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Rajeev Garg's Expert Profile

Queries Replied : 21

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About me

    What kinds of questions I can and can't answer?
    can answer about income tax,accounts,mis,customs & excise ,expost documentation etc.

    My area of expertise
    income tax,accounts,mis,customs & excise ,expost documentation etc.

    My experience in the area (years):
    more than 13 years

    Organizations I belong to:
    pvt ltd co.

    Publications or writing which has appeared :
    nil

    Educational credentials:
    MBA

    Award & Honors:
    no

  • pkkapoor says : Query on accounts
    In case of an educational Institution a development fund is created and it can be used for purchase of a machinery. The credit balance in the development fund is represented by an equal debit balance in a separate bank balance. A machine has been purchased. The normal accounting entry would be, debit fixed asset and credit bank account.Now the question arises how to reduce the Development fund ledger balance as bank balance has already reduced due to payment made for purchase of a machine. so query is: If we debit Development Fund, which account is to be credited.


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