Our company have five plants in different locations in India producing same product. In the FY 2010-11 one unit has purchased one semi-finished material for production of final product from other plant. Transferor plant has transferred the material on selling price (cost + profit margin). My query is
1. We should value the un-utilized transfer material at cost & book the margin as un-realized profit.
2. whether we should also exclude the profit margin from the stock of finished product where the transfer material is used. kindly also intimate the reference note.
thanks

If cash/bank is not a taken over asset, would it be taken into Realisation A/c? The confusion is that in some questions, it is taken in the Realisation A/c while in some, it is not taken into realisation; and instead, a cash/bank a/c is opened with the opening balance. Please Help.

Could you please tell me the accounting treatment of debtors which are pending since 2005-06 in our books till date due to the earlier accounting errors. The amount of these debtors are around 2 crores. ( but actually there is no amount receivable from these debtors)
Could we write them off? If yes, then how and if no then any other alternative.

Thanks in advance

Machinery loan is taken in pre construction period in new under construction factory. How to post that interest in books of accounts of asessee?(partnership firm)

income tax- dr
to, provision for income tax

is this entry correct? if correct then how this income tax a/c & provision a/c will nulify after assessment.

how to show interest(u/s 234 c) on advance tax in account tally package.
what should b treatment for it.

dear sir,

y we always do proivison entry for any expenses.


regards,

avinash korde

Dear All

We have system to purchase material from china and then export it. At 31.03.2011 some purchase bills are received but sales against that purchase is not made/effected as on 31.03.11. Whether we should book the purchase as prepaid expense or we should not book it at all. Purchase Bills are dated 31.03.2011

Namaste Experts,

I am a Dealer for the branded Ready made garments.

I sell on commission basis & get reimbursement of some expenses.

I sell to the final consumers.

Now,Please let me know how do the accounting of purchase & sales.

Thanking you in anticipation.

REGARDS.

what is accounting standard 7 before revision in 2003 along with its disclosure requirements?