WE HAVE PURCHASED SOME PAINT AND USED THAT PAINT IN BODY SHOP IN CAR REPAIRING . SO HOW WE WILL DO THIER PURCHASE ENTRY AS CONSUMABLE AND AFTER THAT HOW TO ADJUST IN BOOKS OF A/C AT END OF YEAR

Sir, why we include full amount of direct expenses like carriage inwards and wages etc. in COST OF GOODS SOLD. My point is that these expenses should be proportionately distributed among COST OF GOODS SOLD and CLOSING STOCK.

Thanks in anticipation.

Do we need to pass 3 entries for refund?

1 . at the time of filing the return which we calculate and
2 . at the time of receipt
3. when less refund is received or no refund is received so to reverse it from current asset?

IT Provision ( S.A.Tax) for P.Y. 2013-14 is paid in the current year so i passed the following entry

S.A.Tax ( Current Asset)
To Bank ( Current Asset)

but then while making the provision the entry passed was
p& l
to IT Provision ( Provisions)
so how will this IT Provision get reversed?

Also the advance tax paid of P.Y. is carried forward in the current year so i just have to check the current transactions in it?
The Refund of p.y. are showing in the current assets so how to reverse it?

Dear Sir, Our Computer Hardware Personnel completed Server Hosting Work & has given us bill for Inhouse Hosting for Rs.36000/-.
Pls. confirm if TDS will be applicable on the same. If yes, pls confirm section?

Hello 2 all

I have a query regarding accounting entry???

Suppose Mr. A Receive commission from Mr. B( is a Builder)and also purchase flat from him.

So, What will be the journal entry of that transaction.

1. Either net of commission in P/L A/c
Or
2. Commission showed as a Separate Income in P/L A/c.

Thanks

Can anyone provide me the details regarding concept of Modern Accounting or in short what is Modern Accounting??

TDS u/s 194 J is applicable on Royalty payments to foreign Co, which is control & managed outside India, which doesn't have permanent establishment in India

Revaluation of Fixed Assets
a) Fixed Assets debit & Capital Reserve credit.

b) Subsequent years: Depreciation debit & Capital Reserve credit to respective Fixed Asset. (AS 28).
Would there be any tax liability?

sir,
when salaries become payable we make an entry like:
salaries a/c Dr.
To salaries payable a/c
but how to show this effect of salary to an individual employee not by way of a remark or a narration but by way of a journal entry??
also when advance was taken by employee (not salary advance) or cut due to leaves or so...

Thanks in advance