You are on page 1of 20

What does the abbreviation dr mean in accounting?

'Dr' means Debere in Latin stands for 'what comes in' or in simple words whatever assets the business owns or the expenses it has to pay comes under debit. While 'cr' means credere in Latin means 'what goes out', in simple words whatever liabilities business owns, or the income it earned during the year comes under credit. The abbreviation "dr" in the accounting it refers to "debit" where as "cr" refers to "credit" According to the "Golden Rules" of accounting.. under "Personal a/c" 'dr the receiver' 'cr the giver' under "Real a/c" 'dr what comes in' 'cr what goes out' under "Nominal a/c" 'dr all expenses and losses' 'cr all incomes and gains'. What is the difference between personal account real account and nominal account? The total business transactions are divided in to three They are Transactions related to persons, Transactions related to Things, Transactions related to incomes & expenditures. In accountancy we have three types of accounts they are - personal, real, nominal. Personal accounts refers to all the transactions related to natural persons, artificial persons and representative persons ex:rama, ravi, Indian bank, outstanding rent. ,. First category of transactions belongs to personal accounts RULE: debit the receiver and credit the giver Real accounts include things in the business i.e. assets. Second category of transactions related

to Real accounts ex: buildings, machinery, cash etc. RULE: Debit what comes in and credit what goes out Nominal accounts includes all the transactions related to expenditures, incomes, losses, and profits. Ex: - rent paid, rent received, bad debts, profit on sale of an asset. RULE: Debit all expenses and losses and credit all incomes and profits ------------------------------------------------------------------------------Personal : Debit the receiver; Credit the giver. Real : Debit what comes in; Credit what goes out. Nominal : Debit all expenses & loses; Credit all incomes & gains.

What is Service Tax & Excise? How will it be charged? Service Tax is a form of indirect tax imposed on specified services called Taxable services. Presently it covers 119 services. The service provider but A collected shall pay a service tax from the service receiver. Ex: Servicing a Vehicle, Delivering goods, outsourcing agencies. etc. Excise is also a form of indirect tax levied on A goods produced or manufactured in India. Ex: Steel, Cement, dress Materials, etc Where should TDS received should show in balance sheet? Assets Side: Advance In-Come Tax Ledger in current year. it should be shown under the head current asset on the asset side of balancesheet How one can receive TDS? TDS either can be deducted by other on payment/income we receive or we deduct on payment/expenditure we make to others. In first instance TDS will be shown in Assets side in balance sheets under current assets and in second instance TDS will be shown in balance sheet under current liability. TDS is part of advance tax for the deductee while for deductor its current liability. What is the difference between inactive accounts and dormant account? Dormant accounts are those accounts in which there are transactions in the recent history (the stipulation may vary according to the company's rules).

Inactive accounts are those accounts in which transactions are being made for long time. Inactive account means an account had not been in use for a long time and not going to be used in the future.Dormant accounts are those which are presently not in use but it is likely that it may be used in the near future. If no transaction ? credit or debit other than crediting of periodic interest or debiting of service charges ? takes place in your savings account for more than 12 months, the account becomes inactive. And if the period exceeds 24 months the account is declared dormant or inoperative. The exact period after which a bank is declared inactive or dormant varies from one bank to another. For instance, ICICI Bank declares an account inactive after 15 months and dormant after 18 months. Punjab National Bank and Barclays, on the other hand, declare it as dormant after just six and three months respectively. What are the fictitious assets? These are like intangible assets, which cannot be seen or touched. Actually, these are not assets but some expenditure, which cannot turn to profit and loss account of a particular period that is why these items are shown on assets side of balance sheet to be written off to P&L account in reasonable years. those assets are created by a company Ex. preliminary expenditure,advertisement etc. Fictious assets are those assets that are intagible but can be valued by the business e.g Goodwill, purchases patents and rights which are in most cases shown as Goodwill on the face of the B/S. They are represented by the difference between the consideration one has to pay for the business while acquiring it and the fair value of total assets of the business. These assets can even be negative in case the business loses its goodwill. It is however, hard for a business to value the goodwill internally acquired over time as opposed to the acquired/purchased goodwill. Thus in accounting, the purchased goodwill is shown on B/S and not the internally acquired. Define Tally Accounting? Tally is a financial accounting software package designed by Tally Solutions mainly for small businesses and shops. They claim on their website that Tally is used by over 2 million users, in over 90 countries. Tally 9.0 is the latest version to date. What is Departmental Accounting? Give an example

