Non trading concern

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SUMIT R JOSHI (Querist)
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20 August 2012 ABOUT NON TRADING CONCERN

Dear Experts, when Receipt and Payment a/c is given and in payment side Sale of furniture is given and in Receipt side sale of furniture is given Opening and Closing balance of same also given than While preparing NTC income & Expenditure a/c how to make treatment of Furniture a/c and What amount goes to Income and Expenditure a/c and in Opening Balance sheet and in Closing Balance Sheet as Furniture....

Please help Expert

Amol S Joglekar

Amol S Joglekar (Expert)
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20 August 2012 You need to work out the depreciation, if any from the figures. opening balance + purchased during the year - sold durin the year. Compare this with closing balance.

SUMIT R JOSHI

SUMIT R JOSHI (Querist)
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21 August 2012 Dear Expert,
If Furniture repair is given than? what is the treatment?

Amol S Joglekar

Amol S Joglekar (Expert)
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21 August 2012 Now it is your turn to make a FULL disclosure first. In normal course the most likely way of answer should be found out when ever the question of incomplete records arise in our front.

SUMIT R JOSHI

SUMIT R JOSHI (Querist)
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21 August 2012 Dear Expert- one more thing i want to clear

Whether formet for above case is Correct or not?

Oppeing Balance
(-)Sale During the Year
(+) Purchase during the Year
Closing Balance

one more REPAIRS EXPENCE is consider or not?

Amol S Joglekar

Amol S Joglekar (Expert)
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21 August 2012 The balancing figure can be any of this viz. depreciation, repairs, destroy by FIRE, insurance claim etc. The decision shall be taken taking into account the available situational evidences.

SUMIT R JOSHI

SUMIT R JOSHI (Querist)
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21 August 2012 Thank You Expert

Amol S Joglekar

Amol S Joglekar (Expert)
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21 August 2012 No mention please. Would like to be of our fraternity's help at all the times

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