Dear Sir,

I would like to know the accounting treatment of free gift along with Fixed asset purchase.
Eg: If 10 gm of Gold Bar(M.V)-Rs.10000 is been gifted along with the Car(Cost)- rs. 10,00,000 then plz tell me the accounting treatment i.e, jounal entry.

1. sale of motor car in a patnership firm to company .

2. whether cost will be original cost -deprecition as per company act 1956 or dep . as per income tax for the year 2008-09 also .

3. any income tax liability involved.

4. any sales tax liability /vat is involved

1. sale of motor car in a patnership firm to company .

2. whether cost will be original cost -deprecition as per company act 1956 or dep . as per income tax for the year 2008-09 also .

3. any income tax liability involved.

4. any sales tax liability /vat is involved

I want to know what is the rate of depreciation on two wheelers used in the business.

Thanks

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How to record stock wastage in accounts(Passing Journal Entry)

dear Anand Jain sir,

Thanks for the clarifying my doubt.
I posted contractor A/c under the head of
credotrs for expenses. is correct r not.

thanking you.

Our Client, a mandap keeper, receives some percentage say 25% of the bill chaged by the stage decorator to the party booked the hall. The stage decorator separately charges some amount the party and pays 25% of the bill chaged to the mandap keeper for utilising the facility. Whether the same can be treated as commission income? and whether there will be any implications on the above issue to the mandap keeper, who only charges rent to the party.( like above also getting some amounts from the lighting ,shamiana contractors etc )

Deductee of Tax at Source maintains accounts as per the Cash System of Accounting and fee received for services rendered during FY 2007-08 is received in FY 2008-09. Tax Deducted at Source is also booked in FY 2008-09 while TDS Cerificate has been issued by the deductor for the year 2007-08(AY 08-09).

In which year the deductee may claim the adjustment of TDS?

In a cash system of accounting expenses like purchases are written off at the time of incurrance. Now, certain stock of raw material is available as on the last day of the year. Whether such closing stock is to be booked and yearly profitability is to be derived thereafter or not?
In other words: whether closing stock is recognised in cash system of accounting or not?