Dear sir,

Please guide me

Our firm made payment more than Rs.20,000/- payment in every day to single person so
in our accounting shown cash amount to that person every day more than 75,000/- how to pass entries in the day.

Regards
Ramesh

Dear Sir, Hello , i am an accountant in a manufacturing firm we have purchased a machine from china in $28000, and make payment in Indian rupee invoice is as cost $23000 and freight $5000 total invoice value is $28000, my question is that should we take total value of invoice as a cost or should i take freight entry separate in books of account. I also want to know that if freight is included in invoice but shown separately in invoice then is it a cost of purchase or should i make a separate entry for the freight.

Subject: Digital Payments

Dear All,

My client's digital payments will be received from the e-commerce sites that will be selling their products through. Currently, they will be using two platforms:

1) Intel AppUp

2) Digital River

Basic Info

1) There is a software developer

2) There is a platform (Intel AppUp, Digital River)

3) The developer submits his product to the platform

4) The platform collects payments from individual customers who come to the platform, retains its margin, and transmits the funds to the developer when a certain amount of sale is made

5) The platform will also collect taxes over and above the cost of the product. In the U.S., different states have different taxes

6) The developer normally receives funds from an intermediary like PayPal

7) PayPal will also deduct its own margins


Thoughts that should come to my mind

1) Any taxes

2) How will the company raise an invoice, on whom

3) How will the company treat margin deductions

4) Will there be any RBI implications- example, product is for 2.99$ per license. Net amount would be less deductions of platform, and payment gateway (PayPal)

5) Will the company invoice net amount? Will that be correct on an accounting/rbi/technically basis

6) Will the company invoice each time payment will be received

7) What kind of certification will we need. From whom. STPI?

8) STPI does not certify any invoice that is lower than USD 25,000-.

9) Would it be correct to invoice the platform

10) They may not accept an ‘invoice’, as they are not ‘buyers’

11) The Company cannot invoice an individual buyer, since, to the best of my knowledge, the platform will not provide the details


I request all fellow members who has this type of client to help me with your views.

Warm Regards,

CA ABDUL QAYOOM ABBASI

DEAR ALL

PLEASE SUGGEST ME ABOUT ACCOUNTING TREATMENT OF MAINTENANCE CHARGE ON FLAT HELD A AN INVESTMENT. CAN WE CAPITALISE OR SHOWN AS EXPENSE IN P/L?

Sir,
Please advice that in my personnel books of account:- I have paid stamp duty/registration charges of commercial flat which was leasehold property. The question is that these charges can be added with flat cost or debit in flat (assets) account to increase the assets.

Please advice

We have received Demand Notice from Sales Tax Dept. of Mah. of Rs. 50,000/-. We have paid the same amount of Rs. 50,000/-. How to show in my book the same amount entry.

why income statement is known as profit and loss account instead of profit or loss account?

Can any one tell me the Accounting Standard which are applicable on companies are notified by NACAS(National Advisiory Committee on Accounting Standard)so while giving the reference of Accounting Standard in financial statement by company,the companies gives reference of ICAI instead of NACAS. e.g As per Accounting Standard 7 of ICAI.Why???

Plz rply as early as possible.

Date of purchase is before 3 years.. And the amount due on it is still unpaid. Means the amount has not been paid by the purchaser of goods till date. Then what will be the effect of this transaction in accounting entries as well as in income tax?? And how to write off ?? Plz suggest me...

Dear Friends, Please explain how to treat "Provisions written back" in Accounts, What's it impact in current year.