Interest on unsecured loan
Can we due interest on unsecured loan to a company director in a Pvt. Ltd. Co.
and what rate ?
Pvt placement of ncds
kinldy describe the process of Pvt placement of NCDs.
Excise duty
IS EXCISE IS BENEFITIAL FOR A BUYER OR SELLER, let me tell whether excise duty is beneficial for a purchaser or not.
Exceptional & extra ordinery
Exact difference between exceptioanl & Extra ordinary items?
Accounts
Hello,
profit earned should be added to cash while calculating net current assets???
Thanks
Live stock
suppose i purchased a dog worth rs 5000 for security of my business.how should i account for it?
Discount
what would be the accounting treatment for the quantity discount i received on purchase of goods.
Bank account
Please gide me about npa in banks and their provising norms and what about their interest part.
Valuation of closing stock on "market price"
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
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