Hello everyone,

suppose i purchased a flat at 15 lacs and i have paid stamp duty and registration charges. but i have made payment of only 5 lacs to the transferor and still 10 lacs is pending.

i have shown rs.5,00,000 as advance against flat. but other senior CAs has told me to show flat in the b/s @15 lacs and 10 lacs as loan in the liability side .

waiting for your reply.

Dear All

We are purchase a D.G. Set from M&M in December 2011 and made the payment after one we reliased that it is out of work and we complaint the M&M, and return the DG set to M&M under Warranty and now they made the payment back to us. I would to know the accounting entries for all that please help me.

thanks in advance
Deepak Gupta

the purchase order is prepared but the bill is not available as on 31st March'12. whether provision has to be created for the aforementioned amount. such PO is towards purchase of Computer Equipment out of the fund sanctioned by AICTE towards MODROB Grant and the amount of PO is Rs. 788000/-.

how to handle capital account when ur finalising accounts.

CAN ANYBODY PLEASE TELL ME ABOUT

HOW CAN I CHANGE THE METHOD OF ACCOUNTING FROM CASH BASIS TO ACCRUAL BASIS. AND WHAT WILL BE EFFECT OF PROFIT & LOSS ARISING FROM SUCH CHANGE IN METHOD AND HOW DO WE TREAT THIS PROFIT OR LOSS FOR TAXATION PURPOSE.


QUICK REPLY IS HIGHLY APPRECIATED
THANKS IN ADVANCE .

A non working company purchased fixed assets(DG Set) 4years before. It is not charging depriciation on it. It has only interest and rental income.
Should it charge depriciation on fixed asset 'due to passage of time' as per AS6..???

sir,
I have a query regarding foreign exchange difference to be charged in profit and loss account.

Example:
a company is purchasing goods from local as well as from foreign countries.
suppose a company have purchased goods from Malaysia purchase invoice - 80000$
advance payment 30% - 24000 @ 45.99 rs 1103760
balance payment 70% - 56000 @ 46.59 rs 2609040
rate of $ 45.99 and 46.99 are as per bank advice provided by bank during payment.

1) company is recording the transaction by using 46.59 rs per $ rate for full bill. I.e 80000 @ 46.59 rs per $(80000 @ 46.59 = 3727200)(3727200-1103760-2609040 = 14400 charging toward foreign exchange difference in books of accounts
or taking an average of both the rates (45.99+46.59/2)for recording purchase in books of accounts


Question:
what would be the actual policy followed by company in the above case?

Where to show Provisions for tax of 2005-06 & 2007-08 under new format

When a CWIP has to be capitalised as fixed asset,
when it is put to use or ready to use ?

Is it written anywhere in our AS or any where else?
Is there any guidelines for this ?

According to me it should be capitalised when it is ready to use, but I don't have any proof to stand my opinion.

sir

A manufacturer’s classifications are raw materials,work in process and finished goods.how i will maintain this a/c as of 31/12/12 (ie which are the amounts i have to transfer to this a/c(work in process,finished goods)we are doing a concrete supply business.