Entry For Finalization Of Accounts

A/c entries 4627 views 2 replies

Sanjivkumar Shah

Account Manager

286 Points Joined October 2007

Its Urgent Sir, Please Guide Me, What Entry Are Required For Finalization Of Accounts, If Accounts Is Of Proprietory Concern with following Statutory Information :-

1. Valuation Of Closing Stock At The End Of The Year Tally 9.0 [Method]

2. TDS On Interest Paid. If Deductor Is Proprietor & Deductee Is Company Then At What Rate We Should Deduct TDS [IT + SC + EC + SHEC] ?

3. Can We Issue TDS Certificate To Our Client At The End Of The Year For Full Financial Year Or Can Issue On Quarterly Basis, Half Yearly Basis & Yearly Basis.

4. If Fixed Deposit Is Made On 20th Sept'2007 @ 9.0% In Cumulative Interest Type For 1 Year. Then What Entry Should Be Passed i.e For The Balance Month Of Financial Year & Remaining In The Next Financial Year & Should We Make Provision For That Remaining Interest ?

5. How & What Are The Provision For Vat, Income Tax, Etc ........

Regards.

Replies (2)

student

WORKING

757 Points Joined April 2007

whether it is audit or non audit firm.If it is a non audit firm then no need for TDS Compliance (i.e. it is not mandatory).So if u wish u can deduct otherwise no need.U can issue TDS Certificate as per ur wish. U should account for the FDR Interest yearly on accrual basis (u can also a/c it at simple interest rate) & whatever balance sum left (as per int certificate issued by bank) account in last year.