When can a fund be shown in the balance sheet ? ? only when the asset related to the fund exist ? if money recd for meeting expense it cannot be shown in b/s as it is not for an asset? pls explain

In the books of a proprietorship company , it is shown under assets side - Advance tax paid & TDS credit available AND on the liability side the provision for taxes paid , now i want to adjust both the entries against actual tax liability. SO WHEN THE ADJUSTED ENTRY TO BE PASSED FOR THE SAME. AT 31/3 OR ON 01/04 ???

Dear Experts,

Please help me on the following matter:

Normally we pay to our director Rs 0.75 lac per month after Tds deducted

We have paid advance director’s remuneration total of Rs. 1.25 lac by cash (shown in books under current asset ledger name is advance against director’s remuneration ) in f.y. 10-11. but not deducted any TDS against the above payment

Now in f.y. 11-12 what to do ? should it be adjust against current year’s remuneration ? actually we have already paid current years remuneration upto july’11 and deducted tds is already deposited in bank

Please help me what to do ?

In the provident fund payment slip, there are free account heads i.e A/C NO.1; A/C NO.2; A/C NO.10; A/C NO.21 & A/C NO.22.

What do these various account heads resemble? What is the basic logic behind these various heads?

Dear Experts,

For 31/03/11 the accounts were finalised and balance sheet were signed in August. At the time of filing the return in Sep, it was found that MAT was applicable and was payable and was paid before filing of the return.

Plz provide the journal entries to be passed in the books for the f/y 2010-11 & 2011-2012

Thnx in advance

Dear Experts,
please distinguish between Costing Techniques and Costing Methods.

Can anyone please tell me the link from where I can download AS-30,31 & 32 and also some illustration with solution. It’s urgent.

Scenerio Analysis for development cost for all packaging artwork and die development to M/s.V

Description:- Development charges for packaging artwork and dies development for the new MRP's for the product manufactured in M/s.C




Development Charges


Scenerio 1 Scenerio 2
M/s.G to M/s.C Step 1:- M/s. G to M/s. V Step2 :- M/s. G to M/s. C





Option 1 Option 2 Step 1
Description :- Invoice raised as tooling & development charges Description :- Invoice raised as labour charges Description :- Invoice raised as tooling & development charges

Transaction Details Transaction Details Transaction Details
Basic:- 3,55,808/- Basic:- 363069.38/-(Basic +2% added TDS) Basic:- 3,55,808/-
+ Excise :-5.15% -TDS:- 2% + Excise :-5.15%
+CST:- 2% Against C form +Vat:- 5%
Point to be considered Point to be considered Point to be considered
2 % CST loss in the transaction No CST Loss Excise and Vat Credit will be taken by M/s.C

Step 1


Option 1 Option 2
Description :- Invoice raised as tooling & development charges Description :- Invoice raised as labour charges

Transaction Details Transaction Details
Basic:- 3,55,808/- Basic:- 363069.38/-(Basic +2% added TDS)
+ Excise :-5.15% -TDS:- 2%
+CST:- 2% Against C form
Point to be considered Point to be considered
2 % CST loss in the transaction No CST Loss

When fixed assets depreciated every year. And its value comes down zero.
How to show this fixed assets in the Balance Sheet of the next year.

As per AS-5 does every activity distinct from ordinary activities should be disclosed as extra ordinary items? E.g gain/loss on sale of fixed assets, rent received on ideal property, interest received on bank.