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

How do we apparoach to find out REVENUE LEAKAGE in the organisation ? any better steps ?

Dear Experts,

I need your valuable suggestions regarding IFRS. I am working in a PVT LTD Co. in Accounts.
I am planing to go for IFRS but confused whether this will help me because the Implementation of IFRS in India is still unclear.
Since 2009 most of the students completed IFRS but not many got opportunity to work in IFRS and not many got advantage/appreciation in their jobs for doing IFRS.

Also, If you won't suggest IFRS now then should I go for CIMA.

Best Regards

Why is leasehold land depreciated?

We are buying Books from Offset Printers they are charging 5% Vat on Bill. Can we deduct TDS while payment bill amount ?

If yes what is the % of TDS ?

Need help in solving the sum.

Click the link to access the PDF file

https://drive.google.com/file/d/0BzZ3bA7DBBa0TUYxUm5OaVpVWXc/edit?usp=sharing

Hi All!!

We are planning to launch a chain of Salon in India. Kindly guide me as to the requirement of any registration required in Government Authority in India. And also whats gona be the taxation aspect of the same.

Many Thanks in anticipation to receive replies soon.

Regards,

ABC Pvt. Ltd. is a construction company engaged in business of construction of roads and other government contracts. I want to know whether cost of diesel and oil and repairs, in vehicles engaged in making road and shifting of goods from various sites and plant, would be direct cost or indirect cost??? Since it is a construction company vehicles and machines required for constructing road and shifting material to various sites from plant requires higher use of vehicles. so cost of diesel, oils and other repairs is very high as compared to other industry. please tell me these cost would be direct or indirect??? thanks