I was overcharged by my party in a bill whch cannot be cancelled.. now to nullify the effect I will issue him Debit note..what eill be the accounting entry...

In previous year Audit report one asset is shown as Fixed Asset but it's nature is current.How will treat in current year audir report.

What what things we have to see regarding handling the loans of private company from financial institution???

DEAR EXPERT,

OUR FIRM IN CONSTRUCTION INDUSTRY. WE AVAILED SERVICE OF ARCHITECTURE FOR A PROJECT AMOUNTING TO RS 500000/-. BUT THIS FEES IS FOR WHOLE PROJECT. THE PROJECT IS LIKELY TO BE COMPLETED IN THIRD YEAR.
ARCHITECTURE HAS ISSUED A BILL OF RS 500000/-.

SHOULD WE BOOK THE BILL OF RS 500000/- AND DEDUCT THE TDS ON WHOLE?
OR

PROPORTIONATE BILL AND PROPORTIONATE TDS HAS TOBE DEDUCTED

PLZ GUIDE

sir,

In respect of my client where he is giving a performance guarantee to the govt dept but there is no default in performance made by them so in that case can he shows that bank guarantee as current liabilities. and same way can he show the person to whom the Guarantee given as debtors
please reply

Dear Experts,
Please clarify the following queries:
1. I like to pursue IFRS course from The ICAI at chennai, whether it is advisable to join ICAI?
2. If the answer is negative for Question 1 which institute is best for IFRS course.
3. What is the scope for CA who has IFRS course.
Thanks in advance

Sir,
Can you explain me the concept of -- "Decrease in Working Capital & Increase in working Capital in Cashflow Statement with logical Explanation that how it affects cash or bank balances?

Dear all,

In our company, we purchased a new software for sale and purchase department. it has been purchased for internal purpose. it is being implemented and not yet complete..the amount is more than 3 lakhs as of now. and its likely to go up. Should this be capitalised? if yes under fixed asset or intangible assets? and should it be amortised?
if not to be capitalised then which head will it come as expense?

Waiting for a reply asap...
Thanks in advance..

Dear Experts,

Whats exactly no. of years of purchase while calculating Goodwill?

Is it number if years we take to to be able earn current profit?

Regards,
Pooja

Dear All

in Form 23AC Part B we need to fill Gross value of transcation as per AS 18

here in this form capital Item is required to be filled

now supposed a company ( related party) has given loan to another company to the tune of Rs 80 lacs say in 2008 in the 2010 11 it repayed Rs 10 lacs bal Rs 70 lacs

now if we see related party statement both the figures will appear
but which amount need to be mentioned in 23AC whether 10 lacs or 70 lacs