Answer Posted / h.r. sreepada bhagi

For presentation in the Financial Statement (Read P&L A/c
abd BS), Assets, Liabilities, Income & Expenses are grouped
under broad heads. there is no hard & fast rule about the
name of the groups, but it's guided by the generally
followed accounting practice & convention.

When it comes to Expenses, the re can be groups like, 1)Cost
of Materials Consumed or Cost of Goods Sold, 2)Factory
Expenses or Production Expenses, 3)Administration Expenses,
4)Employee Related Expenses, 5)Selling & Distribution
Expenses 6)Rent, Rates & Taxes, and so on. Under each of
these groups relevant expense ledgers can be listed. Most of
the expenses can be easily identify with specific ledger
a/c, but there will be some expenses, generally of small
value, which can not be identified strictly with any of the
ledger a/c. Such expenses, which are not material (Read
Materiality Concept) can be accounted in common expense a/c,
which can be called as General Expenses A/c, Misc. Expenses
A/c, Other Expenses A/c, as the company feels relevant.

Once again, I repeat, the grouping mentioned above are only
examples & it differs from company to company.

Note - As mentioned in the above answer, TDS is not an
expense, but it is a liability towards the Government. If
there TDS on the income received, then it's an asset. In any
case TDS is not a P&L A/c item.

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what is the difference b/w gain and profit?

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"A" has two divisions of "B" and "c".In our system we have two vendor accounts of B&C.We have received one Non PO invoice of B and posted wrongly in C and its got paid.While reconciling the account we got this error is happend.We contacted the C and asked for refund.But C said,he transfer internally the amount directly to B and he will not refund the amount.How we will settle this entry in our books. If we reverse the entry...there is one invoice needs to be reverse and payment doc needs to be reverse..how we can settle this in our books...

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