my query is with regards to import purchases. Suppose the goods are loaded from USA on 1-1-2012 the same reaches mumbai customs on 10-1-2012 and the goods are recieved in our factory at gujarat on 30-1-2012. While booking the rate of Purchase in tally which forex rate should be considered. I guess, customs rate is only for the purpose of assessing the customs duty. PLEASE ASSIST AS TO WHICH RATE SHOULD BE CONSIDERED WHILE BOOKING THE PURCHASE IN ACCOUNTS

my query is with regards to import purchases. Suppose the goods are loaded from USA on 1-1-2012 the same reaches mumbai customs on 10-1-2012 and the goods are recieved in our factory at gujarat on 30-1-2012. While booking the rate of Purchase in tally which forex rate should be considered. I guess, customs rate is only for the purpose of assessing the customs duty. PLEASE ASSIST AS TO WHICH RATE SHOULD BE CONSIDERED WHILE BOOKING THE PURCHASE IN ACCOUNTS

A company offers 6,000 shares for subscription and public applies for 5,000 shares.

What will be the issued capital in this case; 6,000 OR 5,000.

In most books of 12th level, 6,000 has been treated as issued capital. In PC Tulsian's CPT accountancy, it says 5,000 is issued capital and explains why 6,000 cannot be the issued capital.

Please clarify this after consulting some colleagues.

Thanks and Regards
Amit K. Sharma

Dear sir,
company stock(raw material) fired in fire accident. as per as our books stock is 3 crores, fired stock is 1 crore .so we entered loss on fire stock enteries in tally. how many entries applied and what they are. please send me.

Hi Dear professionals,

I am working in software company, company had purchased wooden flooring material, this material on which account head will be.

Rent paid on 1st Oct 2008 for the year to 30th sept 2009 was Rs.1200 & Rent paid on 1st oct 2009 for the year to 30th sept 2010 was Rs. 1600

Rent payable as shown in P&l for the year ended 31 Dec 2009 would be ?

Opening Stock
Raw Materials 17,400
Work-In-Progress 11,200
Finished Goods 41,500

Closing Stock
Raw Materials 18,100
Work-In-Progress 11,400
Finished Goods 40,700

Overhead Expenses - 61,100
Wages - 40,400
Purchase of Raw material - 91,900
Cost of Finished goods Produced ?
Cost of Finished goods Sold ?

Hi,
I have received an Invoice from the Security services provider, now what is the journal entry i have to pass in my Tally.

regards,
Linga

Dear Sir,
I am a builder.I am running a proprietorship firm.....I am covered u/s 44AB individual and also a partner of a new firm... all the expenses on behalf of new firm which is gonna start a new project. Expenses are being paid by me from my personal fund till date... Do i need to deduct TDS as i am having TAN and the payment to various persons covered U/s 194C, 194H, 194J etc..??? What entry shall i pass for TDS recovered and paid by my on behalf of the firm?

Hi all,
One of the partner of a partnership firm has a property which is used for the business by the firm. The question arises whether the other partners are LIABLE to pay the rent ??