My question is that : one main contractor firm A has taken a contract from Govt department and the A firm has awarded the same contract to ther sub-contactor firm B on the same terms & condition on a certaing percentage of margin. Accourding to this sub-contact agreement all taxes and durties is deducted by Govt department from the bill of main contractor firm A and firm A is reimbusing this taxes from Sub-contractor firm B . Then my quesstion is that : what accounting entry will be passed in the books of contractor firm A and subcontract firm B . My mean to say that subcontract will debit the taxes account or other account because if taxes account is debited but subcontract firm A has not paid directly to Govt . please clearify.

What is the difference between discount and rebate?

Suppose we sold material worth rs 100 to a customer

During transit there is a loss of 5 Rs material and customer received material only worth 95/- .Now as per the contract with the transporter ,this loss to be recovered from the transporter

Now there are two ways to account it

1) First approach

Transporter Dr 5
&
Customer Cr 5

2)Second Approach

Sale Dr 5 RS
&
Customer Cr 5 Rs

Then

Transporter Dr 5
&
Misc Income Cr 5


plz let me know which one approach is correct and why ??

Suppose we sold material worth rs 100 to a customer

During transit there is a loss of 5 Rs material and customer received material only worth 95/- .Now as per the contract with the transporter ,this loss to be recovered from the transporter

Now there are two ways to account it

1) First approach

Transporter Dr 5
&
Customer Cr 5

2)Second Approach

Sale Dr 5 RS
&
Customer Cr 5 Rs

Then

Transporter Dr 5
&
Misc Income Cr 5


plz let me know which one approach is correct and why ??

Please help me what is the diffrence between ECS and RTGS. the functions for the both are the same

Hi,

I am working with Pvt. Ltd. Co. which had some branches and my senior have arranged a presentation session for this Branch Accountant.
I was told to prepare a Accounting Presentation for this seminar
wherein i have prepare a slideshow to explain accouting work to a fresh accountant from college
i need help in this regard
can anybody help me in this regard

Let me know the treatment of
sale of DEPB/VKUY Licence in F.Y. 07-08
of Aprox Rs 25 Lac.
& Balance Licence to be sold as on 31.03.2008 is Approx Rs 15.00 Lac.

Please let me know the treatment of above.
Is the sale of Licence treated as Sale or Other income.
and what can i do for the balance of licence.

I am working in Real Estate Co. Our co made agreement with land owner to construct the residential complex on the purchase of FSI (development rights) from the land owner & for the same we paid the cost. In this transaction how I passed a/cing entry. Shall I dr to land cost under gropu CWIP ?

Pls guide me with illustration.

thanks
Anjan S. Mehta

suppose we sold material of Rs 1000 to a customer .
on the way there is a theft of material amountin to rs 100 and as per the contract ,transporter has to bear the loss

Now there are two ways

first
Debit the transporter 100 RS
&
Credit the customer 100 RS

second

sale Dr 100 Rs
Customer Cr 100 Rs
and then
transporter Dr 100 Rs
Misc Income Cr 100 RS

Which one approach is correct and why ???

When imported fixed assets should be recorded in books (At which exchange rate):

On the date of Bill of entry
on the date of documents received in bank.