on jan 1 year 1 an entity acquires for $ 100000 a new piece of machinery with an estimated useful life of 10 years. the machine has a drum must be replaced every 5 years & costs $ 20000 to replace. continued operation of the machine requires an inspection every 4 years after purchase. the inspection cost is $ 8000. the co. uses the SLM Method of depreciation. under IFRS what is the depreciation expense for the year 1 ?

Dear Sir/Madam,
Plz, guide me accounting treatment of Machinery used in production for 1 month. machinery costing Rs. 20000.
Machinery lifetime 1 month
whether it is a Fixed asset or current asset?
what is the rate of depreciation chargeable?

i was made a provision for audit fee Rs. 20,000. but auditor given a bill(Fee) Rs. 18,000. my first entry is

Audit fee Exp. Dr 20000
To Prov. for Audit 20000

then what is entry for Rs. 18000.
I think entry would be

Prov. For Audit fee Dr. 20000
To Bank 18000
To Adj. for prov. (P/L A/c) 2000

please explain me the general reserve and revaluation reserve

what is the difference between Net profit and Retained profit?

what is deferred tax liability and how to arrive at deferred tax liabilty?

Dear sir
we have purchased operating chairs & tables for workers who are involved in production inside the factory. is it to be treated as plant & machinery or furniture?
Rgds

Dear Sir's

Please tell me the Journal entry of Income tax

1) when Advnce tax depoisted
2) When Provision Made
3) When Assessment completed and refund received
4)when thers is any demand raised by IT Dept.

Loan settalment se hone wala profit ko P/L account k Credit me Show karte hai?

dear sir i have lot of confuse for partnership firm & individual account. my question:- our firm in 3 partner after closing the year one partner net profit transfer in individual account howz it transfer by cheque or cash..& individual person have a partnership firm so please give information regards this that partner net profit transfer in partnership firm or individual personal return ..& how manage two account individual & partnership firm..its very urgent please help for this .. Hardeep