I need help kindly please help me .
8 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14803 Points)
Replied 24 July 2022
1)Take audited balance sheet of last year,and carry forward all openings balances in the current financial year.
2) Enter all purchase of petrol along with tax thereon.
3) Enter all Direct and Indirect expenses for business purpose .
4) Enter all Sale of petrol along with tax thereon
5) Enter all other Indirect Income apart from sale of petrol.
6) File all tax returns
7) Check last year payable and receivable ,
i.e creditors, debtors, Tax payable, Investment, Asset etc .
8) do all entries in Tally and update till date
I have given you rough idea,but you take help of CA near by you.
SHAHZAD
(B.Com)
(52 Points)
Replied 25 July 2022
Mujhey Kuch entries ka puchna tha
1- if petrol pump land on rent and lease what accounting entries
2- lubricant items with categories list
3- petrol pump licenses entry
Abi Kay liey yehi
prasad Nilugal
( GST Practitioner & Accounts )
(14803 Points)
Replied 25 July 2022
1. Lease rent account A/c Dr
CGST A/c Dr
SGST A/c Dr
Bank. A/c Cr
( payment of lease rent of petrol pump)
2. License Fees A/c Drive
CGST A/c Dr
SGST A/c Dr
To Bank A/c Cr
( License Fees for petrol pump)
GST applicable on License fees
( petrol is out of scope of GST - Non GST supply)
SHAHZAD
(B.Com)
(52 Points)
Replied 25 July 2022
1. Lease rent account A/c Dr which accounting head
CGST A/c Dr which accounting head
SGST A/c Dr which accounting head
Bank. A/c Cr
2. License Fees A/c which accounting head
Aur ye CGST AUR SGST STAND FOR
prasad Nilugal
( GST Practitioner & Accounts )
(14803 Points)
Replied 25 July 2022
1) Have received Invoice of Lease rent?.
2) Have you received bill or Invoice of Licence fees?.
2) Have you received bill or Invoice of Licence fees?.
SHAHZAD
(B.Com)
(52 Points)
Replied 25 July 2022
No actually main saudia Arabia main aik petrol pump ki job Kay liey apply Kiya tha us ne new pump lagaya hai main bus entries Puch Raha tha ager lease or rent per hai TU Kiya entries Karni hain
prasad Nilugal
( GST Practitioner & Accounts )
(14803 Points)
Replied 25 July 2022
Ok , I thought you are working in India .
1) If you pay rent pass entry .
Rent A/c Dr
To Bank A/c Cr
( payment of rent)
Show rent A/c under Indirect expenses in Profit and loss account.
2)When you pay License Fees pass entry
License Fees A/c Dr
To Bank A/c Cr
(Payment of licence fees)
Show License Fees A/c under Indirect
expenses profit and losss account.
1) If you pay rent pass entry .
Rent A/c Dr
To Bank A/c Cr
( payment of rent)
Show rent A/c under Indirect expenses in Profit and loss account.
2)When you pay License Fees pass entry
License Fees A/c Dr
To Bank A/c Cr
(Payment of licence fees)
Show License Fees A/c under Indirect
expenses profit and losss account.
Amol kotkar
(3 Points)
Replied 14 November 2022
Dear Professional,
Please Help me,
What is Treatmnt of Non Refundable Fee paid to Indion oil Corporation ?
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