I did the following entry. (tax refund)

Receipt

To interest (indirect income)
To advance income tax (current asset)
By bank.

1.does interest (tax refund interest ) come under indirect income or shall i enter under current asset

2. shall i create a new income tax refund a/c or is it right as above in advance tax a/c

3. does the entry come under receipt

thanks.

Hi can u pls help me to send a excel format for preparing financial project for bank loan.
details are given below

fund requirement 10 Lkhs
Manufactoring unit ( wooden furniture)
project cost 1758000
promoters contribution 758000
bank loan 10 lakhs
palant and machinery cost 254000
rawmaterials 4250000
manpower 2100
pls help me by sending the format containing projected p&l,BS for 5 years, working capital requirement sheet,cash flow and ratio analysis.

We consider Purchase A/c as Nominal A/c.....It is True also According to one of the expert of CACLUB
but if we think nicely then we can say that, to prove this as real a/c, we have the backup (since it represents the stock and stock is our Asset and it is coming in our business)
But when we say it is Nominal a/c what is the backup there................except one thing that we will be using Trading A/c to close this a/c that is why it is Nominal (as all the Nominal a/c is closed by Either Trading or Profit & Loss A/c)........
Rest I am leaving on you......EXPERT JI !

help us cash payment limit Rs. 20000/- or 30000/-

can anyone tell me what are possible situation when cl.stock appear in trial balance?

what is the exact difference between Provision for expenses & Expenses Payables?

Pls Explain following Also

1)Audit Fee Payable ?

2)Provision for Audit Fee ?

When we purchase goods, it means goods is coming in our business therefore Debit and cash is going out therefor Credit
considering the Golden Rule
Then how we can say Purchase is Nominal A/c not a Real A/c..........
Explain it............

Thanks

Hi Experts,
X ltd comapny brought an asset on lease basis for 10 years(subtantial period) and hence given treatment according to AS-19 as finance lease.However after the end of 1st year X ltd thought that asset is useful for one more year then in such case what should be the treatment in the 2nd year?what abt the treatment given in 1st year

pls guide me

Hi Experts,
In case of investement which accounting standard should be folllowed either AS-13 or 30?

Hi,

Gross block Rs. 150,000
Acc Depreciation Rs. 90,000
Net block Rs. 60,000

The asset is revalued to Rs. 125,000.

Can some one please help with the accounting entries for Revaluation reserve and accumulated depreciation effect.

A guidance on AS disclosure requirements would also be helpful.

Thanks