Ours is a Housing Co-Operatives with 145 members. One Member has donated Rs.2.3 Lakh to Buy one Ambulance (Maruti Van). Our Income & Exp. A/c is credited with Interest received against Fixed Deposit i.e., Rs.20,000 per annum. In addition to other expenses if depreciation @ 5% is charged to P & L A/c. a Net Loss figure appears. We have debited the Asset A/c. and credited the Donations A/c. with the cost of Van. Is there any way to credit any Reserve/Liab.Account instead of Donation and adjust the depreciation directly to that Reserve/Liab.a/c and crediting the asset account. This may help us to avoid debiting the P&L Account. What we shall do ? Please suggest. basabroy817@gmail.com

Dear Sirs,

Can you help me about PF?

1. Basic Salary is 30,000
Restricted Salary as per PF Act Is Rs6500

In this case what amount i want take for Employee Contribuation at 12% and Employer Contribuation at 12?

2. Is this stiphened paid to the staff is applicable for PF

IN CASE OF AN MOVABLE VEHICLE LIKE LOCO IF ITS MOTOR IS CHANGED AND MAJOR PARTS OF ITS BODY IS ALSO REPAIRED. BUT ITS REGISTRATION NO. IS NOT CHANGED. THIS MAY RESULT IN INCREASE IN THE PREVIOUS ESTIMATED LIFE OF THE ASSET. BUT IT DOES NOT RESULT IN CHANGE IN ITS CARRYING CAPACITY. SHOULD SUCH EXPENDITURE BE CAPITALISED OR TREATED AS REVENUE EXPENDITURE?

Sir,
I would like to know the concept of NRE & NRO A/c. Who can open this both a/c & after opening the a/c what are the statutory compliances to be fulfil.Pls explain in detail.

Regards,
Anjan S Mehta

which is the good book for accounts (PCC)?

Hi......
I want to know that a indian company having foreign operation in different country(say Africa,us,canada uk,and hungary).1) What accounting standard they would apply, means IAS or IFRS or US gaap,OR any country specific standard.
2)At the time of consolidation in india what is to be followed.3)To which company IAS and IFRS is mandatory in india.

ABC TV billed to an advertisement agency as follows:

Total bill Rs.1,00,000/-
Less: Agency Commission Rs. 15,000/-
Net Rs. 85,000/-
Add:Service tax Rs. 10,506/-
Total bill Rs. 95,506/-
My question is what is the accounting treatmentIn the book of ABC tv. Whether there is any TDS treatment for For Agency commission. Rs.15000/- which is not actually paid to advertising agency. Please do the needful.

can all the preliminary expenses can be written in the first itself as per Companies Act,1956

Some financial accounting softwares using "Expenses Booking" vouchers to enter & book the expenses under the purchase account such as bill for placing advertisement( indirect exp), printing expenses bills ( indirect exp) etc.

In tally software, can we make a new voucher other than the purchase voucher to enter and book these type of expenses under purchase account.

The above type of bills will not come under purchase.These are indirect expenses.
How we enter & book these expenses in tally software.


SK

a firm[say a] has taken a frenchise of a product from a firm[say b],
firm-a accepts only credit card payments,
the amount of sale(credit card sale) is send to firm-b.
later firm-b will pay some amount to firm-a as per their contract.
how will the credit card payments be recorded in books of firm-a.
Also some bank charges are deducted for this facility by the bank.
please give me entries to be passed in this case.