Dear Experts,

We are Pvt Ltd Co.
When we reconciled the EPF for last FY, it has been noted that the company has paid in excess for the month of nov 11.

Kindly advice me as to can we adjust the excess payment in the current month payment to PF department.

Kindly let me know how to rectify this.

if a car is sold purchased 4 years ago is sold for rs 180000.and loss on sale of asset is 20000.how we trea it as per company act in preparing depreciation schedule as per company act.how mch to be deductd from from gross block,wdv or original value or sale value

Dear Sir/ Ma'am,

Can you please explain the difference between loans & advances in Asset side?

also what does Loans in Liability side refer to? (kindly explain)..

I would b really obliged if you can answer me these questions. Also if you can let me know what book should I purchase if i want to get all these info from? I have forgotten Accounts a bit so need to brush up..

A Pvt ltd co has no business from last 3 years and showing depreciation & audit fees provision as expense in P&L a/c.

My question is whether provision for deferred tax shall be made or not.(for depreciation part- diff in dep as per income tax and dep as per companies a/c)

Computer is the only assets in Fixed assets.
In last year balance sheet the provision was made by the co and same was audited by the previous auditor without any comments/ remarks on deferred tax.

reply soon as we have to prepare balance
sheet as per revised schedule.

Basic Salary 4060
HRA 1624
incentive 200
Other All. 4466
Less
PF 487
ESIC 181
PT 150
salary payable 9532
__________________________________

Employer PF contribution 552
__(including PF, EDLI & adm. cha.)________________________________

In above situation what is the entry made in tally like JV and payment entry and under which head above all ledger comes like salary payable come under cur. lia.
pl. send me the total entries regarding above transaction.

Thanking You all my friends

There is a Company which is incorporated on Sept 2011, but there was no commercial production till 31st Macr,2012. So the expenses incurred, ie administrative and general expenses , wud be shown as pre-operative expenses & capitalised or will be charged to P&L ??
Also wud like to know wether P&L a/c will be prepared or Development of Expenses a/c ??
Also will depriciation be charged on other assets if they have been put to use ?

What is the accounting treatment of forward contracts entered for the purpose of Firm commitments and highly probable forecast transactions.
AS 30 is not applicable in this case and AS 11 does not prescribe the treatment of Firm commitments and highly probable forecast transactions.
so what accounting treatment will be done for this type of transactions ?

Why Pre-Acquisition Dividend is deducted from Amoun Invested while calculating Goodwill/ Capital Reserve on Cost of Control?

I am Jt President in textile company.

This year, we have expansion plan about 100 Cr and most of machines are imported.

In case of imported machines, we cover exchange immediately on finalisation of order / opening of L/C.

Machines will arrive in India after 8 months.

In this case, whether capitalisation will be done -

From exchange coverage rate at which bank will debit our account

or

Prevailing exchange rate at the time of arrival of machine.

If we have to capitalised from prevailing exchange rate -

1. What is the use of coverage of exchange
2. The difference between booking rate and prevailing rate has to be debited/ credited to regular PL account, whether this is correct ???

Yr views pl

I am working in flour mill,
we are purchasing wheat from other state suppose bill amount is 10000/- we are deducting the cash discount, net weight claim, rate diff, & bags weight claim is Rs. 300/- we are paying to party is 9700/-,
Now which amount should be taken as non creditable purchase & to which amount we have to issue form "c"?
kindly clarify. flour mill is at andhra pradesh.


Mallesh.