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How should we consider normal losses in case of a retail unit for perishable items? Should we add to COGS (as a percent of purchase) or should we reduce from Markup based G/P?
Pls help me as soon as possible???


Have heard about Cheque reversal account but how can we use that to clear unpresneted cheques issued . What is the nature of the account and what entry to be passed to clear pdc issued unpresented to this account.


26 November 2020 at 16:49

Trust Audit

Trust audit under BPT Act 1950 is compulsory without any turnover limit??

If trust income is below 5000 or loss, whether trust audit is compulsory under BPT Act 1950??


Respected Sir/s,
Where can I get information to prepare internal audit control questionnaire for manufacturing and retail company operation in cotton textile industry in India ?. My E-Mail: chandra62643@gmail.com


24 November 2020 at 17:43

Cost audit

cost audit if once applicable to a company Is it also applicable on subsequent years when the turnover threshold is falls below the limit??please solve the query as soon as possible.
Thanking You


23 November 2020 at 21:20

Conversion of Partnership into Pvt Company

Dear Sirs,
Ours was a partnership firm dealing in PWD contract and converted into Pvt ltd co in July 2019. We have transferred all assets and liabilities as on date of conversion to new co. Since our customers are government and even though we had informed them about conversion, we had to issue invoice in the name of old firm upto February 2020. This was reflected in 26AS and GST TDS, GST returns etc. And booked some expenses also Is it legally correct? Whether we need to transfer it to new Co?? Also, whether balance sheet as on 31.03.2020 need to be NIL?? Bcoz whether TDS etc to be shown in BS?

Please advice.


20 November 2020 at 19:59

Applicability of tax audit

My turnover for FY 2019-20 is Rs. 85,00,000/- and profit is below 6% of turnover, whether tax audit is applicable ??


20 November 2020 at 11:20

Income Tax Audit

A Pvt Ltd Company has issued Redeemable Debentures during the year

Whether this transaction is required to be reported under clause 31 (* Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year ) of form 3CD ?

Kindly reply


19 November 2020 at 20:19

Applicability of tax audit

My turnover is 1.70 cr., & my total receipts and payments are below 5% of total receipts & payments Whether Tax Audit Is applicable ??


For the year 2018 the Closing balance of Fixed assets are not matching with Opening balance of Fixed asset year 2019. Similarly balance in Accumulated depreciation account balance are also not tallying.
What are steps to take to resolve this issue?




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