18 September 2019 at 02:18

Book keeping

Sirs, As a Private Limited Company Registered in 2018),
I have plans to export a product ( I have obtained IEC, GST etc.) and to understand the industry, right now I am sourcing buyer from overseas and getting paid for it by the seller.
How to account for the consideration I am receiving from the Seller in the books of accounts and its GST implication and other Income-tax implication.
I shall be obliged if I am guided in this issue.


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17 September 2019 at 15:37

Promotional exp document

Respected sir
we are in the business of promoting the goods and service of others by distributing coupons promoting the goods and service of others through discount card programme.
now one party has provided 1 with 1 free items by using our application.
it was agreed that rs.20 will be payable by us to party per redemption .

Now my question is what document will be require for us for making payment to party ?
what will be tax liability on our part ?

please advice for the same.


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17 September 2019 at 11:23

Journal Entry Effects

How to treat the Bills Receivables Suppose We purchase a material on 30 March on 30 days Credit in this case Entries will goes
1. Purchase Dr (It is a Purchase Booking Entry)
To Creditor (A)

2. Creditor (A) (Reduce the Creditor)
To Bills Payable ( Increase the Liability)

3. Bills Payable (Adjusting the BP) (In this case payment made to Bills Receivable, due to this payment is not
To Cash reflecting on Creditor account.)

So just want to clear that how creditor account will reconcile? Since payment is going to BP Ledger


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17 September 2019 at 11:13

Journal Entry Effects

How to treat the Bills Receivables Suppose We purchase a material on 30 March on 30 days Credit in this case Entries will goes
1. Purchase Dr (It is a Purchase Booking Entry)
To Creditor (A)

2. Creditor (A) (Reduce the Creditor)
To Bills Receivable ( Increase the Liability)

3. Bills Receivable (Adjusting the BR) (In this case payment made to Bills Receivable, due to this payment is not
To Cash reflecting on Creditor account.)

So just want to clear from you that is How to creditor account will reconcile?


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16 September 2019 at 14:12

Loan & Advance

Suppose Co operative housing society given job terrace shed form month of Feb 19.

Contract estimate Rs. 14 Lakh then then balance sheets as on 31.03.2019 showing amount 11 lakhs asset side loan and advance .

my knowledge only 3 lakh given advance to contractor then why is showing 11 lakh balance sheet asset side loan and advance.



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15 September 2019 at 16:01

Direct Expense

Hi,

I am an event organizer and i am going for Malaysia for research purpose for year 2020 event and spent money for ticket and hotel accomodation for this purpose, Is it direct expense or indirect expense for my company.

With Regards


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How to recognized Interest income on interest bearing credit period to customer. Means Normal Interest calculation and Book as per due In accordance with IND- AS 115 or apply IND-AS109 (Amortise Method)


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13 September 2019 at 16:16

Loss of LLP

RESPECTED SIR
i want to know whether it is compulsory to distribute loss of LLP between designated partner in first year of incorporation ?
whether we can show it as debit balance of profit & loss account in balance sheet asset side?
please advice for the same.

thanks in advance


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11 September 2019 at 13:16

Accounting of builder of flats

Please guide me on the following
1. Which accounting standard and Guidance Note should be referred to help derive revenue and cost for Builder Firm to prepare its Balance Sheet.
2. Can Income Tax Return of the Builder Firm be filed under Presumptive Taxation Section 44AD

Thanks


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dear sir,
as we have deposited the development charges to Telangana State Southern Power Distribution corporation limited of Rs. 50976/- and Rs.24000/- security deposited , as we want to know the accounting of these transaction s,
please guide to us.


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