Hi,

Query relates to an garment franchise where accounting is done on 5 to 35% margin & all the sales is required to be shown to the HO. This all done in white money.

If the owner borrow money other than white can he make a separate bill book for this money which he does not want to show to HO. VAT is already added in the bill and deducted as well(May be due to the 100% Export oriented Unit. only surplus is sold in India).

And if he do so whether it will create any problem with Income Tax??

How to account for a exchange difference on "Fixed assets linked Foreign currency liability"?

How would you evaluate the financial strength of the company from its balance sheet?

Dear All
I am getting the Letter of credit for my client. In regards pl clarify

1.Can i discount this LC immediately in my bank

2. If not how to encash the LC for immediate Purpose

3. pl tell me complete proceedure how to discount and how to retire the LC

If a contractor awarded 100,000/- work to contractee what is the turn over of the contractee the gross is 100,000/- after deduction of TDS Rs1000 net is Rs 99000/- then turn is 99000 or 100,000

Dear sir,

Pls give the detail of 'd-1' form why we are use the d-1 form and what's benefits of that form

Thanks & Regards
Mahesh jain

My friend has Started manufacturing unit of Flour mill for which bought major fixed assets in 2002-03. In regard of these fixed assets of rs. 100 cr. he got Subsity from government of rs.30 cr.in 2010-11.

I want to know that :-

1. subsidy will be treated as income in 2010-11.
2.it may be deducted from fixed assets. If yes, How and which name and what will the treatment of Depreciation.

Please advice correct and as soon as possible

sir,
i taken chit from chit fund company and i lift the amount before complettion of the total chit installments.how to account chit loss( total chit value - lifted amount)in books of account? whether it is treated as chit loss or interest ? clarify

abc & co is partnership firm which have turnover of rs 55 crores in f.y. 2009-10.
so it is level-1 so all AS applicable i.e. AS 18 etc.
it is firm so only tax audit report is prepared.
so where to report this AS, in tax audit report or not.
if in tax audit report then where reporting done.

can anybody tell me the exact difference b/w Extra Ordinary & exceptional Items in Profit & Loss A/c...........?