Dear Experts and Professionals

One of my friend father who is having DAAL MILL manufacturing & processing of DAAL. The stock (F.G.S) of which is valued on "MARKET PRICE" basis.

Is it correct to value the same on Market Price basis? As-2 suggest to value Clo. Stock of F.G.S on Cost or M.P which ever is lower.

When i pointed out about deviation from AS-2, he invite my attention that he is valuing Clo. Stk. on M.P (which is higher then the cost price) and the A.O does not have any objection in accepting higher stock.

Further the auditor also reported in audit report that the valuation at Market Price is in line with Sec.145(A) of I.T Act 1961.


Please suggest me the correct treatment. Also clarify what are the possible outcome is valuation at M.P is adopted.

thanking you

purchase of toner cartridge should be shown
under fixed assets or show as computer exps in profit & loss a/c.

Hi.

I wanted to know if a company has a debtors balance of 3.5 cr and creditors balance is 1.7 cr. The company has stopped it's main activity of exports due to pending dept. Cases and litigations...instead is renting out it's factory for rent..

No claim from debtors is being made by the company nor there is any creditors claim..

How to treat the same in accounts....?

how many depreciation charge on cc tv camera. which is fixed in store. the amount of 24000.

Dear All,
Gd Morng..

I have an one doubt regarding the accounting entry, the case is as follow,

In the income tax survey in manufacturing concern.. they have found followings:-
1. unexplained cash found Rs. 9,50,000/-
2. Under valuation of Finished good closing stock Rs. 1,50,000/-

My query is what is the accounting treatment for above two cases..

Waiting for reply..
Regards

Hi,

In one T?B which I am finalizing now; there are lot of sundry debtors accounts with credit balances [ reason includes- giving discounts, excess payments etc.] there is a rare possibility that we will call and pay back the same to sundry debtors.

What is the recommended accounting treatment ?
Is there any 3 year criteria involved?
Any AS deals with this?

Ours is a listed company.

Shall I credit the said credit balances to P&L ?

Reagards
anil.india

according to new amendments preference shareholder are to be treted as long term loans?

1) what is deffered tax liability and its accounting treatment?
2) if a question says that a certain amount of deffered tax liability is transfer to provision for taxation. can you tell me what does that mean?

Can you tell me the accounting treatment of accumulated depreciation and also what is the treatment when a asset is sold where asset account and accumulated depreciation account is separately maintained.

Dear Experts,
Kindly Let me know where to put Selling Expenditure Amount in revised Schedule VI