Suppose a company (X&co.)gets a government project for education in the whole sector of schools in the a particular state. The project is of 3-4 years. There is capital expenditure and revenue expenditure in the project. Capital expenditure - purchase of computers, printers etc. for the school.

Query - This computers etc. (capital expenditure) purchased. What will be the entry passed in the books of company (X&co.).

Option 1) will it be treated as Fixed Assets and depreciation claimed for the three - four years (life of project). And then when the whole project is over, will it be taken as purchases(trading a/c.)?

or Option 2) Will it be treated the whole as purchases (project exps.) (trading a/c.) i.e. Project exps. a/c debited and Work-in-Progress a/c credited.

Kindly please answer. Also please give reference to the Accounting standard or Guidance Note.

“A” Ltd is Pvt company started its operations in USA by creating its wholly owned subsidiary “B’ Inc. in USA. “B” Inc. has not generated any revenue & capital has been eroded during the last financial year. B Inc has not generate any business in last year & the revenue for B Inc was NIL.
Does AS 28 will be applicable “Impairment” of investment in the books of A Ltd or Whether A Ltd has to follow AS13 to account for investment.

Hi,

can u please explain with a small example what is a vlook up function.Please also let me know the definition and the situation in which this function is being used.

Dear Sir,

One of my client the discontinue of proprietorship business activities from April 2010, Now he started new proprietorship business other trade name from April-2011. In FY 2009-10 he has deducted TDS on Interest, commission & other contract and paid to Government Accounts. In FY 2011-12 the TDS will applicable or not on Interest & commission & others. I think this is the first year of business as a proprietorship concern thus the TDS not applicable. The business turnover for FY 2011-12 will around 70 & 85 Lacs. Kindly suggest the same.

Thanks & Regards
(N. Kadam )

R/Sir,

Greeting of the day !

We are the expoter of readymade garments. Please tell me how to make export sale entry & what is rate of usd should be taken for the same .How would we treet the fluctuation of forigen exchange.

Thanks in advance for your immediate action for the same.

Sir
I have one invoice to my customer s.1,000,000/- as on 31/03/11 and the customer already close there a/c (31/03/11) but i have to book this invoice on 31/03/11.is it possible or not, if possible what are the entries i have to pass. (sales invoice)

Sir,

I am working as a Br.Accountant in Pvt Ltd co. I want to know how many years books of accounts has to be kept.

Thanks & regards,
JHR.

In F.Y. 2010-11:

Opening Balance:
Provision for IT 20,00,000/- Cr.
Advance Tax : 10,00,000/- Dr.
TDS Receivables: 2,00,000/- Dr.

Self Assessment Tax Paid on 30/09/2010 : 13,00,000/- ( including 2,00,000 Interest u/s 234 B & C)

Following entry passed:
Provision for IT Dr. 20,00,000
To Advance Tax 10,00,000
To TDS receicables 2,00,000
To Self Assessment Tax payable 8,00,000

Self Assessment Tax Payable Dr 8,00,000
Interest on IT Dr. 2,00,000
Income Tax Dr. 3,00,000
To Bank 13,00,000

Is this correct?
Under which group Interest on IT will be accounted for?

can any group of company prepare consolidated accounts voluntarily i.e. even if it is not required to do so as per AS 21 and there is no acquisition of group co. by the parent co.

sir , I doing the trading of sale or purchase of machinery and jobwork. last year one mahcinery shown in stock. this year I want that this machinery t/f in fixed assets because I need this machine in production. I use tally 9.2.12 Please tell me how I can t/f this machine fixed assets.whenever no mahine purchase in this year. Please solve my problem.