Preet Bhati online
05 March 2024 at 00:58

Financial statements Balance sheet

"Creditors for expenses" will appear under which head and sub head of balance sheet?
Will it be under sub head of "trade payable" or sub head of "Other current liabilities"

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Ajay Gupta

As per section 11, even capital expenditure will be allowed as application of income and fulfills condition of 85% utilization/application of income.

My query is:
1. If capital expenditure is allowed as application of income then whether we need to show this in income & expenditure account (Expenditure side) or in balance sheet (fixed assets)?
2. If shown in balance sheet then income expenditure account will show huge surplus and then how we will show that 85% condition has been met.

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Indhu
04 March 2024 at 18:49

SWEEP CREDIT

What is the tally entry for sweep in credit and Interest on sweep in credit from fixed deposit account mentioned in current a/c statement

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Laxmi Shah
04 March 2024 at 14:40

SOCIETY ACCOUNTS AND AUDIT

Hello,
Our Society does not maintain accounts and does not audit. so what's the rule

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Ashish Agarwal

In case of export of services, the foreign company is insisting on making the payment in Indian rupees. Will it still count as Export of services under the GST act? If I am correct, there was change in 2022 allowing export invoicing in Indian rupees? Will I still be entitled to raise the invoice without payment of GST under LUT if I am receiving the payment in Indian rupees instead of US dollars? I am already doing export of goods in US dollars in which I am exporting on payment of IGST and taking refund from Customs. I am doing both the exports under the same proprietorship concern. Can I carry both the businesses together in which I am exporting goods on payment of IGST and taking IGST refund from customs + Exporting services without payment of IGST under LUT and taking refund from the GST dept. ? Sorry for the multiple queries but any expert opinion will be highly valuable. Thank you

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ARUN GUPTA
04 March 2024 at 11:30

Gst input on car battery

I have purchased car battery by gst bill.can I claim input credit as my car is used for office purpose and isin my company name . Pl advise can we claim input tax credit in our gst returns.

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Gagan
04 March 2024 at 10:56

International subsidiary

I wish to form a 100% owned subsidiary for our company in the US. I have already applied for the EIN number.
I wish to know what all steps I need to take in India, and how I can proceed.
I know that I need to get a UIN, ODI part 1. Anything else needs to be done to maintain proper systems and documentation. Can I get an expert to help me out in my journey?

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CYNTHIA

Hi everyone,

What does income from District treasurer means which is received from Vadodara and reflected on the credit side of bank statement. What does it means and what will be the Accounting treatment.

Thanks

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Pikanshi Agarwal

I want to know how to edit form 112 in case of clashes of timings

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