Sir i have doubt, what is the logic behind considering direct cost to calculate gross profit and at what situation considering of direct cost is irrelevant..

Hi,
My boss has made a payment to someone from his personal account instead of the company account. How should i reimburse the same amount to my boss. The bill is in the company name. Please reply ASAP.

Please tell the accounting entries for the same.


Thanks in advance

Respected Sir, Im Supratim Ghosh from kolkata. I have a problem regarding following question. I want to know the right journal entry and the process of diminishing balance method

Q) A company bought machinery for Rs. 10000 and depreciation rate is 10%.. Financial year is 1st Jan. to 31st Dec. Above same machinery has been sold at Rs. 5000 on 31st march 2011. This machinery was purchased on 1 Jan. 2010. Depreciation rate is 10% and it is charged with diminishing balance method.
Sir pl give me the ans as soon as possible
Regards Supratim Ghosh

SIR,IN CASE OF PURCHASES INSTEAD OF FIRSTLY DEBIT TO GOODS IN TRANSIT A/C AND CREDIT TO SUPPLIER A/C AND THEREAFTER DEBIT TO PURCHASE A/C AND CREDIT TO GOODS IN TRANSIT ACCOUNT IF WE DIRECTLY PASS THE ENTRY AS
PURCHASE A/C DEBIT AND SUPPLIER A/C CREDIT
IS IT ALLOWABLE ? IF NOT PLEASE GUIDE ME ACCORDINGLY

Hello sir can explain me what is the core accounting how will use in accounts system.

Mr. X taken advance in dec -12 for expenses puprose and submitted the bills in feb-12, and Mr. Y(accountant) - did not entered in tally for the financial year 2012-13, he has entered in the bills in the financial year 2013-14. shall we show the last fianancial year bills in next financial year.

Can the financials be changed after the adoption of financials in a board meeting?
Revert ASAP

Dear Sir,

American Express is giving Assets Allowance to its employees along-with Basic salary, HRA, Transport Allowance, LTA etc.

Please let me know what is 'Asset Allowance' and what is treatment under income tax , I mean is it taxable in the hands of employee like any other allowance or not?

Please tell me the entries :-

1-Grant received after deduction of TDS.
2-Entries of TDS on grant

Dear sir,

Why can't we show Depreciation under Direct expenses i.e Depreciation on Factory Building , Depreciation on plant and Machinery

Why we will show under Indirect exp?

Please Clarify