Sir,

As per the subject, in case of takeover if the company who's business is takenover by another company has business losses can such losses be carried forward as business loss in the books of company who has taken over the business if so under which section.

Pl suggest me the accounting entry for payments made towards Lumpsum trunky project.

Say, My project is still going on and i have made payment of Rs.1 Crore on the basis of invoice received than what should be the accounting entry for this.

should it be debited under Work in progress account or should be treated as advance in view of AS 10 payment.

Thanks

what u mean by guarantee under lien

Dear Friends,

i am goin to write my CA final exams on May 2012.

could you please suggest whether i can buy MPV book now and start working or some of my friends saying the whole book going to be changes due to AS convergance.

Amalgamation, Consolidation concepts may change which leads to working problems will also change.

please share your thoughts.

Hi Experts,
One of our client taken lease for 10 years and the life of the asset is 15 yrs,and they recognized the lease asset as financial lease(because for subtanial period asset has taken on lease) and calcluated dep accordingly .However in the lease agreement it is mentioned that lessee has right to return the asset at any point of time,Now after 3 years our client want to return that lease asset because better machine available in the market than the lease asset.

My query is
1)Now,how to deal with the above situation?2)wat abt the dep which our client provided previously?
3)Suppose instead of returing the lease assset if our client retain the asset for 2 more years in such case it becomes operating lease in such case wat i should do for the entries which they have given based on finacial lease?and wat will be the prosecpective entries?

Pls guide me urgent

On the receipt of import documents ( Sight Lc) in Bank, payment of $ 10 mn @ Rs. 45 has been made on 20.12.10 towards import of assets under construction. The aforesaid consignment was cleared from the port on 24.12.10 the rate of $ was Rs. 46/- on that date.
In this case whether Ex. Loss of Rs. 100 lacs is to be charged in revenue ( As per AS 11) OR is to be capitalised under CWIP.

opning balance of cash in hand is overstated by Rs.5000/-(L.Y. cl. bal).
reason is cash embezzeled by the accountant and cannot be claimed now.

what entry should be passed and also it
should be passed in payment mode or not.

One of the my client has crossed turnover of Rs.10 lac so that it is mandatory to pay service tax by e-payment but he doesn't konw how to operate so that he want to deposit money in my account and i will pay his service tax from my account using my internet banking.
so how it will be reflected in my account at the time of passing accounting entry for such transaction?

Respected Expert,
I want to know which type of item booked for capital item is any AS mentioned the particular value for capitalized the item like above 5000 amount value item only capitalized, Kindly clear my doubt.

Thanks & Regards

what is the accounting and tax treatment of Scrap?