Department accounting means account prepared separately for the department and here ledger will be opened trial balance will be prepared , also p & l account will be prepared ,and profit or loss is included in the main p&l a/c and shown in the balance sheet. What are the Steps involved in Project implementation? Step involved in project implementation: Identification of the need Idea generation and screening of ideas Feasibility Study Project Development Implementation Controlling What is a difference between public and private accounting? Public accounting includes any accounting work that a company performs for another company. Examples would be audits, tax compliance, consulting, etc. The "Big 4" (KPMG, Deloitte & Touch?Price Waterhouse Coopers, and Ernst & Young) are the dominant firms that provide public accounting services. Private accounting is accounting work that is done for your own company. Every company has some form of an internal accounting department and those employees would be considered private accountants. What is the dual aspect concept? Dual aspect concept: Each transaction has two sides. Example: when you buy a shirt, then shirt comes to you while cash leaves you similarly if you sell the same shirt to anyone then cash comes to you while shirt leaves you. Recording both aspects of coming and going is called dual aspect concept. according to dual aspect concept every business have two concept of business transaction one is debit second is credit transaction.if follow the both aspects (dr,ct) in business that is called dual aspects of business. According to this Dual Aspect Concept,cash and every transaction is having two Aspects.They are debit n credit.

IT IS ALSO CALLED "DOUBLE ENTRY SYSTEM" OF ACCOUNT. IN A DOUBLE ENTRY SYSTEM EVERY TRANSACTIONS HAVE TWO SIDE,I.E SUPPOSE WE PURCHASING A BIKE FOR CASH RS.40000/-,THEN ENTRY WILL BE PURCHASE(BIKE) AC DR. 40000/TO,CASH AC CR. 40000/THIS IS CALLED DUAL ASPECT CONCEPT. Dual aspect concept: In every transaction, there will be two aspects ? the receiving aspect and the giving aspect; both are recorded by debiting one accounts and crediting another account. This is called double entry What is bank reconciliation statement? A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date. This statement is the most common tool used by organizations for reconciling the balance as per books of company with the bank statement and is made at the end of every month. The main objective of reconciliation is to ascertain if the discrepancy is due to error rather than timing. The difference between the two records on a given date may arise because of the following: Cheques drawn but not yet presented to the bank. Cheques received but not yet deposited in the bank. Interest credited and not recorded in the organization's books. Bank charges debited but not recorded in the organization's books A Bank reconciliation statements are prepared if balance of bank account as shown in cashbook differs from balance as shown in passbook. This statement shows the reasons or transactions because of which balances as shown in cashbook and passbook are not tallying with each other. Bank reconciliation statement statement which reconciles the bank balance as per the cash book with balance as per the pass book or bank statement by showing all causes of difference between the two

BRS helps to find out the difference between the bank statement and our (own)financial statement(if any. (i.e) we issuing cheques to supplier. but still he not cleared that cheque into the bank. But in our own bank register we debited that amount. Hence,there is a difference will between these two books. That will find out in this Bank Reconciliation Statement by mentioning the issued cheques but not yet debited and deposited cheques but not credited. What procedure for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back excess amount how do in sap apps? Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account. Supplier can send the payment by way of check/ demand draft without adjusting in his subsequent bills. What is the basic accounting equation? Assets = Liabilities + Owners Equity The basic accounting equation is the foundation for the double entry bookkeeping system. For each transaction, the total debits equal the total credits. Assets = Liabilities+Capital In a corporation, capital represents the stockholders' equity. What are the Accounting entries for branch accounts? DR investments in branch Cr cash Cash sent to branch Sales collection done by head office from customer on behalf of Branch office In the books of Head Office Dr Bank/Cash Account Cr Branch Office In the books of Branch office Dr Branch Office Cr Customer Sales collection done by head office from customer on behalf of Branch office

