if my distributors sales me a product and give its invoice in invoice he deduct disscount on total payable value and less it from total
and also after he send credit note of that discount value so, how to do the entry of discount

100 total
10 discount
90 payable

sending credit note to me of rs. 10/-

how to d0 entry with ledger & group

do i have to entry in debit note in my account of anything else

thanks

I am writing with respect to gas filling company which brings LPG gas from third country and sell LPG gas in cylinders (cooking purpose). Cylinders are treated as fixed asset as per Income Tax Act. But as per International Accounting Standard Plant, Property and equipment, LPG cylinder neither falls in criteria of definition. So my firm's view is to treat it as stock item and charge impairment loss over its life (apparently 15 years) from the date of use.
So I want opinions of expert in this regard.

Hello All,

One of our UK client made provision for various expenses. Invoices \ supporting documents for evidence purpose are not available. It means there is no base on which provisions are made.

Every year end they make such provisions and carry forward part of that amount with current years provision.

My questions -
1. Is there any time limit till what one can carry forward past years' provision ?
2. How the provisions should be made?

How is Goodwill valued? What is the procedure to value Goodwill?

moreover is it true that prepaid expenses are considered only in case of insurance and not in premium...let's say lic premium.

One of my client has manufacturing unit at Navi mumbai and other mfg. unit at Delhi. for mumbai unit VAT & CST has been applied but yet not received these no. due to some discrepancy in document. so now mumbai unit is transferring goods to Delhi unit. so what is the procedure for that and what document will be prepared by mumbai unit for their accounting purpose? like form or proforma invoices etc.

as all of us know that

india is converging from our AS to IFRS w.e.f 1-4-2011

so my question is

weather from this MAY 11 examination itself Is it mandatory to mention IFRS number only...????

which is in other way to state that mentioning AS number is meaningless ??????

plz reply



further if anyone can give me a list of comparision chart showing AS and its corresponing IFRS or IAS number

then mail me at

vj_rkl @ yahoo.co.in

Dear Sir,
I have query relating to management change of PVT. LTD. CO.
The case is as follows:
A Pvt. Ltd. company is controlled by a family group say " x " by holding share capital, now this company is taken over by another family group say " y " by transfering all the shares in the name of y group and paid a purchase consideration to x group. In the terms of takeover y group not taken over the unsecured loans of x group and some creditors standing to the balance sheet.
Now my question is, what entries to be passed in the books of accounts to wipe of unsecured loans and creditors.
According to my knowledge the balance sheet should be talied by giving effect of Capital Reserve or Goodwill as the case may be after considering the Purchase consideration. ( as we do in the case of Amalgamation ).
But i am not sure about this treatment because it is not amalgamation or absorption or combination. it is just a change of management.
If it is the case then, wheather the Unsecured loans and creditors not taken over by the new management should write off to profit and loss account and to book the profit ?
If there are earlier losses in the balance sheet then can we set off the profit arising from writting off the unsecured loans and creditors against this brought forward loss ?
Wheather the brought forward loss will be allowed to new management as per Income Tax Act ?
Please suggest suitable action.
Rajesh Heda
Aurangabad

whether there is any rule in company's act in respect of asset acquired during the year can be depriciated at fullrate or at half rate like in income tax based on asset put to use or mday wise.please help.

plz tell the accounting Treatment of issue of cheque to bank as security against Loan