i am very confuse how to do entry of foreign remittance .. example if company rec 500usd from our client ..and after it this 300 usd convert in inr. what is the entry of rec usd and converison of amount in inr . help me in this entry.

My client is a charitable Trust registered U/S12A of IT Act.The Trust Granted MLC Grant of Rs 10 lakh for Building costing Rs 40 lakh.The said work of construction was given to a cotractor.The Govt Dept paid Rs10 lakh Grant directly to the Contractor & the balance amount of the bill paid by the Trust.

Please suggest me in Accounting treatment of this Grant according to AS 12& for the purpose of 12A of the IT Act

Sir I would like to know if we are transact a loan and facing losses in foreign exchange at the end of yr & payment has been made after two years..does it qualify the definition of AS-22 to create D.T.A in books of accounts ??

Dear Experts, Please tell me the use of waybill along with its application proceedure and documents requirement.Thanks in advance

Dear All

By how much value we can take as Fixed assets .

in your company purchases a Battery of Rs.7000/- can we take it as fixed assets.

Other wise it comes under which head
Thanking You

Amruth kumar

insurance paid at the time of purchase of car. wheather insurance paid to be capitalised or not???

In case refregerator given by any coke, pepsi, ice cream companies for storing coke, ice creams, choklates etc. to shopkeeper. Then how it deal in the books of companies.

Please suggest accounting treatment

sir i m a student of ca final plz guide me study tips for theroy subject like audit and law ... plz guide..

Dear sir,

I have to book the expenses pertaining to site.
Intially i have given site advance of Rs. 100. When i give an advance. The journal entry is
Site Advance A/c Dr. 100
To Bank A/c 100

subsequently i have to book the expenses of the site in the books.

Expenses A/c Dr. 25
To Site Advance A/c 25

Is it correct?

thanks
with regards,

R. Gurucharan.

The following is the query:-
There is a loan transaction between two NRIs in SGD (Singapore $) but the repayment is made and accepted in INR in their respective bank accounts in India. The Loan transaction never appeared in the books of accounts in India but since the repayment is in INR how to reflect the same in the books of accounts of the lender? Request the experts to give your opinion on the above matter.