In the books of Head Office Dr Bank/Cash Account Cr Branch Office In the books of Branch office Dr Head Office Cr Customer What are premises in accounting sense? What is VAT adjustment? Premises is and Fixed Assed in the accounting sense which is shown in the balance sheet in final accounts Vat adjustment is out put tax - input tax the vat which is paid on purchase will be deducted from vat collected from sales this adjustment is known as vat adjustment. What is the difference between Perpetual and Periodic Inventory systems? In perpetual inventory system, the inventory account is adjusted continually throughout the accounting period. Whereas in the Periodic Inventory System: - Recording inventory transactions periodically than recording them continually. How many accounting standards are currently published? There are total of 9 accounting standards. ICAI issued a total of 33 accounting standards till now. Their applicability depends on the LEVEL of enterprises.It depicted three tier structure What is Executive Accounting? Executive Accounting is designed for service type businesses that require a sophisticated accounting system, yet simple to use accounting system. Executive Accounting contains many advanced features such as three styles of invoicing (service, distribution and recurrent), multi-currency capabilities, multiple bank account capabilities and other powerful features. Executive is a single-user system that can be upgraded to an unlimited number of users. What are premises in accounting sense? What is VAT adjustment? Premises is and Fixed Assed in the accounting sense which is shown in the balance sheet in final accounts Vat adjustment is out put tax - input tax the vat which is paid on purchase will be deducted from vat collected from sales this adjustment is known as vat adjustment.

What is the Provision? What is the Entry for Provision? Provision means liabilities it means payable account A, its an very useful for controlling payable accounts like telephone charges, ESIC accounts, EPF accounts, A EPF payable accounts Dr to EPF accounts ESIC payable accounts Dr to ESIC account. Provision Account is Prepared for fixed future liabilities. In every organisation there is limited source of capital and can not able to pay hues certain. so every organisation transfer some amount to provision account. which any business concern use any time when they relies. exp. depreciation Account, Reserve & surplus Account What are the advantages of Computer accounting over Paper accounting? There are many advantages from computer accounting over manual accounting. You can get automatically the creditors data, debtors? data, sale proceeds, balance sheet, and many more information in the desired manner. How to prepare finalization accounts? First, of all post all the journals in the ledger and then post in the trial balance and from that prepare trading account and manufacturing account (if necessary) and profit and loss account. And then prepare profit and loss adjustment account and with the help of the trial balance prepare balance sheet and also show the profit under reserves after deducting the previous year losses and show contingencies (if any) in the notes to accounts. What is Service Tax & Excise? How will it be charged? Service Tax (sec 64, 1994)is a form of indirect tax imposed on specified services called Taxable services. Presently it covers 119 services. The service provider but A collected shall pay a service tax from the service receiver. Excise is also a form of indirect tax levied on A goods produced or manufactured in India. Service Tax is a Indirect Tax which is levied on Service. The Service receiver will pay to the service provider. Ex: Servicing a Vehicle, Delivering goods, outsourcing agencies. etc. Excise Duty is also a form of Indirect Tax but this is imposed on Goods or manufacturing Items. Ex: Steel, Cement, dress Materials, etc Service Tax is a Indirect Tax which is levied on Service. The Service receiver will pay to the service provider.

Excise Duty is also a form of Indirect Tax but this is imposed on Goods or manufacturing Items. Service Tax is a Indirect Tax which is levied on Service. The Service receiver will pay to the service provider. Ex: Servicing a Vehicle, Delivering goods, outsourcing agencies. etc. Excise Duty is also a form of Indirect Tax but this is imposed on Goods or manufacturing Items. Ex: Steel, Cement, dress Materials, etc What is Departmental Accounting? Give an example? Department accounting means account prepared separately for the department and here ledger will be opened trial balance will be prepared , also p & l account will be prepared ,and profit or loss is included in the main p&l a/c and shown in the balance sheet. What is purchasing order? Purchasing order means order given to purchase anything. purchase order means the written consent of a buyer to the seller for the sale of goods at the agreed price either at cash or credit What is SLA? SLA - Service Level Agreement Period What is debit and credit note? Debit and credit note: while making entry in your books of accounts you need the documentary voucher. Therefore, the voucher made stating what entry and why it is made is called debit/credit note. What is the difference between Accounts and Finance? Account is the detailed record of a particular asset, liability, owners' equity, revenue, or expense. Financial Accounting is the area of accounting concerned with reporting financial information to interested external parties What is depreciation and how many types are there. Please give details? Depreciation and its types: Depreciation means reducing/lowering value of an asset because of its use. Like machines/vehicles gets rusty/slow because of consistent use.

