Experts Query Daily Digest : 05 July 2008

Accounts

whether capital profit or revenue profit ? - by amit kumar
I want to know the answer for the following question

Suppose 1 machinery amounting to rs. 100000 has been purchased on 01.01.2002 and the W.D.V of the machinery on 31.03.2008 is Rs. 40000 and now this machinery is being sold for Rs. 150000.

Someone says that Rs. 50000 is a capital profit and Rs. 60000 is revenue profit whereas sopmeone contends that Rs. 110000 is a revenue profit . the clarification given by them is that nothing has beemn specified in As-10 that there is capital profit above the historical cost . however one of the expert said that it has also been held by the institute in the journal of june 2000.(copy of journal is not available to me so i am not able to verify the same)
Managing "DSO" - by Anil
A job advertisment for the post of CFO says he should manage DSO( Days Payables Outstanding ).

My question is:

What does managing DSO involve? Is it any different from looking after the payables of the company?

Thanks.
Letter of Credit - by Anil
Please let me know:

When Letter of credit is opened in favour of Seller by the company

1) what accounting entry needs to be passed?

2)What disclosures are to be made in notes to accounts?

Please answer questionwise.Thanks.
Bank Guarantee - by Anil
Please let me know:

When Bank Guarantee is given on companies' behalf

1) what accounting entry needs to be passed?

2)What disclosures are to be made in notes to accounts?

Please answer questionwise.Thanks.

Audit

audit program of fixed assets - by Bikram Shakya
I would like know how to draft an effective audit program of fixed assets of a textile company?

Income Tax

investment criteria under Sec 11 for Charitable Trust - by venkat
whether to include investment amount redeemed to be considered fresh income receipt

VAT

Octroi Should be apply before VAT or after Vat - by hatim
i am working in a glass manufacturing co. i want to know that octroi should be charged before VAT or after VAT ? i am waiting for your reply

Service Tax

Guidance Note on Service Tax - by Neelkanth
Can any body help on Guidance note on Accounting for Service TAx

Corporate Law

clsp finals - by Arif A. Dadani
do n e 1 ve clsp super summary
ltd & pvt. ltd - by ravi
hello,

can any one tell me what is the difference between limited co. & pvt. ltd company.

CA Students

Articles - CA - by vikram
Hi friends

IS there any duties of C A towards Article student specified by icai

if yes send the related document to my mail id
vickyv6@gmail.com

thank you
Vikram.R
Components of Training During PCC - by Chandraksh
Dear Sir,
Please tell me what are the parts of training during the first year of training as i am residing in a small district and i want to conform that what i am learning here from my principal and what should be my task.
please help me.

Thank you Sir

Chandraksh
(PCC Student)

Others

Company Secretary - by Bijoy Alex
Do anyone have CS EX Prog ( Inter ) Previous Years Questions & Answers in DF
elegibility for appear PE-2 exam - by naresh
I REGISTERED AS STUDENT FOR ERSTWHILE INTERMEDIATE COURSE WAY BACK IN 1985. NOW WITH EXTENDED DEAD LINE FOR PE-2 TILL MAY 2009, CAN I APPEAR FOR THE SAME. THOUGH I PAID FEES FOR APPEARING IN BETWEEN BUT I NEVER ATTENDED THE EXAM. KINDLY TREAT THIS AS URGENT AND ADVICE ME.

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