1.What will be journal entry if we can purchase the material on credit from X party of Rs 1000 + Excise duty 12.36% + VAT 5%

2.What will be journal entry if we can sale the material to Y party on credit of Rs 2000 + Excise duty 12.36% + VAT 5%

Waiting for feedback

Dear Sir/Madam,

In Last financial year i.e for 2013-14, my client has used the old depreciation rates and complied with the rates as prescribe in Companies Act.

But in current year i.e F.Y 14-15, they are not compiled with new rates as per Companies Act,2013.
Depreciation is charged as per old rates only i.e on SLM basis till September 2014.
System used by them is unable to give retrospective effect.

So how to find the correct depreciation?
And what would be the accounting treatment for the same?

Hi,
I want to understand he difference in treatment of Proposed dividend, declared dividend, final and interim dividend and Dividend paid while preparing consolidated financial statements.

I have seen in some problems that while dividend paid is reduced from pre-acquisition profits(while doing analysis of profits), proposed dividend is not. However both of these are reduced from
Cost of investment while preparing Cost of Control. Is my understanding correct? Can you please tell the reason for this difference in treatment.

On the similar lines I want to understand treatment for other dividends too listed above.

I have been struggling with this for a long time. Request your help.

Whether IFRS is applicable for CA-Final November 2015 Exam??
Please reply as soon as possible!!

Hi Experts, Need 1 clarification, i am asking query with help of an example so plz help me getting the right answer. A mobile company is selling a mobile at 60000 and suppose the cost of mobile is 45000 and cost of charger and lead is 1000. Whether COGS will be 45000 or 46000 ? as per me it Should be 46000. if possible plz share some details with answers. want to know the concept of sale of multiple items, if any one is doing it practically,then plz share ur experience. regards Sumit

Dear expert,
as per shareholders fund approach , capital employed means Total assets minus non trading assets minus miscellaneous expenditure and losses minus all outside liabilities.
IT has 2 shortcomings: which i m not able to understand
1. it ignores other long term funds in the business.
2. on the other hand , it considers preference share capital which bears fixed rate of dividend.
QUERY : PLEASE EXPLAIN SHORTCOMINGS OF THIS APPROACH..

Suppose X (UP) purchases goods from Y (Maharashtra) through Z (UP) via E-1 sale. Z charges in Bill Rs.100 from Y & Y, in turn, supplies the goods to X at Rs.150 (adding his margin).
My question is:
Rs. 100 is purchase of UP i.e same state.
Remaining amount of Rs. 50 is purchase from Y (Maharashtra) i.e. different state.
So, what will be the accounting entry for purchase of Rs. 150 ? Plz help.

Please guide me on accounting treatment for mobile phones purchase by company for its employee ?
Whether mobile phones purchased by employee 25000 and company re-imbursed only 15000/- what will be the accounting impact?
Is there is any limit for the same ?

SIR I HAVE QUERY OF RA BILL SALE ENTRY...
PLEASE TELL ME THE ENTRY SALE IN FOLLOWING RA BILL TRANSACTION..

1)WORK DONE :Rs 100
2)MATERIAL ADVANCE : Rs.100
3) TOTAL Rs.200
4)(LESS)i)SECURITY DEPOSIT 5%:Rs.5
ii)TDS : Rs.2
iii)wct : Rs.1
5)AMOUNT PAYABLE : RS.192..

PLEASE TELL ME ENTRY OF SALE IN THIS TRANSACTION..AND ALSO TELL WHOLE ENTRY OF THIS TRANSACTION..

THANKS

a mobile recharge shopkeeper received value amounting Rs 50000 from Reliance to recharge customer's mobile no. & he treated the above mentioned value as his purchase. if some amount is still left at the year end, can we treat that amount as closing stock.