depreciation is the measure of wearing out consumption or other loss of value of a depreciable asset due to use efflux of time or obsolescence through technology and market changes and also includes amortization of assets What is cash flow and fund flow? Cash flow and funds flow: cash flow means direct entry of cash in your business and exit of the same funds flow means entry of funds (cash funds or non cash funds) and their exit non cash funds may mean rise in current assets or fall in current liabilities which was not due to any cash movement. What is capital gain? Capital gain: when any capital asset is sold and it is sold at a higher price than its book value then that extra gain is called capital gain. The word profit generally means revenue profits. While capital gain is generally received infrequently. What are bills receivable? Bills Receivable , in merchant accounts, are all promissory notes, bills of exchange, bonds, and other evidences or securities which a merchant or trader holds, and which are payable to him. What is deferred account? A best example of a deferred account is advertisement expense account. This account are those where an investment or expense is with an expectation of making a intangible profit which cannot be measured or directly linked to expense. What are MIS reports and do you prepare it? MIS is management information system. In addition, MIS report is reporting information of reports like efficiency of wing or a department of a company. IF we take BPO (Call center) sector as example, MIS consists of efficiency of agents, Average time taken hold time etc, and passing this to the management level for their analysis What is your role in planning? It is a common question in interview, based on CV Planning is a group work, so we find what work we done on the planning process. Every work is group work so we find what work we done in every part of Accounting. How can you do credit control? 1. Make the creditor, your debtor 2. For good creditor, give discounts & offers 3. For bad creditor, inform your position of willingness but inability to sustain relationship keeping in mind our business position.

What are the functions of manger -accounts and manager-finance? Explain in detail? When we see their difference from broad organizational review, the function of accounts manager are- The approval of the accounting system utilization and calculated amounts in supportable documents ,for example in journal vouchers and the approval of the accounting method. Also, change of the accounting procedures of the company. What are the fictitious assets? These are like intangible assets, which cannot be seen or touched. Actually, these are not assets but some expenditure, which cannot turn to profit and loss account of a particular period that is why these items are shown on assets side of balance sheet to be written off to P&L account in reasonable years. Fictious assets are those assets that are intagible but can be valued by the business e.g Goodwill, purchases patents and rights which are in most cases shown as Goodwill on the face of the B/S. They are represented by the difference between the consideration one has to pay for the business while acquiring it and the fair value of total assets of the business. These assets can even be negative in case the business loses its goodwill. It is however, hard for a business to value the goodwill internally acquired over time as opposed to the acquired/purchased goodwill. Thus in accounting, the purchased goodwill is shown on B/S and not the internally acquired. What are time sheets? How are they maintained? Timesheet is an approved document by an Authorized person of the particular Project where employee is working, for the work done by the concerned employee/consultant along with the description of work done. Time sheet contains the Billable/Non-Billable hours. Based on the Timesheet the Company will raise the invoice, for the consulting services provided by its employee, on the end-client. What is mean by Working Capital? Working capital is a fund, which is used to run the organization for minimum actions. The capital which is used for day to day business activities is called working capital. Working capital means the difference of Current assets and current liabilities of a concern. It indicates the amount which can meet the enterprise's expenses for a period of time without an additional borrowing.

Working capital is a capital which indicates that the concern has sufficient current assests more than currnet liabilities and able to manage the current expenses without borrowings from outside What is shadow balance? Shadow Balance in bank accounts is the balance unto which the subsequent debits can be posted. Shadow Balance = Book Balance - Debit (yet to be authorized for posting). Example: Book balance is 1000. There is a debit of 500. The debit is posted in the system and is sent for authorization. Now the Account shows a Shadow Balance of 500. What is meant by turnover? The turnover refers to the sales volume for a specific period like quarterly, semi annually or annually. It can be measured with sales volume figure or no. of days taken. What is meant by calendar maintenance? Calendar maintenance means update the sales, purchase and accounts records. Simply meaning is maintaining the records monthly, quarterly, half-yearly, and yearly. What is meant by daily accrual and booking? Meaning of Accrual: Revenues and costs are accrued (gathered), that is recognized as they are earned or incurred (and not as money is received or paid) and recorded in the financial statements of the periods to which they relate. Accrual basis of accounting is one of the fundamental accounting assumptions underlying the preparation and presentation of financial statements What is an operative accounts? Operative Accounts means Account is running/operating regularly, transaction is running from the account (debit/credit and deposit/withdrawal from account) this is known as Operative Account. What is balance sheet and off balance sheet? Balance sheet is a statement which consists if asset and liabilities balance sheet is not called as account .their are 2 columns in balance sheet left hand side is called liabilities and right hand side is called asset. What is customer account? Debtors account and bills receivable account are theoretically same. Both are called as receivables. When we sold goods to debtors account is debited. If we

