Dear Experts,

Please provide the expert view..

We have purchased car for 70 lacs, loan received from bank 70 lacs, now transactions would like this.( Loan directly given by bank to motor company).
Loan amount 70 Lacs, and one installment is upfront i.e i got 68,50,000.
Now
1. Motor car Dr 70 Lacs
Cr ICICI bank Rs 70 lacs

2. Now how to record upfront instalment i.e if i give
ICICI Dr 150000 ( Upfront loan installment)
CR ????? ( i can't give bank as amount not came to account?????

Why is the balance sheet of a proprietorship firm prepared seperately and not together with the propreitor?? The propritorship firm has no seperate legal status. I have come across rare cases where balance sheet of proprieotr and propritorship firm were prepared together. Whereas in most cases both the balance sheets are prepared seperately. Hence what could be the possible reasons behind preparing seperate balance sheet of a propritor and a propritorship firm.

Thanks and Regards
Yash Goyal

Dear Experts,
Can anybody provide me a link to freely download an accounting software(full version).
I would be very grateful if the link is provided in the reply itself.
Thanking you in anticipation......
Regards,
Mayur R. Gadhia

Please suggest I am wrongly booking Rs 2600/- towards double expenditure of house rent in F.Y 2011-12 ( 2 times j.V passed) but in F.Y 2012-13 I know the expenditure wrongly booked . Can I cerdited the above debited expenditure a/c head in 2012-13

sir,

company formation time construction of building etc., & put investments & that investments are converted to shares, that time purchase of forms 2, common seal , stamp duty etc., fees paid to CS & CA. Please suggest me for that accounting entries what i made

Please suggest me for that accounting entries or which books referred for

HELLO,

UNDER WHICH HEAD PEN DRIVE EXPENSES SHOULD BE CLASSIFIED?

OFFICE COMPUTER FORMATTING EXPENSE SHOULD BE UNDER WHICH HEAD?

REGARDS

Dear Sir/Madam,

If a trust receives donation to purchase books & say Rs.50/- is the donation amount for 1 book and the trust spends Rs.100/- for each book, then while valuing inventory of books, what should be the value of each book?

Should it be Rs.100/- per book or Rs.50/- per book?

Kindly elucidate with reference to AS-2.

Thanking you in advance.

Dear Experts,

on what Circumstances Closing Stock will not appear in P & L Account and will only appear in Balance Sheet. and where they are adjusting.

Closing Stock is not there in P & L for FY 2011 and they taken as Opening Stock in 2012
but in Balance Sheet it Appears in 2011.

In ITR 5 In Balance Sheet They mentioned

Raw Materials xxx
Consumables xxx
Stock in Process xxxx
Finished good xxx

But in P & L they only Taken WIP & Finished Goods

Is there any Particular Reason not to Consider the Consumable & Raw materials

Dear Friends and Respected member(CACLUBIINDIA.com)


Please suggest me whether Impairment Loss is a timing Difference?.Please present convincing reason for your views.

Thanking you



Ajay Panchariya

Respected Sir,I want to know the process of factory accounts.
I have an interview in a food processing unit for the post of an accounts executive in factory. The co use tally software. the main roll is to maintains daily purchase,sale & stock.So please help me how those used by tally with example.
Pl help me it as soon as possible
Regards Supratim Ghosh.