RESPECTED SIR, THIS IS PARAMJIT SINGH STUDENT OF CFA. SIR I HAVE QUERY REGARDING ACCOUNTING ENTRY. THE QUESTION IS AS UNDER:
A PERSON "ABC" HAVING HIS PROP. CONCERN NAMED AS "ABC & cO".
"ABC & CO" DOING SOME JOB WORK OR U CAN SAY PROVIDE SERVICES TO "XYZ LTD" AN INDIAN COMPANY FOR COSTING RS 100000/- on dated 30/09/08. and on 25/10/08 "abc & co" received the amount 89700 rs after TDS (amount rs 10300) deducted by "xyz ltd".
so what would be the entry in books of accounts of "abc & co" (the prop. concern.) in cash mathod of accounting and aso in merchantile method of accounting.

also at the end of financial year the how to treat the amount of 10300 (TDS deducted) which is shown as an asset (loan and advancs) for "abc & co". as per IT act the prop. concerns are not elligile for assesments for income tax where as propreitor is self elligible for this as it is his business income.
kindly ples tell me the valid accounting entries in both cash and merchantile system of accounting for account books for "abc & co". and also the adjustment entry for TDS.
kindly plese reply my querry

thanks
PARAMJIT SINGH.
U CAN MAIL ME AT PREAHALTRADES@GMAIL.COM

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Dear Sir,
My query is related to Excise which is as follows:
I have a manufacturing plant at,say, Bangalore. It is registered as an Excisable plant. Customers to whom I sold the manufactured Goods,say Tool, and some other customer (Customer who purchased the Goods of some other Manufacturer)comes to me for sharpning of the Tools.
I took the goods for sharpning in my Excisable plant and do all necessary activities and return the goods to the customers.
Now my Questions:
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3. If No, Then what is the way out.


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Hence I request you to provide me the notification of rules of TED (that means how the TED was born). Hope its clear that what i explained.

regards
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