Accounting enteries of expenses with no bills

Dear Ajay Your Co is a Lala Co and their is not any system of accounting and you have to change the system . You have to collect all supports for each voucher and prepare records in a systematic way. for wire ,petrol , diesel and other suttering material you have to start Petty Cash System and without signature of the receiving person and not paid for the things. From local person without bill not paid any amt . Advance payment to labour keep proper records . Subcontractor tax payer or not you should deduct TDS if applicable and deposit in to Govt A/c

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Thanks, Dear Rajesh Bajaj. So have cleared my doublts to some extent. But i am still not cleared. You are requested to provide me some detailed imformation about the proper accounting system which should i follow.Please reply if you have spare time for my request. Thanks Ajay Kumar.

Dr.Ajay It is the acoountant who is ultimately resposible for maintening book of accounts of the concern.For petty purchase take signature of the persons who are procuring materials and paying to suppliers directly.Get their sing on payment vouchers if bills are not avilable.Contractors should be asked to sign on payment vouchers . For payment to labours maintain a daily payment register . each and every payment in this register should be counter singed by personnel dept. if any or site incharge.

Thanks Mr.Rajesh Bajaj & Mr.Prasenjit Biswas. I am very grateful to you for spending your precious time for my querry.

HI AJAY, I CAN UNDERSTAND UR PROBLEM IT IS MORE TOUGH WHEN U HAVE RESPONSIBILITY TO CARRY OUT.THE BEST WAY IS TO EDUCATE THEM FOR IMPORTANCE ABOUT MAINTAINING DOCUMENTS AND SUPPORTING.THEN U SELECT AND SORT DOCUMENTS ACCORDING TO UR REQUIREMENTS . U SHOULD SATISFY HIMSELF FIRST ,IF U ARE NOT SATISFIED IN ADEQUACY OF SUPPORTING THEN EXPLAIN THEM AND REQUEST THEM TO ARRANGE AS PER UR REQUIREMENTS.

Reply: If any thing is purchased then for that bill is required from the vendor to show the expenses payments. If u r not able to get the bills then simply take their sign on the plain paper by mentioning the reason above, date and if payment is above Rs.5000/- then revenue stamp should be affixed on it. This is the case of payment regarding the purchase of wires and other shuttering material and they should be booked under . But in case of petrol, diesel purchase bill can be easily obtain from the petrol pump and such expenses of petrol should be booked under. Reply: If any thing is purchased then for that bill is required from the vendor to show the expenses payments. If u r not able to get the bills then simply take their sign on the plain paper by mentioning the reason above, date and if payment is above Rs.5000/- then revenue stamp should be affixed on it. Reply: A separate register should be maintain regarding the attendance of labours and separate register of wages payment should also be maintained in which attendance also to be note down to payment on the day basis through wage payment register. Reply: If payment is made to the subcontractors then T.D.S must be deducted on the payment made if payment exceeds Rs 50000 P.A. Otherwise on the above payment of Rs.20000/- and it must be deposited to the Govt. on 7th of every month and return should be made on 15th of every 4th month.

I am Very thankful to all of you for replying my querry. You Suggestions have helped me a lot. My dear members, i want to make you know that i am not a CA, or CS. I am just a B.com Graduate and practicing Accounts as a proffession. Since i have no advanced knowledge about income tax laws or Accounting procedures, I have to face such kind of problems. But thanks to your kind of friends, and this website that i have a lot to learn. Ajay Kumar