The Trust does not have ownership of Land. It belongs to another trust. But the Trust has spent Lacs of Rupees on Consruction on that Land. Amount spent on construction over that land is shown as revenue expenditure.
My question is what is the duty of Chartered Accountant in such a case. How to acount for such expenditure.

Let me explain my understanding of a situation of importing and its AS - 11 implications:
1. The party has to pay the supplier in advance and this will be valued as per the exchange rate on which the payment has been made from the bank. for eg: paid Rs. 1,00,000.00 in advance to China
2. When the goods are imported the purchase has to be accounted on the basis of customs valuation. for eg: the customs valuation of the goods came to Rs. 95,000.00 only
3. The balance Rs. 5,000.00 is accounted in Foreign Exchange Loss and this A/c will be shown in the debit side of P&L A/c.
Now am i right in the above mentioned accounting entries?
Also, while preparing costing records, which amount should i take as purchase cost ? Rs. 1,00,000.00 or Rs. 95,000.00?

One of my client is a sub contractor. on completion of sub contract work, he receiveds only 80% bill out of 100% bill. What is a/c tretement & income tax position.

Sir

I have made a provision of gratuity in the Balance Sheet 2009-10 but during 2010-11 some employees left the job without completing 5 years so that their amount will be reverse while calculating the gratuity provision for the year 2010-11.

Pls. advise

Thanks

My company is in its first year of business.so it has shown profit as per accounts but as per income tax its still in loss. so my question is whether i need to consider the loss for deffer tax calculation ??...

Format for MIS reports

Can you pls clear my doubt as below?

I am having some packing material in my closing stock which values rs.10000 (1000nos @rs.10/- each)

Since these packing materials are not in good condition, I would like to scrape it and sell it in local market for Rs 4000/- (1000 nos @Rs.4/- each)

Now, my doubt is whether I have to make the provision for the unrealized money of Rs.6000/- in my book.

Is it compulsory to provide as per AS?

Hi, Could any one answer on if I have constructed Building / made a road on lease land. The lease is for 20 years and has renewable clause. Should I charged building, roads at 20 years. If yes than what happens if I renew lease since by that time, Building and Road would be fully depriciated.

Dear Sir,

i compare trail balance closing bal.31-03-11 and 1-4-11 opening bal. match.

i have doubt what item will come April opening bal.
direct and indirect expenses bal. is come under Profit and Loss account.

what item we transfer into new year opening trail balance.

Thanks

sir/maam could u plzz tell meanswer for this

on retirement of a partner, a machinery having the book value Rs 120000 is appriciated by 10 % then what would be its entry

thanks in advance