Hello, I had an doubt regarding when the vendors quotation's are to be included in the pnl account. We are interior designers who also undertakes civil work and for the same we hire vendors ( labour basis) temporary to get the particular work done. Now we take advances from the client and aslo provide further advances to vendors to get the work done. Labours are direct expense for us. Many a times we receives the quotation before they starts with the work. So when should I add those expenses to COGs/ direct expenses?
Dear Sir/Madam,
Accounting entries when ROTDEP received and sale of RODTEP at discount price
thanks in advance
I PURCHASED 2 ASSET
1) ASSET 1 ( CHAIR ) FOR WHICH PAYMENT WAS MADE BY ME USING CREDIT CARD RS.13000/- PLUS INT RS.2000/- ASSET IS USED BY ME IN MY BUSINESS
2) ASSET 2 ( TABLE ) FOR WHICH PAYMENT IS MADE BY ME USING CREDIT CARD RS. 20000/- PLUS INT RS. 5000/- BUT THE ASSET IS USED BY SOMEONE ELSE
FOR BOTH THE ASSET I GOT REIMBURSEMENT FROM MY COMPANY RS.33000/-
WHAT WILL BE JOURNAL ENTRY FOR THIS IN MY BOOKS
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Please advice if there is any recovery from employee as per company policy for trainning cost what should be the accounting entry?
Why,
Fair value= Price receivable- Transportation cost( in case of principle market)
Fair value= Price Reveivable- Transaction cost- Transportation cost ( in case of most advantageous market) ?
Logic behind two different formulas?
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LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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Vendors Quotation entry