Sir i want to know whether AS-11 is applicable to proprietorship business also.
Sir in the said business there are foreign debtors of 10000 dollars which are recorded in the books around Rs. 25000000 whether they are required to be revalued as per AS-11 at the closing rate on 31.03.2011 and the difference to be charged to profit and loss account.

i have entry one invoice entry two times

means
purchase a/c 100
vat 4
add. vat 1
total 105

how to revert entry

do i need to revert this entry by credit note or how ?


thanks in advance

A partner had not invested a single rupee in a firm as his capital contribution,is he eligible for Remuneration and Share of Profit.

Could you p;z let me know About Sec-44AF

dear sir/mam,
in F Y 2010-2011. previous employer made short pay tds for proffession services. but auditor checked and report me wrong happens tds . in year ending what entry made for adjustment of tds and inthis year it is use to pay or not? pleas tell me sir

hi,

plz help me regarding this issue

a 90 days letter of credit was issued by buyer to the seller..the seller produced the documents to the negotiating bank upon delivering the goods..the seller's bank discounted the bill & paid the amount..mean while the the seller's bank could not recover the amount from buyer's bank & letter of credit got expired after 90 days..henceforth the seller's bank without prior permission, deducted the discounted amount from seller's bank account.

kindly let me know, what legal action can seller take against seller's bank & buyer's bank.

According to Guidance Note issued by ICAI, MAT has to be taken under Loans and Advances in Balance Sheet whereas ASI 6 assumes MAT as a current tax which has to be dealt like Income Tax i.e shall be taken to Profit & Loss Account. What should be the proper accounting treatment?

We have taken a land on lease from Government for the period of 99 years.We have paid rs.10,00,000 for this land and we have to pay Rs. 20000/- per annum as lease rental.kindly tell us wheather this land will be treated as freehold land or lease hold land in our books and what is the accounitng tratment of Rs. 1000000/-this amount will be amortise in a period of 99 years or not.

Regards
Surendra

Plz tell me accounting entries of following:-

Income tax payable 500000/-
Advance Tax 100000/-
TDS Deducted 50000/-
Net Income tax payable 350000/-

I have a query whether in accounts provision for made for the full amount i.e.Rs.500000/- without adjusting advance tax and TDS.and if yes adjustment entries when is required to be passed whether after final payment of tax and whether in finalised bal. sheet this adjustment entry to be considered.Pls reply

Initially the materials was imported without payment of custom duty.
Due to non fulfillment of installation condition within three years,
DGFT demand the customs duty suppose Rs. 100/-
Interest was also demanded for entire period which comes to Rs.15/-

What will be treatment of both expenses?