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ARUN KUMAR MAITRA's Expert Profile

Queries Replied : 110

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Member,Inst. of Chartered Accountants of India Member,Inst. of Company Secretaries of India; Member,Bar Council of West Bengal, Ex. Vice-Chairman,Durgapore Chapter of the I.C.A.I. Included in the panel of Experts of CA Club India and AllExperts; Ex. Faculty ,I.C.S.I (E.I.R.C.) Kolkata as well as I.C.W.A of India (E.I.R.C.) Kolkata. Retd. Company Secy. & G.M.(Law), National Fertilizers Ltd. (A Mini-Ratna Central PSU),New Delhi.Have more than 40 years experience to deal with Corporate Laws.Presently Practicing Company Secretary, Kolkata.

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kfgfgdfgffdfd says : sir please reply
rm purchase-rs 1000(20 kgs) vat-rs 4 other expenses-rs 5 total-rs 1009 Q1) i presume that the below mentioned journal entries for vat purchases eligible for input credit are to be passed (using figures mentioned above ) purchase dr 1005 vat recevbl dr 4 party cr 1009 vat adjustment entry is vat payabl dr vat recevbl cr unadjusted vat recevbl amount will remain as dr balance in vat recevbl a/c and will be shown in asset side OF BALANCE SHEET .Am i correct? xxxxxxxxxxxxxxxxxxxxxxx Q2)what about cst purchases? (using figures mentioned above ) is the rm price 1009 in case cst is rs 4 and are following journal entries right purchase dr 1009 party cr 1009 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Q3)the accounting policy for 2012-13 is closing stock value of raw material= cost price or market price whichever is is lower 31/03/13- 500 kgs for which costprice is 108 and market price is 100 therefore closing stock value is 500 x 100 = 50000 as on 31/03/13 closing stock of 2012-13 is opening stock of 2013-14 so which of the following is correct working 1 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 consump 500 kgs rs 54000 (108 rs (cp as given above) x 500 kgs) clsng stoc 100 kgs rs 6000 or working 2 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 consump 500 kgs rs 54000 (100 rs (mp as given above) x 500 kgs) clsng stoc 100 kgs rs 10000 ASSUMING ONLY THE OPENING STOCK IS CONSUMED IN THAT MONTH AND NOT THE GOODS PURCHASED DURING THAT MONTH.Which rate is to be applied to determine the value of consumption -opening stock rate or actual cost price?

Mukesh Samantaray says : company VScorporation
Hi, Sir i have read your post regarding the corporation definition but i think it is a copy paste only. please elaborate the same.