Can any body tell me that goods purchased on 29.03.2010 and not entered in the books of accounts as goods in transit on 31.03.2010, and subsequently entered as purchase on 02.04.2010 will be a prior period item or not?

The goods are received on 02.04.2010 and the MRN is of the same date.

What will be its treatment in income tax ?

What are the accounting entries to be made for gratuity in the following cases :-

1.When the employer makes payment to LIC linked gratuity.

2.When the gratuity amount is received [from LIC] in the name of the company .

3.When the payment is made to the employee.

Thanks & regards,

ABC CO-OP HOUSING SOCIETY collected Rs.50000/- as sinking fund. this amt is credited to sinking fund reserve a/c.
as per rules this amount should be invested.

company has invested Rs.50000/- in bank FD for 6 month on 01/01/2010. on 31st march suppose accrued interest is Rs.500/-. what will be the accounting entry on 31st march.

What is difference between Corpus Fund and Earmarked Funds

Whether Excavation cost for laying the foundation of an equipment needs to be capitalised as a part of equipment cost as per the requirement of component accounting under IFRS?

1.Excavation Cost
2. Foundation Cost
3. Equipment purchase Cost

Will the sum total of the above components is The Total Cost of the equipment?

in accounting.
for providing depreciation ownership is neccesary or not ? What will be if asset taken on lease for 3 months ?

Dear sir,
we had provided for audit fees for annual audit at the end of the year. however we had failed to include out of the pocket expenses for the said year. subsequently we received bill for annual audit as well as for auditors out of the pocket expenses. now should we treat audit out of the pocket expenses as prior year expenditure? can we treat the expenditure as of the year debiting audit out of the pocket expense account treating it as part of expense of the year?
Rgds
Ganesh

Dear All,

Can anyone explain me about -

what is accounting tree and how to prepare it? Can you please send any models for accounting tree?

I am working in a manufacturing company. As we are at initial stage of plant construction, I need to prepare accounting tree in long term view.

Thank you all,
Swamykar.

Dear Sir,

A company is all set to get liquidated. It only has reserves of say Rs. 10K and corresponding assets are bank & Cash Balance. How should i go about from here?????

Dear Experts,

Our company is planning to implement LIC's group gratuity scheme. As it will be affect the employee cost, the management is thinking to include the gratuity component in employees CTC (since it will be added benefit to the employee).

Now my queries are as follows:
- Is the management's decision of including gratuity in CTC is legally correct?

- How to include gratuity in CTC? i.e. at what %age?

- If after including gratuity component in employees CTC, any employee leaves the company before completing 5 years of continues service then he will not be eligible for gratuity claim. Then in that case how to compensate the employee for the gratuity portion deducted from his salary over the period of his employment with the company?

Thank you.

Best Regards,
- Rahul