MOHIT LIQUORS (AUDIT)

MOHIT LIQUORS (AUDIT)A.Y. 2015-16

1) Receipt of advertisement expenses incurred not presented._____________________________________________________________

2) Insurance expenses are not apportioned, Secondly few receipts not presented._____________________________________________________________

3) Interest on late payment of TDS to be traf. to Misc. exp. _____________________________________________________________

4) Explanation required of TDS calculation of Vijay Sedana & Mahesh Chabria, Since TDS has been deducted at higher rates (ie 10% of commission) as per observation but however it should be deducted u/s 192 by computing.__________________________________________________________________________________________________________________________

5) Anil Karrira being the salesman in Mohit Liquor (as per observation) but no salary,commission or profit in lieu of salary is being reflected in Books of Accounts.__________________________________________________________________________________________________________________________

6) Electricity expenses of period (14/10/14 14/11/14) not provided in Books of Accounts._____________________________________________________________

7) Franking of Rs. 120000/- entered twice in year but for what?? Explanation and slip for the same required._____________________________________________________________

8) Franking fees paid amounting Rs.2490/- (3 receipts) available but not recorded in Books of Accounts._____________________________________________________________

9) Bills for fees paid to CKH & Associates amounting Rs.6934/- & SC Mamalankar amounting Rs.6700/- _____________________________________________________________

10) Bills/Slips of Grocery market amounting Rs. 98749 for June 2014 & Rs.101668/- for August 2014 not provided in Books of accounts._____________________________________________________________

11) Legal Fees payable (ledger ) doesnt give a clear picture, To know exact how much is outstanding till date? If only 20000/- as per the provision of AY 2015-16 then remaining should be reversed._____________________________________________________________

12) Vouchers of Motor car expenses need to be shown since if paid to 1 person TDS u/s 194C attracts & if paid to multiple service providers then to be proved._____________________________________________________________

13) Purchase from Reema Agency considered as Sales promotion amounting 3254994/-, however question arises that how sales can be promoted by giving cosmetics products with country liquor.Also it is noted that new year is peak business season in which sales promotion expenses need not to be incurred. Generally Sales promotion needed to incurred in month of March which is generally off season _______________________________________________________________________________________________________________________________________________________________________________________ 14) Rs.1445109/- treated as stock in Sales Promotion. How come huge stocking is done of stock items which are not traded in ordinary course of business? _____________________________________________________________

15) TCS dues & TCS should be combined to one ledger similarly for Tds._____________________________________________________________

16) What is difference between Vehicle expenses and motor car expenses?? If vehicle expenses are expenses on transport vehicles how they are not incurred by transporter and incurred by Mohit Liquor?? Explanation required._____________________________________________________________

17)

3CONDUCTED BY GHP & ASSOCIATES (BALDEVSINGH & MINAAL)