in a Manufacturing firm my role is looking after Bills payable my basic qualification is graduation and have 9 years experince in accounts now i wish to learn SAP FICO module for more opportunities for my qualification and experience how is the openings in SAP FICO JOBS can i proceed with my wish kindly suggest

Dear sir,
Most of the MNC's which accounting softwares were using ?...please reply sir this is the 2nd time i'm posting this question...i did'nt get the answer earlier.So, i posted once again
Thanks & Regards
Mahesh

Hello Sir, We have taken land on lease basis for 30 years on that we built hospital by availing bank loan.My query is
1 where to account the construction cost-Capitalize or Revenue.
2.On loan taken we paid interest to bank (up to construction)where to account. Thanks in advance.

We bought a computer software of Rs. 200000/-, purchaser charged VAT on their sale bill.Please tell me, TDS deducted on their bill.