My boss have old TV and telephone instruments,which were shown in fixed assets.The TV was damaged and sold for Rs.5000/- the asset value was Rs.54000/- after depreciation.And also Telphone instruments were sold very old and sold in as scrap.The asset value was Rs.94000/-and he got Rs.20000/- as scrap value.
What is the entry to be passed in his books of accounts.
Please reply back immediately.

Sir,
Annual Fire Insurance premium of Rs 6000 was paid every year on 1st August, for the renewal of the policy. My Accounting Year Starts from 1st April,2010 to 31st march,2011.
what will be the treatment for the above in Profit & Loss A\C & Balance Sheet?

Sir/Madam,

Generally I have seen that interest is payable @ 12% on o/s balance in Unsecured Loans.

On of the party is crediting unsecured loan a/c instead of interest payable a/c by debiting interest exp. a/c for making provision for payment of interest on 31-03-2011.
And paying this interest amount in sep. 2011.
Now while calculating the interest for 31-03-2012. they also calculating the interest on interest payable o/s till sep. 2011.

Hence I want to know whether the procedure is correct, can the party also pay the interest on o/s including interest of last year upto the date of its payment.

i have one question regarding telephone bill for the month of march 12 and if telephone company raise the bill in 1st of april 2012 in which f.y year we will book the bill

Respected Sirs,
Kindly advice me with proper justification.
Our co.(PVT. Ltd.) Has given an order to print letter head, visiting card and other company register etc. to a vendor. The said vendor raise their invoice by charging applicable vat at the time of supply of above materials. Are we liable to deduct TDS under under TDS on contract job.

Thanks & Rgds
Sandeep Jha

sir this is vishnu i hv a doubt, in as
7 it is said that for identifying
incentives income iT is placing
following condition 1 contract
should be in reasonably advance
stage
2 probablity of meeting
performance standards should be
more
3 incentive should be measured
my doubt is,is it voilating
prudence concept
because here we are identifying revenue and recognising -based on percentage of completion method
for anticipated future inflow

Respected Members,

My aseesee has purchased an accounting Software in year 2011-12 for Rs. 80000/-. Can he Charge it as the revenue Expenditure? and can you please give me the reason for such treatment.

shyamsingh d rajput

Dear sir,

My query is can i file Form one singel form of 26Q for all four quarter. Is it possible or i have to file 26Q saperately for each quarter.

its urgent.

Dear all,

Please Resolve my Query, Why we fill revenue stamp for Cash Payment Voucher.

Which expenses need to be capitalized? We all know that when a computer is purchased it is a capital expenditure and not a revenue exp. But if we purchase a keyboard or a mouse, should it also be capitalized or can be booked as revenue exp. as it costs very less. What is the basis of treating any expenditure as revenue or capital? Please guide.