My CA while preparing the audit report of fy 20-21 put audit fees say 11800 & when I paid him that 11800 he put an invoice in GST for 10000+1800 gst in fy 21-22.
I’ve the following entry put in 20-21:
Audit fees 11800 dr
To audit fees payable 11800 cr
Now in 21-22 what entries should I pass to take credit of GST.

Why is there a difference between change in inventory value and the difference between inventory vale of previous year and current year?

Respected Sir/Madam,

I have to book expenses for a staff traveling to outside of the state. So my query is under which head I have to book hotel room rent?

If I book travelling expenses I am unable to claim GST Amount.

Please guide me

IN ONE LC TWO VALIDITY IS POSSIBLE ?

EXAMPLE :

100 CR. SUPPLY PORTION WHICH IS VALID UP TO 31.12.2022
20 CR. INSTALLATION WHICH IS VALID UP TO 31.12.2023
TOTAL ONE BANK GUAREANTEE WILL BE ISSUED . IS IT POSSIBLE WITH TWO CLAIM PERIOD IN ONE BANK GUARANTEE.

In Conversation to LLP chapter, in the books of Purchasing Company

(I) When the amount is payable to old firm by purchasing company

🔸Business Purchases A/c is debited and Old Firm A/c is credited

(II) When assets and liabilities taken over from old firm

🔸Sundry Assets A/c is debited and Sundry Liabilities a/c, Provision for bad debts a/c and Business purchase a/c, all are credited

Now my question is why Business Purchase account was first debited and then credited 😅 I am really confused

Sir
We have received maturity amount of rs 300000/ earlier not recorded in our books now can we
show in our books if yes then what we do the journal entry

expenses made for petrol Rs. 6350/- and bill and voucher received for Rs. 6350/- But when I saw the credit card statement I found that Payment made against Rs. 6350/- ( Credit card payment Rs. 6424.93 and petrol surcharge waiver Rs. 63.61) My question is that i should Booked (6424.93-63.61)=6361.32 or Rs. 11.32 excess payment how to book in my books.

expenses made for petrol Rs. 6350/- and bill and voucher received for Rs. 6350/- But when I saw the credit card statement I found that Payment made against Rs. 6350/- ( Credit card payment Rs. 6424.93 and petrol surcharge waiver Rs. 63.61) My question is that i should Booked (6424.93-63.61)=6361.32 or Rs. 11.32 excess payment how to book in my books.Entry

expenses made for petrol Rs. 6350/- and bill and voucher received for Rs. 6350/- But when I saw the credit card statement I found that Payment made against Rs. 6350/- ( Credit card payment Rs. 6424.93 and petrol surcharge waiver Rs. 63.61) My question is that i should Booked (6424.93-63.61)=6361.32 or Rs. 11.32 excess payment how to book in my books.

To
The Experts

In a company a contractor had been engaged for some installation, commissioning work at its plant.
The contractor had to deposit 10% of the contract price(Extent of Rs.2.00 Crore) as security deposit (interest free) for successful and timely completion of the work. Otherwise the money will be forfeited.

The contractor failed & money forfeited. This shown as income in revenue account.

The auditor states that " unless board consent obtained that forfeited money cannot be shown as income".
Our view is "no such consent required" as forfeiting resulted into reduction of a liability and simultaneous increase in revenue/income.
Is our view is correct?
Regards
Abhijit