My client handles many civil projects which contains phase wise payments from the customers/contractee as below :

10% advance against submission of Engineering drawings

70% against completion of phase 1

Balance 20% on completion of phase II and erection and commissioning.

My query is when the client receives an advance against submission of engineering drawings, can the client not raise a sales invoice for 10% of the project value, as it has rendered a professional service by preparing and sumbitting engineering drawings.

If I don't invoice, the advance receipt is shown in the balance sheet under current liability, whereas this is not due since I have rendered a service to that extent.

What is the difference in exceptional & extra ordinary items in the context of revised schedule VI

wat r the heads of tangible n intangible assets as per schedule vi of co act n their respective depreciation rates..pls suggest

If a party includes services tax on membership fees, is tds applicable for that exp or not....

We authorized dealer of car. We purchase a demo car and treated as a purchase and also show in VAT return as a purchase in Jun-2010. Now we want to capitalize this car to Fixed Asset but now confusion is that which account should be credited to transfer to FA. should i credit ledger of purchase to decrease the purchase.
What is the affect in Vat return by doing this. Please give the proper guidance.

difference b/w cost center and profit center ? plz explain with example

I am a Practising Chartered Accountant.

Which is the Best Book to Study IFRS / IND AS and what would be its approximate cost.

Thanks in Advance.

Dear sir/madam,

I want to know that if a person gets a salary of RS.6500.00 per month and he gets weekly off of 4/5 days according to month in a month.How the wages per day calculated ?
Is the gross salary (Basic + D.A.)is divided by 30 or 31 days ? Or is it divided by the days after lessing the weekly off days ?

Kindly suggest and oblige.

Sir,

We have incurred number of expenses(building materials and labour) for the purpose of temporary site office for housing development project going on.

We have transfered all such expenses to one account named Site office expenses.

What is the right procedure to claim the expenses of depreciation on such building.

whether each such expenditure is to be depreciated seprately or a cut off date be taken on which building is ready for the date from which depreciation is required to be calculated??

Sir,

We are a builder developing a group housing project.

Plz tell us the accounting of expenses for example advertising expenses etc incurred for the purpose of developing of flats for subsequent sale.

Can we transfer such expenses to WIP account (Project Cost account) and what shall be the head of such account?