Hello,
I have done 2 mistakes in 2011-12 accounting.
1) Bonus which was already paid in 2010-11, I have pass entry in 2011-12 also.
2)Bonus was Income but wrongly have shown as expense.
How to rectify in 2012-13 financial?
please help.
Thanks

Hi,
What is Appropriate account head of pur. of hand set (Moblie) Worth of more than Rs.5000 or Less than Rs.5000 ?

If company claiming depreciation on single shift basis on plant & machinery from the inception of the company. However, P & M is designed to work for continuous process. P & M is depreciated for single shift for 5 years as it is working under production capacity ( around 40% to 50%)

Now, company after 5 years, wants to change depreciation rates for P & M from single shift to continuous process as achieved nearly 80% production capacity.

whether any retrospective depreciation impact is required to be given in p & l A/c or merely disclosure with quantification in notes to account is sufficient?? Further, it would be treated as change in accounting policy or change in estimation??

hello,
There was a closing balance of sundry debtor in the year 2010-11. In the year 2011-12, I forgot to put that closing balance as opening balance in Tally(Financial was prepared 1st time for the proprietor in 2011-12). Now in year 2012-13, same amount is stand as credit balance of that Debtor. What should I do to rectify ?
Thanks

GUIDANCE/ WRITE UP (WITH REFERENCE TO AS11 WITH MTM) REQUESTED :
FOR JOURNAL ENTRIES IN THE
BOOKS OF BUYER FOR A FORWARD EXCHANGE CONTRACT UNDERTAKEN FOR PURCHASE
OF ITEMS. KINDLY ARRANGE TO EXPLAIN MTM THEREIN.

REGARDS

I have a query in respect to accounting entries in Tally .
1)Is there a compulsion for a company to start its voucher number from 1 from the beginning of the accounting year ?
2)Should the raising of invoice bill number also start from 1 from the beginning of the year ?
3)I need some guidance in respect to this .
Thanks in advance .

Sir
I have an query regarding AS 12. The question is---- A limited purchased plant costing 250 lakhs on 1st Jan 2008.The co. charges WDV depreciation on the asset. The asset has an estimated life of 15 years with a scrap value of 25 lakhs. The co. received govt. grant to the extent of 50% of assets cost. As per T&C of the grant 50% of the company's product are to be supplied to the govt. agencies for the 1st 5 years at a price 20% below the market price. Average market price of the product from 2008-12 are 300,320,340,360,380 respectively. Production capacity was 1 lakh unit per annum. Capacity utilization during the 1st 5 years are 50%,60%.60%,70% & 80%. How do you allocate govt. grants if the co. decides to treat the grant as defered income?

Hi,

I m Extremely Confused over the depreciation rates, Of the income tax act and the company act 1956.

when Co. Rates Act are Applicable and when incometax rates are applicable and to which entity like co., Propreitorship firms,

Dear sir
I made one entry for creating pro.for doubtful a/c

1,bad debt a/c dr 10,000/-
to
prov.for doubtful a/c 10,000/-

2,prov.for doubtful a/c 10,000/-
to
account receivable

after some time i received the above cash
i made entry like this

3,cash a/c 10,000/-
to
receivable 10,000/-

4,account receivable 10,000/-
to
prov. for doubtful 10,000/-

5,prov.for doubtful a/c 10,000/-
to
bad debt a/c 10,000/-

sir this entry which i have passed is correct or not please help me

I am Working in Manufacturing Company at Uttar Pradesh. It has a branch in Delhi. U.P Branch engages in production and transfer stock after charging Excise on goods. Delhi Branch has a Sales Unit. We are facing the problem during consolidation of accounts if closing stock still in delhi branch. Please suggest the accounting treatment of Excise charged during stock transfer on the closing stock when we consolidated the accounts of Company