Hi,

Can anybody advice me how to account the intangible asset (know-how) in the book of accounts for a company. If know-how is treated as Fixed asset, what is the rate of depreciation under Companies Act and Income Tax Act.

how to make account entry of following transaction:
1-Ms Kapoor raised an invoice for Rs 50000 on Media live production for services provoded.the terms of credit are 30 days.
2-MediaLive Production settled the bill for a final amount of Rs48000 by paying Rs20000 in cash and Rs28000 by Cheque.

I had replied the Question 2 for Financial reporting question paper for May 2011 exam as per the method given in Paduka's text books.

Please let me know whether the same is correct or not with reference to suggested answers published by the Institute. The total of the balance sheet is the same in both the method.

Kindly clarify. Please do me the needful at your earliest.

How the interest on Bank overdraft is calculated plz share your valuable views or give me calculation sheet?
Also i want to know what is meant by the term Value Date in context of banking transactions?
I have approached bank and they explained suppose u hv deposited a chq of Rs.50000/- on 10.12.11 and it is cleared on 12.12.11 then 12.12.11 is the value date and in our statement we consider this Rs.50000 on 10.12.11 statement are not as per value date.
Now my further q.is in our books we consider 10.12.11 and increase our bank balance and bank also consider the same date to give the statement then what is the relevance of bank reconcilation statement in this case there should nt b any difference due to chq deposited but nt yet cleared as in the statement and our buks 50000 has been considered on the same date?

First of all i am thanking to mr. navin jain for his continuous responses for my queries. As he told, Advance for capital assets should be accounted for as CWIP, But my query is the same can be shown as current asset?

Hi freinds,

recently i was appointed as manager in a construction company which build flats and villas. i am new to this industry. previously i worked in mfg industry. May i know pecularities in construction industry, ie. revenue recognition, WIP, etc.

Thanks in advance.

when i pass debit note entry in tally then the same is not reflected in the party ledger account.

for eg. purchase dr 100000
to Mr. X 100000

debit note entry

Mr. X Dr 10000
To Purchase a/c 10000

rs. 10000 is not reflected in Mr. X a/c

help please.

1)loss of stock by fire- Rs.500
2)Stock covered by an insurance policy- Rs. 800
3) Claim admitted -Rs. 210

please give journal entry of the above query.

ABC Ltd. is 100% holding company of XYZ Pvt. Ltd. XYZ Ltd has valued its brand at a valuation of Rs. 20.00Crores and set off accumulated losses to an extent of Rs. 8.00Crores by the same. As per AS 26, accounting for the value of Brands (slf generated brands) is not allowed, is there any exception to this. Is the company having any scope to justify the treatment?
Ques. 1. - Is the treatment of writing off accumulated losses correct?
Ques. 2. - Who is authorised to value the Brand, as an auditor, are we required to take the help of an expert to get the correct valuation or the amount as arrived by using Potential Earning Model and certified by the management is acceptable. Who is authorised to do brand valuation in our country.
Ques. 3 - In case of Unlisted Public companies, the swap ratio arrived by the management of both the companies can be accepted, or is there any kind of regulation, that restricts the companies to do so. Can we blindly rely and accept the swap ratio as agreed between the companies or it has to be certified by a competent/ authorised person.

hello everyone,

i m not able to enter closing stock figure in tally.

plese let me how to do the same.
waiting for ur reply urgenlty.
thanks in advance.