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what is the difference between accounting and bookkeeping?
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I HAVE DEPOSITED SERVICE TAX AMOUNT IN WRONG HEAD CATAGORY i.e IN BUSINESS AUXILEARY HEAD BUT DUE TO OVER SIGHT IT HAS BEEN DEPOSTED THROUGH E PAYMEBT IN TRANSPORTATION OF GOODS BY ROAD KINDLY SUGGEST WHETHER IT CUOULD BE RECTIFIED FROM SERVICE TAX DEPTT. OR BY ANOTHER WAY AND WHAT IS THAT ? PLEASE ALSO CONFIRM WHETHER WE HAVE TO RE DEPOSIT THE AMOUNT OR MAY BE ADJUSTED IN CORRECT HEAD
Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
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A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
Audit 
