Sir, we have taken an amount of 10,000/- as a cash loan from a person, which has been utilized to pay an outstanding of a firm. Now, we have paid back 10000/- as a cash to that person post collection from members. Now, How should we enter these multiple cash entries in a balance sheet ? Like, Unsecured cash loan, payment to other party, repayment of cash loan. Thnaks

DEAR EXPERTS
Greetings...…..,
Received invoice from a pvt ltd company for (service charges on AI based remote proctoring service for conducting entrance exam through online ) value RS 76,700/- including 18% Gst. As per the terms service charges are covered under TDS , whereas my question is conducting online exam through a private software is applicable for deducting Tds or not. Experts kindly advice me with your valuable answers.

What to do in month end closing? I know year end closing. At the year end closing Dep is recorded, provisions-income tax,payroll are recorded, TDS and GST adjustments are recorded.
One more question 2B is finalized upto 13th of next month suppose month end closing is done 10th of the next month and if we found some entries in 2B which are skipped to be recorded in books then what to do record the transaction in the same month or next month?

If the payment is received from the client on advance basis in March, rendering of services will take place in the month of April. Is it okay to raise a bill in the next month when actual services will be provided? Or it needs to raise by this month since the amount was received in this month?

Hi
Our client office is in SEZ unit. We provide them employee transportation services. We raise monthly invoice "without payment of igst"
They had availed our services for their teams outing, for which we raised invoice "without payment". Now, they are asking us to charge igst as the services availed was not in sez unit. Should we raise invoice with igst charge?

below Response received from client:

“In attached Invoices vendor has not charged GST and mentioned the SEZ notification line of Authorised operation. However the service taken is for Team outing which will not fall under Authorised Operation as not for Business purpose. Hence vendor has to charge the IGST on attached invoices and we need to pay the full amount ie basic + GST to vendor. Thus request you to please get the revised invoice and also make necessary changes to Team budget request.”

Request to please change the invoice accordingly and re share it ASAP.

Dear Sir,

We supplied to SEZ DAHEJ UNIT BUT MATERIAL REJECT & RETURN WITH REPLACEMENT DOCUMENTS
NOW WE DECIDE TO DO NOT SUPPLY THE ABOVE REJECT MATERIAL.
WHAT KIND OF ENTY PASSED IN OUR BOOK OF ACCOUNT.
IF THERE IS ANY GST LIABILTY

KINDLY ADVICE.
VORA;

Firm With I am working is Partnership Firm, have small scale manufacturing unit. Now Partner have decided to bring new machinery for the product they manufacture, for which they have decided to apply bank loan, and discussion with bank shows bank will provide 80-85% bank loan and balance partner have to bring money.
So As per me Accounting entry would be as Under:
Machinery Purchase A/c. - Debit
Bank loan account- Credit(For amount of Bank Loan)
Partner's capital Account credit (For Amount of Partner's contribution)
Is above entry is correct?
What is your suggestion?

A commercial invoice was prepared in Zoho Books FOR USD 35000 without a CIF amount.

Later the invoice was revised manually and edited by adding the CIF SAY 45000 (35000 + 10000) and accordingly it was submitted and Shipping Bill was generated.

Subsequently, it was noticed during a test check that the value has not been revised in Zoho Books with the CIF amount.

Since it was noticed almost after 6 months in the same financial year. How do we account for that in Zoho books.

Dear Sir

Proprietor withdraw some money from bank ( Current account ) by ATM for personal need and some business purpose Can he withdrawal cash by ATM Card any problem face in future please suggest

Hi Anyone have DSCR Sheet?please share it on priority