what is the Accounting treatment of goods received free of cost? is there any complication as per any law?

Sir,
If we receive Payment in mode of Gift Voucher
from Debtor in which account we should post.

The Submission of Audit Report and Balance Sheet is not reqd alongwith the Return of Income

If it happens that the Audit U/S 44AB has been done in time and the Audit report is also obtained in time but the return is not filed on due date.

What will be position as regards to Penalties with I.Tax for non filing on due date.

Facts :
1]Registered Trust
2] Having Corpus of Rs.5 lakh
3} Opening Accumulated Income over Expenditure 4.5 Lakhs
4] Amount spent Rs.10 lakhs for valid purpose during the year.

Query:
1] How to give treatment for the excess expenditure over income.? Whether we have to reduce the Corpus or show "Excess of Expenditure over Income" In Balance sheet.

My one friend told me that A/C'ing is a Language, but i am confused with this statement.

I think it is the method of representing financial Data and enable the users to frame their decisions on such represented evalution like math and science....

what are your comments for the same

I would like to know that:
We have taken a loan to construct a building for business. It gets completed in 11 months. Since it is not a qualifying asset, where do we show the interest on loan for the 11 months period?


Thanks

Neeraj Khurana

Dear Sir,

Pls guied me that new making washroom TILES exp which account head will debit.


Regards,

Rahul Kumar Mehra

SIR

We want to pay a staff salary + House rent at a time Rs. 6 lakh ( salary 4,80,000 and rent Rs. 120000 ) but we don't know how much TDS we deducted on what amount , please tell me how i can post this entry.

Dear Members,

A Company with the objectives of Construction activity holds land stock as an inventory or stock in trade to be used for the purpose of undertaking project.
Now the company wants to revalue its land stock as per the current market price.
Please guide about the process of revaluation and other compliance requirements for the same.

Thanks & Regards

is it mandatory to issue credit note for purchase (discounts) and debit note for sales discounts?

can journals be passed for purchase discounts and sales discounts