Dear Experts
Can you please explain the Concept of letter of credit and what are all the types of LC with explanation.

Thanks in advance.

please provide defination of capitalization.

and give an example of capitalization of capital goods.

Thanking you,

please define books of of accounts.

and what types of books make complete books of accounts.


Thanking you,

We are 100% EOU unit ,exporting duty free goods to overseas vendors.
Due to some reason a vendor did not accept 10% goods claiming short receive of goods & paid amount after deduction 10%.
so how we should account for this 10% of goods short recd by vendor.we can not show it as a return of goods because it creates duty liability on us ,moreever in realty we have not recd any goods.
so how to treat this in accounts?

Dear Sir/Madam,

Please guide me about my query that if any party those are not give us pending 'c' forms for the session 2007-08,2008-09,2009-10 & 2010-11 for sales against 'C' forms. At present what type of legal action we can take against those party. If you have any legal idea bout that then guide me.

Your advise is highly appreciable.

Best Regards,
Sanjiv Dhiman

Sir,
What's the appropriate way or rectification entry to be made for the error made in the previous year.
These are the original entries passed in the books of the company,

a)Expense booked in the previous year, [ie, on 31/03/11 (FY-2010-11)]
Expense A/c Dr 1104
To Party A/c 1104
[liability being booked in march(service tax wrongly included in expense)]

b)Payment made in April (FY-2011-12)
Party A/c Dr 1000
Service Tax A/c Dr 104
(paid on input services)
To Bank/Cash 1104
(payment made and service tax paid on input services booked)

is the following rectification entry apt?

Party A/c Dr 104
To Prior Period Expense 104
(rectification entry for the excess booking of expense and liability in the previous year)

Please do reply,,,

-Thanks & Regards

Hello !
I want to know how we calculate depreciation what's rules.For example I have machinery Rs. 100000/- between the year purchase machinery Rs. 5000/- on 10th December kindly advise for the same.
Regards
R.K.Saini

Please give the entire excel format of new schedule six...along with detailed schedules & groupings having hyperlinks....etc...

Dear Sir

Please define the Terms
1. Level I Company
2. Level II Company and
3. Level III Company

what is the difference between these company

Dear Experts,
The company in which i am put for the internal audit does export sales too.
They are eligible to get the export incentives as per the DGFT guidelines.

Suppose if they make export sales 100000
They are eligible for DEPB for 8000

They make an application to get that DEPB certificate amounting 8000.

Then they sell it to the outsiders for 7000. Sometimes it may be even less than 7000 say 6000.

1)Please tell me is there any instituite guidelines as per AS-9 (revenue recognition) or any other pronouncement on how to account this eligible DEPB of 8000. But the actual receipt is 7000 or 6000.

Thanking you,
With regards,
Rajesh.