Please tell me in case of partnership firms if there is revaluation of Assets & Liabilities ,then do we need to open Revaluation A/c .In xams, I directly posted the changes in value of individual Assets & Liabilities to Partner's capital A/c in their profit sharing ratio without opening the revaluaton A/c .Will i get any marks for it ????
daya shankar singh
(CA ,CS)
(629 Points)
Replied 18 May 2010
If u will treat all the element which was effected by the revaluation of asset correctly , u will surely get the marks
Raj Chitroda
(Accounts)
(325 Points)
Replied 20 May 2010
Dear Sir
I have query about accounting entries
We have petrol pump and we are selling petroleum Product. For carry out this product, we have purchase Tanker which is engaged in IOCL transportation contract. The IOCL has paying transportation charges to us for this contract. The tanker is bringing petroleum product from IOCL Depot to our petrol pump and we are utilizing the diesel for tanker from our petrol pump. So how to treat this entry, Sales or own utilize
Do we should pay VAT for this?
If own utilize then what will be entry in tally Accounting Software
How many ledgers,
Group of ledgers
And which rate we should calculate for quantity goes out for transportation expenses
Kindly ans
Thanks
CAclubindia
