I dont know what entry needs to be passed in the books of employee for "Employer's Contribution to PF"

Also Entry for Interest on PF Contribution

if a company has done export sales and suppose it has billed 1000 usd @ 59 and received 950 usd @ 60. then at which usd we should apply the foreign exchange rate difference i.e. 1 ( 60-59). for the purpose of calculating foreign exchange fluctuation gain.kindly reply.

what is meant by non operating income in FMP caculation.

IS non operating income and non trade income same ???

if no, kindly explain the difference between the two

Hello Experts,Please guide me Depreciation applicability as per new companies act 2013. As per new act depreciation should deduct as per useful life of an asset. My query is
- the useful life mentioned is minimum or maximum life of an asset ?
- is there any transitional effect on assets continuing in books, on which depreciation deduct as per old co. act 1956?
- from which date the new act applicable ?
-our company brought a new car on 15.06.2014, depreciation deduct under new act useful life 8yrs. or as per old act 13.11%?

many thanks...

ref to the cbdt circular dated 13.01.14 where it was clarified that no tax to be deducted on SVC tax in case of 194J. would like to clarify is applicability is for 194C also. Means any payment to resident in such case TDS will not be on the service tax component

i am pursuing article ship and going to complete one year .but still i am confused either i am getting a good learning experience mainly because there is no bank audit in our firm but i have done tax audit,internal audit etc..and audit if private company too .so please can anyone clarify me regarding what all we learn in our training and are my worries correct .thanks in advance

whether fmp to be booked on accrual basis as on 31/03/14?

We opened a FD account of rs.1.5 crore. Bank informed us that we cannot closed the FD within one month. SO,We opened OD of Rs.50 lakhs in same bank. after one month we closed the FD a/c, on which we received interest, bank deducted TDS on interest and also taken OD amount of Rs.50 lakhs. The remaining amount transferred in our CC account. Now, In which account group we create the accounts and how the Entry should be passed in Tally. Plz reply as early...

Dear Friends,

I don't know whether this is the correct forum for asking this query. My query is regarding transfer of Liabilities from one group company to another group company.

'X' is a group of companies consisting Company "A" (India), Company "B" (Africa), Company "C" (Singapore).

Company "A" in India is exporting raw material to Company "B" in Africa and export invoices are being raised from Company "A". In Company "B"'s books outstanding liabilities is on the name of Company "A" and payments are also made to Company "A" through Bank Transfer.

Now Company "A" wants "B" to transfer all its liability on the name of Company "C" in Singapore and make payments to them. All the invoices which "B" has received till date are from Exporter company "A".

What is the procedure of doing this liability transfer from "A" to "C" in "B"'s books? What will be the legal procedure to follow or just a letter or instructions from "A" would work.

Also, at the time of bank transfer bank requires copy of the invoice as proof and all the invoices are of Supplier Company "A"'s name. If we transfer money to "C" on behalf of "A", still bank needs an invoice from "C".

Kindly help me in this regard. An early response shall be highly appreciated.

Thanks in advance.

Ajay Singh

Sir,
Please tell me ..

In financial year 2010-2011 we passed a entry for VAT receivable for Rs. 120,930.00

since output Vat was showing 1,20,930.00 at the end of the year it was transfered to Vat receivable by passing below entry.

I.E VAT receivable a/c .1,20,930.00
To Output Vat a/c 1,20,930.00

Now after assesment, Vat authorities disallowed our 1,20,930.00 due to other reason , now i have passed revered entry in current year exactly opposit as shown above.

now Output a/c shows Dr. balance of 1,20,930.00.
My Query is ,i want to nullyfy output account, then which account should be debited. ( since 120930.00 should be adjusted)

kindly suggest