sir
We are running a pharma business we have to make account in tally erp9 inventory system how to make enteries we are having erp 9 leg
al version
gopalparvatikar@rediffmail.com

Suppose you are an accountant of a company and your colleague Ram is assigned to a task of purchasing cars for the use of company. While purchasing cars Ram has participated in a lucky drow organised by the supplyer and by chance(lucky enough!) end up with winning a gold coin. Now, as an accountant, how will you record( or not record, if so why?) this gold coin in the books of accounts of the company. Show journal entries. Thanks

Dear CCI members
while closing the monthly accounts .i am following the below mention procedure.
For Eg. salary

1.31st march(provision made)
salry a/c dr
to outstanding salary account
2.1st april(provision reverse)
outstanding salary a/c dr
to salary a/c
3.5th april(At the time of payment)
salary
to cash

whether i am following right procedure or
not.Is there any other method of doing that.

Dear CCI members,
my company is calculating depreciation as per wdv & day wise depreciation.
i want to know whether the policies followed by companies act is correct or not

CAN WE SALE A ASSET ON PROFIT OR LOSS WITHOUT CAPITALISED

WITHOUT CAPITALISED MEANS IN CWIP A/C

Hello everyone,

one of my client was doing advertising business under proprietorship.

he formed a pvt ltd company fin fy 12-13. he divided his business between proprietorship firm and co.

fixed assets like computers, printers, air conditioner, vehicle which are in his personal name are actually used by the company.

My question :
how to transfer assets in the books of the company to claim depreciation ?

We have purchase a car. We have paid life tax for the car for Rs.196640-00. What is the entry for the above. I made the entry like this - is it correct or not please inform us.

Insurance A/c Dr - 54612-00
Other Exp A/c(Life Tax) Dr - 196640-00
Car A/c(Invoice Value)Dr - 1402742-00
Vehicle Maintenance A/c(other parts)Dr-26427-00

IDBI Bank A/c Cr - 480421-00
SFL Finance A/c Cr - 1200000-00

Kindly confirm the above entry is correct or not.

Dear Experts,
profession tax is deducted every month RS. 200/- for an employee. And the whole year total should be 2500 Rs.
My enquiry is what should be position if any employee gone on leave (without pay) for one or two month?
Is this total should be 2500 P.A.?
Is total be compulsory to be 2500 even if work period is less than 12 months?
What should be position in case employees has joined in between the year

We were strugglig with accountant and in a year, he had to change 3 accountant.

Each one passed entry in different way by debiting different accounts for the same kind of transactions.

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This is the case of Interstate Purchase:
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Please help me out, What is correct, What is not? Which Purhcase account should be debited and in what case?

Case 1:
Purhcase from Indu Embroidery, Mumbai vide Invoice No. 4750 dated 05-11-2011 having invoice value of Rs. 2200 where supplier has added Rs .0 under M.VAT% and we have accounted Rs. 2200 against Purchase Exempted. Neither Purchase - CST - Exempted not Purchase - CST @ 25 Against C Form

Case 2:
While on the same item, Purchased from Junjun Impex, Chennai vide Invoice No. JI/1322 dated 11-11-2011 for Rs. 7808 where goods value is Rs. 7728 and P&H Charges Rs. 80 and Tax@ 5% is Zero. In this case we have accounted RS. 7808 against Purchase - CST @ 2% Against C Form.

Case 3:
Purchase from other supplier from New Delhi vide Invoice No. 053718 dated 29-10-2011 having invoice value of Rs. 71530 where supplier has added nothing as tax and we have accounted purchase Account as Purchase Exempted?


Waiting for your support.

A firm is paying rent to its partners in the year end after deducting TDS.Partners will invest the same in business as capital.In this situation whether book entry is sufficient or actual payment and receipt entry through bank is necessary? If only book adjustement is making whether there will be any issue of TDS?