receive a bill from that debtor, we open bills receivable account by closing that debtor account. Thus, bills receivable account is nothing but debtor account. If the bill is dishonored on the due date, we again debit the debtor account in our books. For information and accounting purpose, we use both debtor account and bills receivable account. What is retail banking? Retail banking refers to the banking done with the retail client (e.g. the normal people) rather than business or organizational customers. Retail banking refers to that type of banking where individual customers are offered a variety of service products under one single roof. It is therefore called mass market banking as it covers a vase number of customers having different requirements. The product services may be made available both physically, through its many branches or through technology driven electronic off-site delivery channels like, mobile banking, internet banking, ATMs, etc. M.J. SUBRAMANYAM, BANGALORE What is the difference between personal account real account and nominal account? The total business transactions are divided in to three They are Transactions related to persons, Transactions related to Things, Transactions related to incomes & expenditures. In accountancy we have three types of accounts they are - personal, real, nominal Personal accounts refers to all the transactions related to natural persons, artificial persons and representative persons ex:rama, ravi, Indian bank, outstanding rent. ,. First category of transactions belongs to personal accounts RULE: debit the receiver and credit the giver Real accounts include things in the business i.e. assets. Second category of transactions related to Real accounts ex: buildings, machinery, cash etc. RULE: Debit what comes in and credit what goes out Nominal accounts includes all the transactions related to expenditures, incomes, losses, and profits. Ex: - rent paid, rent received, bad debts, profit on sale of an asset. RULE: Debit all expenses and losses and credit all incomes and profits What is meant by partitioning? Partitioning is nothing but grouping based on the cluster, which is similar kind of response by a system. What are trade bills?

Every transaction must be supported by any document. A trade bill is a supporting document of business activities like purchases, sales, receipts, payments etc.. Trade bills are the evidence of such transaction like purchases and sales of the bussiness organisation.with trade bills every transaction is to be legal and you can claim. What is Letter of Credit? LC (Letter of Credit) is a set of documents which are very essential for goods being transported from one country to another. This set includes that of invoices, shipping documents, guarantees and others. What are the four classifications of Bad and Doubtful Debts as per the context of the Bank? Assets in Banks are Loans and Advances given to borrowers. These Assets are divided into 4 categories. They are 1. Standard Assets: These accounts are good and the borrower is repaying the loan as per stipulation and the security extended in good. 2. Substandard Asset: These accounts are good as per the security extended is good but the loans repayment is not up to the mark. 3. Doubtful Asset: These accounts have both the security as well the repayment stipulation in irregular method. 4. Bad Asset: These accounts are where the repayment is not forthcoming and the security extended becomes bad. What is a Comprehensive Income? Items GAAP does not want us to record in Income Statement. GAAP does not want financial statements provider to mislead users. Ex. items will record in comprehensive income are Unrealized gain or loss on available-for-sales securities; Unrecognized net gain or loss; Unrecognized prior service cost (credit); Unrecognized net gain or loss. What is the difference between provision and reverse? Provisions are created in books as they are anticipated. Example: provision for depreciation Reserves are created in books as a part of profits, which might used to purchase assets or to declare dividends. In simple, provision is a charge against the profit whereas reserve is an appropriation of profit.

provision is made against certain future liability Ex: provision for depreciation. reserve is made out of companies profit to meet uncertain liability in future. What is an adjusting journal entry? Adjusting entries are those entries that passed to rectify an error or wrong entry already made some accounting soft wares have disabled edit function in the accounts, so the only way to undo the mistake is to pass a correction entry or adjusting entry. What is service tax? When any employer provides any service to his customer, which income is excess under the tax then company liable for the pay tax. Service tax charged at rate 12 %( India) + 3% E.Cess & H. & E.Cess =12.36% In addition, service tax deposited of in under 5 days who you charged service tax to his customers. In the payment of Service tax amount you can Credit availed during of the month. Moreover, if any company purchased of any item that has Excise duty & E.Cess with E.Cess then you can credit availed when you received excise form to your seller. Can I take service tax on freight outward? Yes, you can take tax on freight outward. Because you are paid freight inclusive of service, tax so you can full credit availed on any expenditure where you paying service tax amount. What are the golden rules of accounting? PersonalDebit the receiver Credit the Giver RealDebit what comes in Credit what goes out Nominal-

