Answer / Nirbhaya Singh

To create journal entries for reverse tax on input tax paid, you can follow these steps:
1. Create a reversal document (like credit memo or debit note) for the previously posted sales invoices.
2. In the reversal document, enter the original input tax amount as negative to reverse it.
3. If necessary, update the tax code and tax category based on the correct VAT/GST rate.
4. Post the reversal document.
5. The system will automatically create the corresponding journal entries for the reversed input tax amount and adjust the output tax liabilities or assets.

in insolvency we have to prepare deficiency account but why we do not prepare this account as per general principle i.e Dr Cr To By etc , and deficiency account is which account?

1 Answers  

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Name three (3) fixed-income security data points, which are different from those provided for equity securities

2 Answers   Shore Infotech,

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Can we consider capital work in progress as a part of fixed assets?

2 Answers  

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what is accounting disclosure

2 Answers   ACS,

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i am working in pvt company as accountant. but i have one doubt in case of tds deduction. becouse we have paid Rs.25000/- to Just Dail Group account as a Advertisement Expences. I know Rules of Tds deduction Rule no: 194C any payment to contract (advertisement contract) must want to deduct tds (1.133%)if u paid advertisement expences more than Rs.20000/- (one time). but my doubt is this. how much our assessment value in this creditor. up to 20000 don't want to pay tds. r we only assessed value Rs.5000 (25000- 20000), ie Rs.56.65 or whole amount (25000)ie Rs.283.25. anybody can help me

13 Answers  

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Capital market

2 Answers   Bank Of America,

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What is the order of priority of the following. 1.Trial Balance,2.Sales Ledger,3.Journal Entry,4.General Ledger,5.Balance Sheet,6.Profit and Loss Account,7.Cash Flow and fund flows.

1 Answers  

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What and How to compute an unsecured balances?

1 Answers  

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Explain accounting 101?

1 Answers  

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In accounting equation what is the treatment of investment in shares??

1 Answers  

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Under the accrual basis of accounting, when revenues are reported in the accounting period?

1 Answers  

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X of Kolkata sends out goods costing 300,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs 5000. 1/10th of the goods were lost in transit. Insurance claim received Rs 3000. The net loss on account of abnormal loss is (a) Rs.27,500 (b) Rs.25,500 (c) Rs.30.500 (d) Rs.27,000

2 Answers  

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