sir,
kindly tell me how to pass entry to show working capital a/c, and the working capital a/c should be created under what heading?

Trail balance showing Salary A/c 30000,outstanding salary 5000 and additional information is given advance salary is 7000.
what would be the adjustment entry for preparing adjusted trail balance?

Hello frnds, As per revised Schedule VI the term “sundry debtors” has been replaced with the term “trade receivables.” ‘Trade receivables’ are defined as dues arising only from goods sold or services rendered in the normal course of business. Hence, amounts due on account of other contractual obligations can no longer be included in the trade receivables. Can some one explain me the term Contractual obligation broadly.

Experts,

Pls. guide me how to pass reversal entry for service tax portion 75% % 25%. in the books of accounts with example?

Thanks & Regards,

Pramod

Hello sir,
Help me pls..
what wouuld be adjustment entry if there is Rent=25,000
outstanding rent =5000
and advance rent =7500 in trail balance..

I was going through previous entries of my co...there were some entries which were routed through Bills payable though I couldn't get the logic behind it. Eg - TDS RECEIVABLE A/c .....dr. to BILLS PAYABLE. A/C. BILLS PAYABLE A/C. Dr. To bank

Whenever a reversal entry needs to be made, it should be made from current date irrelevant of date of occurence of transaction. Am I right ? What are the circumstances in which reversal entries need to be made

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I have a case about a an Investment (private limited )company
which maintaining books of account on mercantile basis.

But company records income on receipt basis from April to Feb and in the month of march a consolidate receivable from April to Feb is recorded and for month of march on receivable basis.
my question is that is this practice of following cash basis accounting for 11 month and in March remaining receivable on consolidate basis i.e.(receivable less received) and for only month of march on pure receivable basis is Correct ???

Means following cash basis accounting for 11 months and Accrual basis accounting in month of march is correct or it will be treated as hybrid system.
Is there any clarification from ICAI or Department for following accrual basis accounting through out the year?

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Dear All,

we are capitalising interiors decorators fees for the new office. our Lease agreements shows lockin period from our end is 3 years and from Lessors is 5 years. could you please guide me wht period should i considered 3 or 5 years.

Regards
Mohini

The formulae of GP Ratio is
Gross Profit/Total Turnover*100

total turnover Rs10,20,000/-
(including sale of goods Rs30,000 at Rs 20,000)
So for the purpose of GP Ratio, whit will be the turnover.??