suppose a company " X" give cylinders ( that are used in making packaging material) to another company "Y" which is under contract of making their product packages.. so the cost of purchasing that cylinder is our expense or an asset.?Answer now
Hello Sir I Joined in a Company on Oct'18 they didn't Maintain accounts properly they haven't feed any opening Balance Correctly Now I have to Close the 2017 -18 Books So Shall I Feed the O.B as Given By Auditor & While Feeding O.B Which Expenses O.B to be Feed I Mean
i) Balance Sheet Items
ii) P &L Items
& Still Which Items to be Brought under O.B
Incentive is being paid in advance to the employee and then expenses are being booked accordingly.
One journal entry is being passed:
1.Incentive to employee a/c dr
To TDS on Salary a/c
2.TDs on Salary a/c dr
To Bank a/c
Is the above entry proper as per the accounting standards and income tax?
Dear experts please clarify me that interest on taxes like GST or Income Tax and late fee over filing return late does comes in general expenses of the firm or not? Can we show it as indirect expense in the book as interest incurred on Tax or Late Fee over filing return late or is it of some other nature?
Thanks in advance.
Facts: The bank on the basis of audit objection before finalizing Final Accounts, made entry in the books for F.Y. 2016-17 in july, 2017. My question is that: 1) Since final accounts pertains to F.Y. 2016-17, then bank has to make entry (even the entry is made after balance sheet date) on the last date of balance sheet date i.e. 31.03.2017 as it is related to the F.Y. 2016-17, 2) If it is made after balance sheet date i.e. in july, 2017 for F.Y. 2016-17, then how auditor can say that books of accounts for F.Y. 2016-17 are in agreement with final accounts as it is actually not since entry is made after balance sheet date.
Please post your opinion.
1.A Company till now dt: 22-12-2017 has not filed its return and financial statements due to some reasons.Now they want to file IT return.While preparing Audit Report, Is it necessary to include note on Internal Financial Controls in Audit Report.
(Note:Its a Private Company having Turnover less than 50 Crores and Borrowings less than 25 Crores)
2.What are the conditions required for a company to file 3CA and 3CD?
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