This Query has 1 replies
Sir,
In my case Mrs.M got a land as settlement from her father. Then later she gifted 1/3rd of it to her own brother and the remaining was gifted to her 2 sons in equal ratio. Is it correct to post below entries in the book of Mrs.M
Land 1 A/c___ Dr xxx
To Mrs.M's Capital A/c xxx
(Being land which is rec from her father)
Land 2 ___ Dr xxx
Land 3 ___ Dr xxx
Land 4 ___ Dr xxx
To Land 1 xxx
(Being land 1 has been divided into land 2, 3 and 4)
M's Capital A/c___Dr xxx
To Land 2 xxx
To Land 3 xxx
To Land 4 xxx
(Being gifting of land to brother and her 2 sons)
Is it correct to reflect in capital account for gift rec.?
If it is wrong, Kindly mention the entry for my reference.
This Query has 1 replies
Dear Sir,
I have created Insurance under deposits as it give a return without any fluctuation, but my friend is arguing that it will come under investment.
I have a major confusion regarding Insurance, that whether it comes under deposits or investments.
Kindly clear my doubt.
This Query has 1 replies
We have two designated partners in our LLP. we want to pay regular monthly remuneration to the partners (this is not profit sharing). How do I record this on journal entry? we are using Zoho books.
I tried to categorize the transaction on banking tab as money out->owner's drawing->drawing (journal entry is owners drawing dr and bank account cr) but it reduces the share capital (equity) in balance sheet. since the remuneration paid is more than the initial capital, currently share capital is showing in negative which I think is not correct.
Can someone please help me resolve the issue? the objective is to pay monthly remuneration to the working partner and deduct it under profit and loss as per section 40 (B).
Thank you
This Query has 1 replies
Dear sir, In a private limited company, y-o-y basis, for the last 30 years, the above subejct ledger is getting accumulated, to nullify it, what are the accounting treatments avialble and the burdon of tax effect on such treatment, kindly enlighten.
This Query has 1 replies
What is the treatment of preoperative expense under IFRS
This Query has 1 replies
Hello
Could you please suggest what will be the accounting treatment of one time upfront charges paid to government for purchase of industrial land on lease , Annual lease component is separately shown in the compensation charged by the government...?
This Query has 1 replies
If i am paying to creditor by cheque , payment entry should be made at the time of issue of cheque or at the tym when payment is deducted in tally
This Query has 1 replies
Their is a company who has take over another without any settlement of accounts, Now we have stock of that another company of value 1.1 million rs and no other details we have. Now I have to shown those goods in my account books because we use in daily sales transaction. How can I enter stocks in my books of accounts because I have only stock details and no other details I have.
If I directly put stocks in opening then it will reflect the difference in Trial Balance and Balance Sheet.
This Query has 1 replies
TV, AC, oven, mobile, laptop, laptop stand, mobile stand for office will come under which head in tally? Fixed assets for office expenses. Please explain
This Query has 3 replies
Hi,
we have existing cement concrete floor in factory premises. now we are doing epoxy flooring on existing floor, can we capitalize epoxy flooring, please advise.
Regards
Live class on PF & ESI Enrollment & Returns Filing(with recording)
Posting Entries