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santhosh natarajan
This Query has 1 replies

This Query has 1 replies

Paid advance for Software development(ERP) amounting to Rs.15,00,000 on 20/12/2023

Vendor raised the Invoice for the advance paid on 20/03/2024 along with GST

Software development expenses(Intangible asset a/c) dr 15,00,000
Input CGST 9% dr 1,35,000
Input SGST 9% dr 1,35,000
Party a/c cr 17,40,000
TDS for sec 194J(Technical Services@2%) cr 30,000

Is the above entry correct?


Guruprasad
This Query has 1 replies

This Query has 1 replies

Hello Experts,

We have a cost plus mark-up agreement signed for export of services with fully owned US entity and they have sent us some advance money to meet expenses of indian subsidiary. I have booked this received amount to DR Bank and CR Intercompany Payables Account. Previously it was booked to Unbilled Revenue by our book keeper and they still argue that it has to be booked Unbilled Revenue instead off Intercompany Payables Account. Can any experts clarify this?

Appreciate your help on this.


CA Shriram Deshpande
This Query has 3 replies

This Query has 3 replies

Dear Experts
We are a pvt ltd Company and are Distributer/Channel Partners for industrial products. We have receievd a Purchase order asking to issue a single invoice for both supply of goods & supply of service. GST Rate for both supplY of goods & service is same i.e. 18% . I would like to know whether we can issue a single invoice for supply of goods & service and how to account for the same in the books ? Thanks in advance


krishna jethe
This Query has 6 replies

This Query has 6 replies

14 March 2024 at 16:00

Saving bank

Sir,
Purchase is made through Saving & Payment is done by UPI & total of debit side saving a/c-16 lacs
Now how can treat this transaction in account books of Proprietorship firm.
Thanks..


Hemant Dosi
This Query has 2 replies

This Query has 2 replies

We are running a hospital of eye now we are going to expansion our hospital into multispeciality pls tell me as we are doing expenses regarding construction of building and other medical equipments all expenses should be under building a/c capitalised or we have to do other process lets me inform


krishna jethe
This Query has 2 replies

This Query has 2 replies

28 February 2024 at 19:46

ABOUT SAVING ACCOUNT TRANSACTION IN GST

IN PROPRIETOR GST REGISTERD FIRM SOME BUSINESS MONEY RECEIVED IN SAVING ACCOUNT BY GOOGLE PAY
& TURN OVER GOES 16 LAC+.
NOW WHAT SHOULD I DISCLOSE IN ACCOUNTS BOOKS IN


vinodhini M
This Query has 1 replies

This Query has 1 replies

16 February 2024 at 11:28

Posting Entries

Sir,
In my case Mrs.M got a land as settlement from her father. Then later she gifted 1/3rd of it to her own brother and the remaining was gifted to her 2 sons in equal ratio. Is it correct to post below entries in the book of Mrs.M
Land 1 A/c___ Dr xxx
To Mrs.M's Capital A/c xxx
(Being land which is rec from her father)
Land 2 ___ Dr xxx
Land 3 ___ Dr xxx
Land 4 ___ Dr xxx
To Land 1 xxx
(Being land 1 has been divided into land 2, 3 and 4)
M's Capital A/c___Dr xxx
To Land 2 xxx
To Land 3 xxx
To Land 4 xxx
(Being gifting of land to brother and her 2 sons)
Is it correct to reflect in capital account for gift rec.?
If it is wrong, Kindly mention the entry for my reference.


Spark S
This Query has 1 replies

This Query has 1 replies

We have two designated partners in our LLP. we want to pay regular monthly remuneration to the partners (this is not profit sharing). How do I record this on journal entry? we are using Zoho books.

I tried to categorize the transaction on banking tab as money out->owner's drawing->drawing (journal entry is owners drawing dr and bank account cr) but it reduces the share capital (equity) in balance sheet. since the remuneration paid is more than the initial capital, currently share capital is showing in negative which I think is not correct.

Can someone please help me resolve the issue? the objective is to pay monthly remuneration to the working partner and deduct it under profit and loss as per section 40 (B).

Thank you





T.N.REDDY
This Query has 1 replies

This Query has 1 replies

11 February 2024 at 20:33

Reserves & Surplus- to bring to zero

Dear sir, In a private limited company, y-o-y basis, for the last 30 years, the above subejct ledger is getting accumulated, to nullify it, what are the accounting treatments avialble and the burdon of tax effect on such treatment, kindly enlighten.


uma sharma
This Query has 1 replies

This Query has 1 replies

09 February 2024 at 11:25

Payment by cheque entry

If i am paying to creditor by cheque , payment entry should be made at the time of issue of cheque or at the tym when payment is deducted in tally