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07 April 2020 at 17:58

Freight/ Transport charges

Dear Team,

We are a manufacturing company from Telangana.
Can you please advise under which head in tally should we enter Transport/ freight charges for export sales?
We export the manufactured product wherein a few cases the client pays us the transport charges and we pay it to the transporter, hence generate an invoice for transport or freight charges also to the client.
Should it be under direct income or Exports?
Should this value of transport be added to the value of exports for that year ( i.e., if we are considering value of exports for a financial year should value of transport invoice also be added to exports )?


07 April 2020 at 09:13

IND AS 115

Please provide IND AS 115 in easy language


06 April 2020 at 10:02

Ind AS 12- Income Taxes

Sir/Madam,
Please clarify the following with an illustration

1. A borrower records a loan at the proceeds received (which equal the amount due at maturity), less transaction costs. Subsequently, the carrying amount of the loan is increased by amortisation of the transaction costs to accounting profit. The transaction costs were deducted for tax purposes in the period when the loan was first recognised. (notes: (1) the taxable temporary difference is the amount of transaction costs already deducted in determining the taxable profit of current or prior periods, less the cumulative amount amortised to accounting profit; and (2) as the initial recognition of the loan affects taxable profit, the exception in paragraph 15(b) of the Standard does not apply. Therefore, the borrower recognises the deferred tax liability.)


2.A loan payable was measured on initial recognition at the amount of the net proceeds, net of transaction costs. The transaction costs are amortised to accounting profit over the life of the loan. Those transaction costs are not deductible in determining the taxable profit of future, current or prior periods. (notes: (1) the taxable temporary difference is the amount of unamortised transaction costs; and (2) paragraph 15(b) of the Standard prohibits recognition of the resulting deferred tax liability.)


01 April 2020 at 21:02

INDAS16- Warehouse Leasing

Dear Experts

Company A has appointed a C&F Agent , who is providing the services from a warehouse owned by him/Lease from some one else.

Lets say the company pays Rs X as per month fixed charges that included use of the warehouse as well.
the company decides how the warehouse will be maintained , temperature etc among others .

In such a cases is there an identified asset . Do the company has a control over the use of the ware house .

Many Thanks in advance


01 April 2020 at 12:36

AS 18 disclosures

Is relative of KMP required to be disclosed as per AS 18 even though there is no transaction with the relative during the financial year


01 April 2020 at 08:08

Bank Reconsolation Query

Dear Sir,

My query is In Mar end case this query raise in Example (31st Mar our Bank Current Account Balance rs. 100/- and 1st Apr morning 7 am i transfer fund ABC Account rs. 90/- so in bank statement this entry reflect in transaction date is 31st mar and value date is 01st Apr so sir plz confirm which date to be consider in bank re consolation.


31 March 2020 at 16:54

Dividend

dividend is part of profit and loss account ?. or part of generel reserve. please guid me for accounting entry


28 March 2020 at 22:44

Credit note for written off assets

Hi,

I have received credit notes from vendors after fully writing off of assets in books. What will be the treatment of this along with journal entry.


28 March 2020 at 18:30

REAL ESTATE TRANSACTION ACCOUNTING

DEAR EXPERTS

HOPE ALL OF YOU ARE FYN!!!

MY QUERY IS ABOUT ACCOUNTING OF REAL ESTATE TRANSACTIONS. AS PER ICAI GUIDANCE NOTE ON ACCOUNTING FOR REAL ESTATE TRANSACTION, % OF COMPLETION METHOD IS REQUIRED TO BE APPLIED. IN MY CASE, IF 100% COST OF CONSTRUCTION IS INCURRED BY THE BUILDER THAN WHETHER PERCENTAGE OF COMPLETION METHOD CAN BE APPLIED ON THE SAME OR REVENUE WILL BE SALES AGREEMENT EXECUTED IN RESPECT OF THE PROJECT?

PLS CLARIFY THAT IF 100% COST OF CONSTRUCTION IS INCURRED HOW TO RECOGNIZE REVENUE?

THANKS IN ADVANCE


I am the Accountant of Construction Company I have one Doubt about the Subcontract Expenditure In Expenses in Books of Accounts of the Company

Site Expences and Labour and Other Expenditure Related to Site And Office we have Given a Sub Contract to One person he is Regularly giving the bill and We are Clearing the bill after Deducting TDS Now my doubt is How to that Expenditure in my Books of accounts, Can i Pass Journal Entry Item wise Like Site Expences ,labour Charges

Please give me the Suggestion on the above Query



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