please suggest me how to pass entries in 2010-2011 books in following situation.
BALANCE SHEET SHOWS THE FOLLOWING BALANCES..NOW THERE IS NO NEED TO PAY THE TAX IN EARLIER YEARS..SO i want to close the provision for tax a/c.(NOT CARRYING FORWARD TO NEXT YEAR)

PROVISION FOR TAX 2007-2008 A/C 7000 CR
PROVISION FOR TAX 2008-2009 A/C 15000 CR
PROVISION FOR TAX 2009-20010 A/C 5000 CR
GENERAL RESERVE A/C 45000 CR
PROFIT AND LOSS A/C 67500 CR
BANK 55000 DR
TAX FOR THE YEAR(2010-2011) IS 32000.

Dear Sir,
Which accounting standard covers accounting during construction period. is there a seperate guidence note for accounting during construction period or project period.
Rgds

Please suggest on how depreciation will be charged in following situation as per the Co.Act and IT Act

Date of Purchase of Plant and Machinery: 15th Sept 201X
Price paid to vendor on account of Purchase of P&M: Rs. 150,000/-
Date of Installation: 8th Oct 201X
Price Paid for Installation of P&M : Rs. 15,000/-

As per my understanding depreciation as per Co Act shld be
Depreciation :

150000*(31st march-15th Sept)/365*Rate of Dep

(+)

15000*(31st March-8th Oct)/365*Rate of Dep


Please correct me if i am wrong...

Thanks

Suppose a trust wishes to acquire premises in a posh locality. Ownership title of the seller is not clear. Accordingly, the trust appoints Legal Expert(Advocate/Solicitor) to determine the true owner of the property. Now, should the substantial fees paid to the legal expert be capitalized after resolving the matter & acquiring the property?

Further, what will be the accounting treatment for the substantial amount paid to the legal expert if the deal does not materialize & the trust changes its mind & does not move ahead to acquire the property?

how base rate is calculated ?

EXPLAIN ME THE EXCAT RULES OF CASH PAYMENT OF RS. 20000/- IN DETAIL WITH EXAMPLE.

IF I PURCHASE FROM ONE PARTY "A" ON 24/06/2011 FOR RS. 15000/- IN CASH, ON 25/06/2011 I PURCHASE FOR RS. 15000/- IS THIS VALID TRANSACTION BECAUSE MY TOTAL CASH PURCHASE IS MORE THAN RS. 20000/- IN CASH CAN I DO THIS TYPE OF TRANSACTION FREQUENTLY WITH THE SAME PARTY.YES OR NO. ?

I HAVE JOINED NEW COMPANY.BUT I FOUND OUT THAT FOR QUARTER 2,3 & 4 OF F.Y 2010-11 FORM C APPLICATIONS WAS NORT MADE & HENCE FORM C WAS NOT ISSUED TO PARTIES.

NOW I WANT TO KNOW THAT WE ARE IN THE PROCESS OF MAKING FORM C APPLICATION ONLINE SO CAN WE FACE DIFFICULTY FROM SALES TAX EPT.

A pvt. ltd. company incorporated in july 2010 and subscribers hold full shares and shares alloted on jan 11 to that members ( subscribers are the members ).
My doubt regarding EPS calculation, how to arrive WANES ????
period from july to march or jan to mar shall i take for WANES??

explain with example.

As per AS 20 and companies act sch VI disclosure is mandatory for PVT LTD ??

IF WHILE ISSUING FORM C WROGLY 2 TRANSACTIONS ARE TAKEN INSTEAD OF ONE TRANSACTIONS HOW TO RECTIFY FORM C

Sir

Please let me know what is capitalisation of Fixed assets?How it is capitalised?why it is not recorded as expense when we purchase an asset?

Regds

sanjeev sharma