Dear Sir,

if we receive telephone bill in the month of May,2012 for the period 11.03.2012 to 10.04.2012. When we will book expenses in our accounts books?

1. 31st March,2012

2. May,2012

What accounting entry will be passed ?

Plz help me urgently.

We are a firm following cash system of accounting.

One of our debtor is paying us Rs.40000 out of our sale of Rs.100000.He has refuse to pay the rest.What will be the entry for bad debt and what will be the closing entry for Debtors.

As per me entry would be:-
Bank a/c (Asset) 400000
Bad debt W/o a/c (expense P&L) 600000
To debtor A/c 100000

Debtor A/c 100000
To sales(income P&L) 1000000
This entry is not helping me in claiming
Rs. 60000 Bad Debt.

Please Help.

One of my known person is a Homeo Doctor and he practices it.He wants to maintain books of Accounts and file returns accordingly.
Could you please clarify regarding
Wht are the books of accounts he has to maintain.
Wht are the taxes he has to pay like Income tax,Profession tax etc.

Plz tell me, Business started by Cash.
Then entry will be: Cash A/c Dr
Capital A/c Cr

If Business started by Self Cheque, Then Entry will be?
plz tell me this entry.

Dear all,
Please let me know what is the accounting treatment of following transaction.
ABC Co. Purchased a Vehicle (Car) of Rs.30,00,000/-
Loan from Bank is about 20,00,000/-
Balance Rs.10,00,000/-
Margin Money is Rs.100,000/-
R. Tax etc. Rs.250000/-
Total Payment to Dealer=Rs.13,50,000/-
Cash Discount given by dealer=Rs.50,000/-
Net Payment=Rs.13,00,000/-

Please Reply soon.
Thanks in advance..

Dear friends

I have a query about service tax on factory rent. Our Co is paying factory rent of Rs. 61355. and Tds deduction is Rs. 6136/- (10%) Now the factory owner is asking us to pay service tax also. My question is, How much will be service tax on rent. Is it 12.36%.
Should I add service tax amount to rent while calculation TDS.
rent - 61,355
service tax 7,583
--------
68,938
less tds @10% 6136

Rent payable = 62802

Is my calculation correct? Please help

Sir,

A company has entered into the hedging agreement for dollar rate.

they utilized the contract for payment, which was in EURO.

how would they account for this transaction.

Is the Repair & Maintenance of machinery is applicable for TDS.Pls clarify me.

As per AS 2, treatment of Fixed OH in case of lower actual production as compare with normal capacity is as under.

Normal Capacity : Units 2000
Fixed OH : Rs. 500000
Actual Production : Units 1500
Sales : Units 1000
Closing Stock : Units 500

Fixed OH bifurcated in following manner.

Absorption Rate : 500000/2000 = Rs. 250

(A) Charge to Cost of Sales
= 1000*250 = 2500000

(B) Charge to Closing Stock
= 500*250 = 125000

(C) Under Recovery charge to P/L A/c
= 500*250 = 125000

QUESTION IS THAT HERE FIXED OH IS TAKEN IS BUDGETED OR IT WILL BE ACTUAL.

SIR,

WE ARE PROPRIETOR FIRM WANT TO KNOE DEPRECIATION RATES FOR AY 2012-13 FOR BELOW MANTIONED FIXED ASSETS.AS PER IT

1-CAR
2-A/C
3-BIKE
4-FAX M/C
5-PLANT & MACHINERY
6-OFFICE EQUIPMENT
7-PUMP
8-TELEPHONE & MOBILE
9-FAN
10- RENTED (given) GODOWN