What should be the accounting entry for short payment received from sundry creditor, which he is not likely to pay at a latter stage as well
Answer nowI release a bill 50000 to xyz on date 09-10-10 including service tax(10.3) but I have receive 35000/- only. how much tax i will have to pay authority. my responsibility would be on 50000/- or 35000/-
Answer nowDepreciation is to be charged at flat rate as per companies act.Is it correct?but however as per guidance note on depreciation "assets newly acquired,assets sold during the year & financial year with period leass than year" it is to be calculated on prorata basis.Finally the total effect become proportionate basis but not on flat rate?Plz clarify if my understanding is incorrect
Answer nowWhat should be the basis for allocation of pre-operative expenses at the time of first time capitalisation.
1. Total expenses incurred on accrual basis
2. Cash expenses incurred (total exp-creditors)
3. Total expenses+allocated interest on term loan taken for the purpose of capital expenses
4. Any other basis if any.
A co. has received a bill of professional fee of Rs.200000 and TDS is to be deducted @10% i.e. Rs.20000 and balance payment is to be made for Rs.180000.
I have made following entry:-
Professional fee Dr.200000
To TDS payable 20000
To Party 180000
whether this entry is wrong?
plz any one can tell with example what is suspense account
Answer nowHow should I adjust input sales tax, output sales tax & payment of sales tax in Accounts?
Regards
Salary paid to driver of company, shall be shown on payroll ?
If salary paid to driver of company for working on sunday. What is the treatment for disclosure ? Whether it shall be added on payroll or shall be shown separately, as misc. ( office ) expenses ?
valuable contribution of experts requested.
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How to adjust short payment receipt from sundry creditor