I have recently registered and paid 2500 PTEC on 11/7/2023 for FY 2023-2024.
How can I make journal entry for this transaction?
Can consider it as an expense or liability?
For expense I know to just make entry from bank account to PTEC expense account.

If it is a liability, how to make the entry?

How to pass PF combined challan entry with ABRY EPS benefit heads & unpaid pf entry

Hi,

What should be the accounting effect for Capital gain and Loss ?

Should I consider Grandfathering cost in Accounting ?

Hi Sir,

One of our employee is visiting Uk for project purpose.

So we have purchase Currency note of UK (GBP).

this has been done through agency.

So is there any TDS applicability on this services ?

Shall I Deduct TDS before making payment to Agency ?

PLS REPLY.

does the raw material inventory consumption are directly booked as and when purchased or are first debited to inventory account and then consumed on accrual basis

Hi Team,

I'd a doubt with accounting treatment of PF(employee portion), LIC premium paid, PPF/NPS contribution made by a salaried person.

Whether the 'premium amount/ employee portion of PF/contribution made to Funds' needs to be shown as expenses and then add it to asset?
Or it needs to be credited to Capital account and then add it to the Asset?

Also, any interest accrued for the same needs to reported in my books immediately? If yes, then in P&L account or Capital account and then add it to respective asset? If no, then how to show the bulk maturity amount when received (what could be accounting treatment)?

I think account treatment will be different for PF portion, LIC but same for NPS & PPF?

Please take sometime and solve my query in detail with regards to all investments shown, I've been looking for this answer from long time.

Awaiting for someone to help asap. Thanks in advance.

Hello I wanted to know that can we take labour contract charges in HUF account.

There are 2 partners in a firm , one of the partner died so whether it becomes proprietorship concern now but pan is in the name of the firm, how to keep the same firm name going, does the asset becomes the asset of the existing partner, not able to understand how to go about it..
Thanks you

Hi,

Inventories are assets:
(a) held for sale in the ordinary course of business;
(b) in the process of production for such sale;or
(c) in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Does packing materials such as LDPE and HDPE covers should we maintain inventory details and shown as closing stock?