CAclubindia

Sandeep Dharar's Expert Profile

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About me

A qualified CA, CS and CWA. In 1st attempt all.

MBA in Finance. From IIM (Ahmedabad)

Completed Articleship from PWC the best 4 in Kolkata.

Graduated from Xavier University in Kolkata

Currently practicing as an Associate Member of ICAI in Kolkata

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sreejith c t says :
sir just a adoubt

manish i. darji says : REGARDING ACCOUNTING ENTRY
DEAR SIR, IF WE WITHDRAW SOME CASH EVRY MNTH FROM ATM ( SAVINGS A/C ) THN WE CAN SHOW DIRECT ENTRY IN DRAWINGS A/C ?

kfgfgdfgffdfd says : please reply
rm purchase-rs 1000(20 kgs) vat-rs 4 other expenses-rs 5 total-rs 1009 Q1) i presume that the below mentioned journal entries for vat purchases eligible for input credit are to be passed (using figures mentioned above ) purchase dr 1005 vat recevbl dr 4 party cr 1009 vat adjustment entry is vat payabl dr vat recevbl cr unadjusted vat recevbl amount will remain as dr balance in vat recevbl a/c and will be shown in asset side OF BALANCE SHEET .Am i correct? xxxxxxxxxxxxxxxxxxxxxxx Q2)what about cst purchases? (using figures mentioned above ) is the rm price 1009 in case cst is rs 4 and are following journal entries right purchase dr 1009 party cr 1009 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Q3)the accounting policy for 2012-13 is closing stock value of raw material= cost price or market price whichever is is lower 31/03/13- 500 kgs for which costprice is 108 and market price is 100 therefore closing stock value is 500 x 100 = 50000 as on 31/03/13 closing stock of 2012-13 is opening stock of 2013-14 so which of the following is correct working 1 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (assumption ) consump 500 kgs rs 54000 (108 rs (cp as given above) x 500 kgs) clsng stoc 100 kgs rs 6000 or working 2 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (assumption ) consump 500 kgs rs 54000 (100 rs (mp as given above) x 500 kgs) clsng stoc 100 kgs rs 10000 ASSUMING ONLY THE OPENING STOCK IS CONSUMED IN THAT MONTH AND NOT THE GOODS PURCHASED DURING THAT MONTH.Which rate is to be applied to determine the value of consumption -opening stock rate or actual cost price?

MITHUN SINGHA says : VAT Registration in WB
Dear Sir, I am going to registered a vat reg. for an individual of CT service for 1st time under voluntary reg. then what will be the amount of last yr. sales purchase.

hasan says : Thanks
I am so glad that you have answering my questions so well. I am really thankful to you, but just now i was told that the rate of VAT doesn't change on motor vehicles and it is 12.50% all over the country. can you please make me confident about my query?