Answer / sanjay kumar

Bank reconciliation is a statement which reconcile
difference between cash book and pass book .that is called
bank reconciliation

Answer / chauhan

Bank Reconciliation is difference between balance shown in bank statement & Balance as per our Bank Book
procedure is to identify the cheques issued and deposited in bank with bank statement
unidentified or cheques which is issued but not presented and cheques deposited but not cleared in statement will show as bank reconciliation.

What is the treatment of Live Stock ? if it is transfer to the Profit & Loss Account or otherwise it will be treated?

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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.

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I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 - 0 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?

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I want to know that can we get input vat credit against tax invoice/retail invoice/& commercial invoices. Our auditor is saying that only tax invoice is libel for vat input credit. But many parties issue us retail invoice & commercial invoice.

2 Answers  

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What are the excise duties in our state?

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if the goods are purchased against H Form, is there any specified time limit winthin which they should be exported?; if yes then wat is that limit?

2 Answers  

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IF I RECD ANY BILL TOWARDS PRINTING OF FORMS, VOUCHERS AND ON SAME VAT IS CHARGED 5%, IS TDS IS ALSO APPLICABLE FOR THE SAME.

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Can it be prssible, If any person purchase Reliance life insurance policy with nepal residence address profe. If yes then who can deposit nepal curancy in indian branch.

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what is TDS & CST ????????

2 Answers   PESPL,

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How can calculate tds and vat and what is pay roll. plz send answer immediatly

2 Answers  

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Explain the Calculation of Sales Tax?

0 Answers   Cognizant, Petron ltd,

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Explain deferred tax asset?

0 Answers  

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