Whether processing fees paid on sanction of Cash credit loan can be amortised over the period of the CC or should it be expenses off straightaway?
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my client developped a website during year 2011-12. as his main revenue generation is wholy from this website, he will start earning revenue from the middle of 2012-13. my query is whether said website development cost is a revenue or capital in nature in 2011-12. if it is a capital , under which it should be grouped i.e. software or intangible assets.
Respected Experts ! We purchased a Property for Rs.14400000/- and loan was taken from Bank. Property transferred to Partners Account and the Interest charged by bank was debited to partners account. As the loan amount is being used by the partners , we want to debit the principle amount to partners account. What entry should we pass for the same purpose
We passed the entries
Property account Dr.
To Bank Loan Account
Partners Account Dr.
To Property Account
Interest on Loan A/c Dr.
To Bank Loan Account
Partners Account Dr.
To Inrerest on Loan Account
Bank Loan Account Dr.
To Bank Account
How can we charge the principle amount to capital accounts? Please guide me !
Does "Interest Subsidy" to be treated as "Interest Received" and need to disclose seperately under Annx. I to 3CD??
Pls advice....
Dear all,
Please solve the query-
A purchased a machine in Jan.2010 for Rs. 1100000/- for which he paid Rs. 1000000/- at the time of purchase and rest amount was to be paid after 180 days successfully running of machine. The machine could not run well even for 100 days and A had to spend huge amount on repairs in april 2010. He did not pay the seller the remaining amount of Rs. 100000/- for which the seller could agree only upto may 2011. The due amount was shown in balance sheets of 2009-10 and 2010-11 as payable.
Now,in 2011-12, A wants to delete that entry. What should be the proper treatment . Please suggest.
Thanks
hey experts..
Facts:
company is engaging in trading business, he purchase goods from india as well as outside india.
Query:
1)What is the treatment if goods purchase from outside india and it is still on the way or not received yet and payment has been made in advance,and invoice for this is already been received,
eg.
Value of Goods- 100000$
Date of Purchase- 1/1/12(rate 42 RS/$)
Invoice received- 1/2/12
payment details-
part payment - 60000$ on 1/2/12 (Rs/$ 43)
final payment- 40000$ on 22/2/12 (Rs/$ 44)
suggest-
1) When should i recognized purchase?
2) is it possible to recognized purchase in next year?
3) what should be the treatment as per AS 11?
4) Can we recognized payment as advance for purchase in last year, if yes then what is the treatment of fluctuation of rate as per AS 11?
5) what will happen if only part payment is made and final payment is made after 31 march?
plz do repaly...
Hey Friends,
Please help me with this,
As I know Capitalisation of Fixed Assets will on the date of Installation or say on Put to use date.
Suppose My business is of Projectors which I Sale as well as give on rental basis,
So I Purchase any Projector I treat it in Stock & any Projector when I Rental I Transfer it to Fixed Asset
My Question is if I Want to Transfer One Projector From My Opening Stock How & What will be treatment for this??
Journal Entry for the same in Tally ERP 9??
Sir,
I am doing accounting work in Tally
my client dealing with shares around more than 100 scripts last 20 years with huge turnover
How can I maintain all this with stock in Tally or any good software if any has please clarify
Thanking you
Vikas
hello Experts,
kindly help, in cash flow when we pay interest after deducting tds how to show it in financing activity ( Gross or net).
If gross then tds not paid will increse our current liability which will ultimetly effect working capital
plz answer it
What does applicablity of schedule 6 in cs executive exam means- if only we hav to attemtpt the que of final acount in new format or whole ques like consolidation etc & also if que paper will be in new format., plz help!
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Loan processing fees