A firm took over an existing business..and they are doing modifications in the building and infrastructure.The firm is engaged in a different line of business earlier. The firm has no business activities during the year. They incur the following expenses during the year being electricity charges, telephone charges, documentation , security charge, travelling and so on.. .. It is to be noted that the the infrastructure was existing on took over. Should all these indirect expenses to be capitalised for the year??,If they are having Building&godown WIP during the year...?
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I need 7 Lac rs on the basis of ITR then how much income I required to show for it?
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Answer nowSir/Madam,
I would like to know how to make journal entries when advances given to sundry creditors for Instance on 01.10.17 we have made NEFT of 1,00,000/- towards advance for Furniture & Fixtures(Iron Safe in case of Co operative Credit Society) and on 14.10.17 we have received the Iron safe and balance amount of Rs.90,000/- paid through bank now
I would like to know the Journal entries for the same
Thanks in advance
my dear sirs
I am going to enter accounts in tally for the first time. Previously it was handled manually. Its a individual account who gives loan to others and earns interest as income. can you guide me step by step procedure.
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capitalization of expenses.