In a Audit report mention Fixed Assets are stated at historical cost less accumulated deprecation.
Sundry Debtors, Creditors, are subject to Confirmation
Closing stock has been valued at cost or NRV whichever is lower and retail method has been followed for valuation stock.
Please suggest what is this
We are doing the trading business of Moblile & Computer.
Please inform me the GST Input can be taken for the purchased of Car ( TATA SUMO).
At the time of purchased of Car ( Rs 972000 including GST of Rs 116640/-) , Car Seat cover separately purchased of 15000/- Including GST of Rs 2700/- .
What will be the Accounting Entry.....
Whether the GST input is a Revenue Exps or Current Asset.
A,b and c had capitals of rs50000,rs 40000,rs30000 for carrying on business in partnership.the firm's reported profit for the year was rs 80000.as per provisions of the Indian partnership act,1932,find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of rs 20000,in addition to his capital contribution.
Plz give me the solution for above question...
Answer given in icai material is rs 26267 for partner B and C & rs 27466 for partner A
How to get this answer ?
I've been investing in LIC but I'm not showing the same as investment. Now I've received the matured amount back. In case of investment, all are advising to Debit Bank A/c and Credit the investment account and difference amount with Capital Gain Account. But in my case, I've not kept the record of my LIC Premium payments. So I can't credit investment account. In that case, what should be the treatment? Please advise me soon. Thanks.