Debit all expenses and losses Credit all income and gains What is the TDS effect in balance sheet if TDS receipts? In Assets Side: Advance In-Come-Tax A/c Dr with TDS received Amount and Party A/c Cr with TDS received Amount Where should TDS received should show in balance sheet? Assets Side: Advance In-Come Tax Ledger in current year. it should be shown under the head current asset on the asset side of balancesheet What is Liability liability is an obligation to the organization What are GAAP? Financial Accounting is governed by rules or guidelines collectively know as generally accepted accounting principles

The following is the process for TDS in SAP.

Step 1: Updating of TDS codes in vendor master (T-Code FK02)

Step 2: Mention tax codes in transactions of advance payments (T-Code F-48)/ invoice booking (in T-Code FB60/MIR0/MIR7)

Step 3:

Following accounting entries get posted: In transactions of advance payments: Vendor A/c u2026 Bank A/c u2026 TDS Payable u2026 Ecess Payable u2026 Cr Cr Cr Dr

In transactions of invoice booking: Expenses A/c/ GRIR A/c u2026 Vendor A/c u2026 TDS Payable u2026 Ecess Payable u2026 Cr Cr Cr Dr

Step 4: At month end, we will have to post the Challan through T-Code J1INCHLN. This will transfer the amount to a TDS Clearing A/c Accounting entry: TDS Payable u2026 Ecess Payable u2026 TDS Clearing A/c u2026 Dr Cr Dr

Step 5: The amount in the TDS clearing account will be transferred to Income Tax Authority Vendor through T-Code F-04 Accounting Entry: TDS Clearing A/c u2026 Income Tax Authority Vendor Cr Dr

Step 6: Accounts dept will make the payment to Income Tax Authority Vendor through TCode F-53 and print the cheque through T-Code FBZ5

Step 7: The cheque is then deposited in a bank along with a tax Challan. The banks receive the same and gives a Challan number.

Step 8: The Challan number given by the bank will be updated in the system through TCode J1INBANK

Step 9: Periodically TDS Certificates will be printed vendor wise through T-Code J1INCERT

Prerequisites:

1. 2. 3. 4. 5. 6. 7. 8. 1 2 3

Vendor/Employee Master Tax Type Tax Code Recipient Type Section Code Vendor number for INCOME TAX AUTHORITY Number Ranges for Challan Number Ranges for Certificate Update vendor master with tds code mentione tax code at the time of transaction advance payment advance ki journal entry Vendor a/c Dr. To bank a/c cr. To TDS cr. To ecess cr. Journal entry at the time of invoice booking Expense a/c/GR/IR a/c Dr. To vendor a/c cr. To TDS cr. To ecess a/c cr. At the month end we post the challan in sap via J1INCHLN this will transfer tds to TDS clearing a/c TDS payable a/c Dr. TDS ecss Payable a/c Dr. To TDS clearing a/c Cr. the amt in the tds clearing a/c will be transfe to Income tax authority vendor via f-04 TDS clearing a/c dr.

To Income tax Audthority vendor a/c cr. 6 Now a/c deptt will make the payment to income tax authority vendor a/c f53 and print the chq via FBZ5 7 Now the chq will be deposited in bank alongwith the Tax challan. Bank will deposit the same and give the challan number. 8 the challan number will be posted in SAP Via j1INBANK 9 Periodically we will print the challan with tcode J1INCERT of Indivvidual vendors.

Company turnover business 60 lakh PA tds reegisterkarna jaroori Professional Turnover 15 lakh PA tds Returna vendor or employees Contarctor 10 Current liabilities Dvat 5% exemptionreturn and tax Fortotal 55 forms electronics form f stock register manufacturing input & output vat monthly 5 crore monthlydeposit 21 28 central excise service input rate