pls clarify the Difference between traveling expense and transport expense?

The company has received an license to purchase goods duty(Rs. 5,34,000) free .What entry is required to be pass initially. I need guidance for the following:-
1. Initial entry
2. Entry in case if license is sold.
3. Will sale tax be charged on sale of license?, If yes, will the same be disclosed under sale tax return?
4. Entries in the books of purchaser of such license.

Please advise.

Dear all,

I am working as an Accountant in US based MNC.

I have asked our Purchase Dept. to obtain three quotes for purchase of Furnitures worth INR 2,00,000/-

In response to the same our Purchse Dept has raised questions, that why they should provides three quotes and why furniture should be capitalised.

Please guide in this matter.

Regards
Parmar Gunvant

We are in Gold Jewellery retail business has stock of 1000kg of gold on March 31, the average value of one gram is Rs. 1850/-. We conducts a Gold Savings Scheme, where the customers can deposit cash, on which they will get credit of gold weight upon the then prevailing market rate and customers can redeem this gold weight as and when they wish. (eg: a customer deposit Rs. 2000 on Jan 1, 2011 and his account is credited one gram gold, the then market rate of one gram gold was Rs. 2000). On March 31, outstanding gold weight in this particular scheme is 50kg gold, of which the average booked rate is 1950. These 50kg gold is not earmarked (specifically identified) in the 1000kg closing stock as the customers are yet to come. Market rate of gold as on March 31st is 2050. The auditors has made a provision of Rs. 50lakhs ((2050-1950)*50kg) for this gold savings scheme considering the market price as these gold are not earmarked in the closing stock. whether the auditors are right ? Please establish your answer. You can also depend on AS, AAS or any guidance note.

is it really important to value the shares held as stock in trade as per fifo basis for determining cost or market value whichever is lower????

we all aware that revised schedule vi is implemented in current year covering in phase-i. can anyone tell me the step for converting or implementing the same in an organisation. one thing more, is it necessary to hire a consultant or it can be done with in the organisation.

sir a running proprietorship business is transfered to the wife of proprietor due to death of the proprietor in the middle of the financial year 2010-11. Now i want to know how to trasnfer closing stock value (where inventory is maintained in tally 7.2) to his wife's account.

Dear Experts,

A Private Company which is a manufacturing unit is having 110 acres of Freehold Land and has Leased 2 acres of Land for 99 years. What should be accounting treatment for such transaction??

Thanking you in advance

Prithvi

Sir,
A doctor who has taken loan from freinds & relatives amonting to Rs.17,50,000/- Is interest will be paid to such people @ 8 % . In his Balance Sheet as on 31-03-2011 there is an accrued interest amonting to Rs.1,44,000/- which is due to this people. The loan is used for the purchase of Residential Propoerty.Kindly let me know what are the pros & cons of such transcation !

dear sir
how calculate the goodwill.we have any procedure or rules for show a goodwill in asset side as per income tax department.
thanking you in advance.