One of client being a Partnership Firm engaged in manufacturing activities.
Last year the firm was covered under Tax Audit.During the year under audit certain funds transfers were observed between client and associate concern & the credit balance at year end we have shown the same as unsecured Loan from Associate Concern as interest free and accordingly we have finalized the Audit Report & Final Accounts.

Now during the F.Y.2011-12 our client has also sold goods to the said concern & considered the said Account as mix account in books i.e. both unsecured Loan & Goods Account.However when I scrutinized the books i have segregated the same in two accounts i.e. one as unsecured Loan & Debtors Account.

Now query is whether credit balance in Unsecured Loan Account & Debit Balance in Debtors Account at year end can be transferred to each other to square both the accounts or not by way of JV.

Whether any restriction for such transactions in books from Tax point of view/accounting concept of view.

what is entery for professional tax in tally

what is entery for service tax in tally

what is entery for ESI in tally

IF we have purchased land for office use like Warehouse then it is aaplicable or not if aaplicable then how much is aaplicable ?

how to finalisation of mufacturing co kindly provide full details how to pick data from tally to finalisation eagerly waiting for ur reply

hi,

at the time of investment, when only initial outflow is confirmed and there is rough idea of annual expenses but NO idea of return, how can ROI be computed?

e.g. Initial outflow : 15 lacs

expenses = approx 80000 pm

inflow = not known (could be known only after commencing business)

compute the Expected ROI.

CLASSIFICATION OF ASSETS

STANDARD
FOR NPA PROVISION
FOR SUB STANDARD PROVISION THE STANDARD LOAN SHOULD BE OVERDUE FOR SIX MONTHS AND REMAIN 18 MONTHS

EXAMPLE:
(CONDITION : FROM SEPTMEBER 2010 ONWARDS NO EMI RECIVED)
IF THE LOAN BECOMES NPA IN SEPT 2010 AND IN MARCH 2011(BECAUSE AS PER NORMS 6 MONTHS OVERDUE) CLASSIFIED AS SUB STANDARD AND IN MARCH 2012 WHETHER ITS COMES UNDER SUB STANDARD OR DOUBTFUL(BECAUSE IT IS 6 + 12 MONTHS) = 18 MONTHS

WHETHER ITS SUB STANDARD OR DOUBTFUL IN 2012
ANSWER ITS URGENT

please tell me in cashflow statement inome before change in working capital should include increase or decrease in short or lonng capital or not

Sir,
A compound wall constructed by a company in its own land and shown seperately in the books as compound wall and capitalized the same.
Can i direct them to add the expenses incured for the construction of compound wall to the cost of land?