Question { Access, 35749 }

What is Suspense A/c?

Answer

Suspense account is created when we are unable to trace the
transaction. For urgency in finalization of accounts, this
transactions are posted under suspense account.

Question { 59677 }

Hi Everybody,

1). Can anybody tell me the Journal entry for Bank charges
Rs.100 and under which account it will come.
2). Received interest from Bank what is the journal entry,
under which account it will come,

Awaiting for soonest reply,

Thanks,
Khan

Answer

1. The entry for bank charges debited to the account:

Bank charges/Interest account dr.
To Cash/Bank account cr.

2. The entry for bank charges credited to the account:

Cash/Bank account dr.
To Bank Interest account cr.

The Bank charges or Bank Interest account will be under
bank accounts. As the interest debited or credited is in
bank, and not realised.

Question { 8864 }

if i sale goods on dt 30.06.09 but calcutta party received
it on 07 july ,so the party issue to form C for which
quarter

Answer

The bill date matters and not the receipt date. Hence, the
party will have to issue the C Form in the quarter April -
June.

Question { Essar, 5317 }

If any one provide TDS and Service tax Rates from 2003 to
2010

Answer

The Service tax rate was 14.42%, later came down to 12.36%
till Feb, 2009 & after that its 10.30%.

The TDS rates are:
1. Contract - 1% (Individual), 2% (Company)
2. Profession - 10%
3. Rent - 10%
4. Commission/ Advertising - 10%