Dear Sir, I reside in Kalyan near Mumbai. I have a computer assembling business in Kalyan and also do reselling of branded systems. I have clients which are spread around Thane dist. and Mumbai. I mostly purchase computer parts and systems from Mumbai. So, if I sell these components to a person/organization outside of my Municipal Corporation limit, say, Ulhasnagar, where do I need to pay my LBT? Also what is the % of LBT?

Thanks.

There is an investment in LIC of Rs. 50 lacs in the balance sheet of a superannuation trust. Now on maturity, this trust has received Rs. 80 lacs. What will be the accounting treatment i.e. journal entry.

At the time of investment, the entry made was:

LIC (Inv.) Dr. 50.00
To Bank 50.00

In my opinion : At the time of receipt of maturity amount, the entry may be:

Bank Dr. 80.00
To LIC (Inv.) 50.00
To ???????? 30.00

This ?????? is what i would like to know.

Dear expert
our firm has sold esteem car in current year and the prepaid insurance of last year for the same can be transferred in p&l account if no,

please tell me the treatment of the same.

prepaid insurance upto 28.07.2012

and car was sold on 30.06.2012

Dear Experts Please clarify the following transactions.I Processed Printing & Job work in Dubai and dumped in dubai only. I don't have IEC code Party making the payment in India. In this case in what head we account the same. Please give me correct head of account. Is there any indian taxes applicable Thanks in Advance

Dear Sir,

1. Our company is contributed LIC Premium Rs.15,000/- to an employee and Debited 75% of Rs. 11,250/- to his Salary Account & Debited Rs. 3,750/0 to his Advance Account & recovered from monthly salary.

Please advise that whether he can avail Rs. 15,000/- under 80C in his tax filing. LIC Policy is in Employee name.

2. Our Company is contributed Rs. 9000/- to an employee for Medical Insurance and Accounted in Employee Insurance (Expense) Account.

Please advise that whether he can avail Rs. 9,000/- under 80C in his tax in his tax filing. Oriental Policy is in Employee name.

will the following entry affect receipt and payment?
Audit fees A/c ...Dr 10000
To Audit fess Payable A/c 10000
is it recorded in Receipt & payment?

a sole proprietor charges depreciation as per income tax act. he exchanged his car with another car. Whether he can recognize profit in such transaction? what will be the journal entry?

Dear Sir,

Please note that my company has paid Insurance premium of Rs.10,205/- to LIC twds Accidental policy of our two marketing staff but LIC has issued Receipt in favour of staff & not company kindly guide how to Account for this transaction ??

I am a small businessman doing business since 8 years.I had not maintained accounts till last year & not filed returns.I have started maintaining A/cs this year(2012-13).I have a car purchased 4 years back for Rs.2,10,000 & motor bike purchased 2 years back for Rs.45000.Shall i take into the books at original cost or after deducting depreciation for 4 & 2 years respectively.

CRR IS CREATED AT THE TIME OF REDEMPTION OF PREF. SHARES OR BUYBACK OF EQUITY SHARES WHEN BOTH TRANSACTION ARE SETTLED IN CASH. WHAT IS ACCOUNTING PURPOSE TO CREATE THIS CRR REMINEDERING THE VIEWS LAID DOWN U/S 77A OF COMPANIES ACT 1956 & OTHER APPLICABLE PROVISION. AND AS AT THE END THIS CRR IS ADJUSTED WITH REVENUE RESERVES. SO WHAT'S THE REASON BEYOND IT?