In Interview of Healthcare industry this question asked ,

A knife, scissior etc , cost say Rs 80 per piece, wht would be depreciation rate?

Suppose Knife, scissor etc whose cost per piece is Rs 70, yearly purchase upto say 80-90 lacs wht would b the depreciation policy

please provide me detail about 26as form.

What is cash profit?
a) Cash sales less exp
b) Profit from cash flow statement
c) Net profit when added back with depreciation and other non cash exp
d) Net profit when added back with non cash expenses and credit sales

Dear Sir,

sir I an working as accountant from last 4 yrs in trading partnership firm now i want to change but i don't have knowledge of ST,VAT how can i learn. i don't have any friend of to learn thing from them but please suggest any site to study that things from entry level to end please sir suggest me right way i am very worried about my career. even i also want to read all accounting standard and how its work can u please explain me by any of PDF Files or some other things

Depreciations is applicable to all fixed assets except the following:
a) Goodwill
b) Land
c) Machinery
d) Inventory

Inventories are valued on what basis as per Indian accounting standard
a) LIFO
b) FIFO
c) Weighted Average
d) Piece Rate

Payment of income tax comes in which activity of cash flow?
a) Tax activities
b) Operating Activities
c) Outflow Activities
d) Financial Activities

Suppose i received a building as gift..
Do i need to show it in my Balance sheet..
If yes then at what value..

what is the treatment for stale cheques in case of E cheque payments.i.e E cheque prepared and not authorized in Internet Banking. Please advice.

Company Profile: Manufacturing Concern.
Issue related to: Investment in New Project/ Expansion of existing units.

As per different contracts placed by the company, LD has been levied and collected from the payable bill amount to the contractors/ suppliers on account of delay in supplies and delay in work completion.

My concern is as what treatment should be done with the LD so collected.

Op.1: To deduct same from the Project Cost

If it can be established that the LD is in fact received in mitigation of the extra project costs incurred and capitalised by the company on account of the same specific events which gave rise to liquidated damages and that the said damages can be identified with the project, the Committee is of the opinion that the liquidated damages can be adjusted in the cost of the project.



Op.2: Show the equipment with full Cost and LD in P&L A/c as Other Income.

ICAI Expert Opinion:
LD is not directly attributable to the acquisition of capital equipment like trade discount and rebates.
They are also not adjustments in the price of the equipment. The damages results from inefficiency on the part of the supplier/ contractor. In view of this LD received form the supplier cannot be adjusted in the cost of purchase.

My stand is that in a project we are having hundreds of contract for different supplies and works. The delay can not be neck to neck match with the mitigation of extra cost of project or loss of production hence LD should be shown in P&L as "other income" however it also cannot be said that due to this delay extra finance is not spent (because there is financial loss towards project team's salary and salary of the contractor's expert for supervision).

Now what to do ?