Dear Abbas,

From the information written, I understood that basically, it is an Opening balance difference coming from the previous year & getting carried forward to C.Y, in this case, you can make some audit Adjustment Entries in the respective head in order to rectify the previous year's error

But before doing anything further adjustments it is better to check with your senior.

Can the sale of shares on a delivery basis be included in turnover if share trading is one of the firm's primary business activities?

I have improper balance sheet of last year and I need only need to take Debtors and creditors closing balance as opening balance in new company. But when I taking only both then balance sheet will mismatch. Can I take the amount by passing journal entry against Purchase and Sales to take the balances of Creditors and debtors

Should I add advisory charges paid to bank on imports to cost of purchase or should I show it under other expense?

Sir/Madam
I have one query regarding accounting entry of Sales Bill and Purchase Book. Company maintains books of account in multiple currency i.e INR, USD, Euro etc.

Company charged IGST tax on Sales to Foreign Customer and this IGST not to be paid by Customer because company has to pay IGST Tax. Company passes Journal entry for removing/adjust Forex gain or loss by debiting in INR currency and crediting Foreign Currency!!!
My question is that can it is correct accounting entry debiting in INR and Crediting in Foreign currency?? After passing above entry Forex gain or loss adjusted in Customer Account. thanks

Sir, Please let me clarify about tax refund release in our bank account if adhar card and pan card not linked ?? Tax Return is filed within due date and ITR V was sent at Bangalore office. Return is assessed and tax refund due to assessee. thanks in advance

is depreciation calculated according to scheduled II of companies act.

How to shown inventories (stock ) under current stock
Like , Raw Material, WIP, Finished Goods, packing material, loose tools and stores and spares.

DK Ltd. Purchased some machines as follows: 1. On 1/7/2009 Company purchased a Plant at cost Rs.85000 and freight incurred Rs. 5000 and erection charges Rs.10000. 2. On 1/4/2010 Company purchased another Plant at cost Rs. 150000. 3. On 1/10/2010 Company purchased another new plant at cost Rs. 20000 and freight incurred Rs.3000 and erection charges Rs.2000. 4. On 1/7/2011 other new Plant purchased at cost Rs. 70000 and erection charges Rs. 5000 incurred. Company follows SLM of dep. at 10% p.a. But 2011 beginning onward Company decided to change its method of dep.from SLM to WDV at 15%p.a with retrospective effect.In 2011 on April 1st. 1/4th of plant purchased on 1/7/09 sold away for Rs. 13150. Show Plant a/c up to Dec.31st., 2011.

An individual has applied for a Home loan from a Bank. He is a proprietorship in a firm. He has one existing car TL which is also showing in balance sheet of his prop firm. For computing deductions for the proposed home loan the deductions of EMI of existing car loan will be considered. But in Profit and loss account , only interest payment is there and principle payment is not there. So for deduction purpose whether principle portion of the loan needs to be deducted from the PAT of the firm.
Kindly guide sir.

1. Advance to supplier comes under loans and advance ? My answer is yes plz confirm
2. When we debit the entry in which golden rule we have say personal account debit the receiver or Real Account what comes in?