WHAT IS PRINCIPLE BASED AND RULE BASED ACCOUNTING STANDARDS. AND WHAT ARE THE DIFFERENCES BETWEEN THE TWO ?

My expert colleagues & seniors

What is vessel accounting. Please can anyone explain. How it is useful as a career.

I came across this through an advt with a ship management company. How it will be useful for CA's as a career

Please explain


Thanks a lot

Had one doubt...

I sent 100 units of Raw Material (of Rs. 20 Each totaling to Rs. 2000) to sub contractor. Sub contractor charged Rs.50 for doing the processing work. Now i brought this material from sub contractor to my stores and i borne the freight of Rs.25.

So i wanted to know.. At what value i should value the new stock (after processing)..

Will it be valued @ Rs. 2050 (i.e Rs.2000 of Raw Material + Processing cost of Rs.50) or @ Rs.2075 (i.e Rs.2000 of Raw Material + Processing cost of Rs.50 + transport cost of Rs.25)...

I tried searching AS-2 also. But i didn't got relevant point related to sub-contracting.

Please reply at ur earliest.

In case of Housing Society, The Amount contributed from the members specifically for the purchase of Asset, This amount is over and above maintenance deposit.


Please correct me if wrong: Following entries were passed.

1. While taking Amount from members

Bank A/C Dr.

To Members A/C. Cr(Grp-Current Liabilities)

2. At the time of purchase of Asset

Asset A/C. Dr.

To Bank A/c. Cr.

The Problem here is the Asset has been purchased but Liability is still standing in Books,

How to eliminate the liability entry?

We have raised a bill on our party for Rs.100000. The party has made a payment of Rs.99000 after deducting 2% tax on that ie. Rs.1980 TDS. But they have issued us a TDS certificate of Rs.2000. How do we reconcile the tds account.

Hi,

i am working for a builders and developers. i just want to confirm what TDS rate is applicable if we give any piece work like compound wall etc.... on with material basis to a individual...

1% or 2%

kindly let me know as soon as possible

bank interest comes in direct income or indirect income?

HOW REVALUATION OF ASSETS ARE DONE AS PER AS-10??

Dear Sir/Madam,

I got a question in mock test like, What is the accounting entry passed, in the drawer's books when the bill is discounted with the bank?

Could u please explain me what is the meaning of the bill discounted with the bank.

Thanks and regards,
Ms. Nashme T.J

Hi

I have recd. an insurance claim for a car. What entry should I pass when it has been paid directly to service center and under what head shall I book insurance claim.

Waiting for rply.

Thanks