1.opening balace of bat and balls is Rs. 1500
2.purchase during the year of bat & balls is Rs. 710
3.depreciation on bat & balls is 50%
4. sale of old bat & balls is Rs. 50
QUERY is that sale of old bat & ball should be treated as income and credited to income and expenditure account or treated as capital receipt, if yes/no than WHY?
if it is a capital receipt than whr we have to post it in the books of accounts of NPO.

I'm going to attempt C.P.T. Dec. 2010(2nd attempt) soon. Its been very long that I've been only preparing accounts since I was very weak in it. Now when the exam is near, I ask myself that am I really prepared ?
So I ask the experts the same query !

How do I know if I'm prepared for the C.P.T. exam's Accounting paper ? I study on my own.

Following is my preparation:

I know the basics very well.. Assets, Liabilities, Capital, Expenses & Incomes increase decrease.
Concepts-Assumptions
Book keeping is nicely done.

I know how to issue, forfeit, re-issue shares & over subscription..
I'm a bit confused in partnership when it comes to Joint Life Policy..

Depreciation's last part remains..
Consignment, Joint Venture & Inventories have so many different type of sums & this part is confusing me.

Do help !!

WORKING CAPITAL DIVERSION IS USING SHORT TERM SOURCE FOR LONG TERM PURPOSE.THE FINAL RESULTS IS THAT THE UNIT BECOMES SICK AND THE BANK LOAN BECOMES NPA. OTHERWISE,THE CC LIMITS DIVERTED FOR LONG TERM PURPOSE SHOULD HAVE BEEN BROUHT IN BY THE BORROWER.THIS TRANSACTION IS NOT BEING ACCOUNTED FOR AND NOT REFLECTING IN THE BALANCE SHEET AS THE AMOUNT OF CC LIMITS USED BY THE BORROWER FOR LONG TERM PURPOSE.AS A RESULT, THE USER OF THE BALANCE SHEET IS GIVEN WRONG IMPRESSION. WHY THE WORKING CAPITAL DIVERSION SHOULD NOT BE BROUGHT TO THE BORROWER'S BALNCE SHEET? SO THAT FURTHER RISE IN BANKS NPA CAN BE PROTECTED.

Dear All
Pls suggest at what value C-Form issued?
Basic Amt+cst=gross
Basic Amt+ Exices + cess +cst=gross
Basic Amt+ Exices + cess + freight +cst=gross

As an investment advisor you have been approached by a client called Ramesh, who wants some help in investment related matters.
Ramesh is currently 45 years old and has Rs 6, 00,000 in the bank. He plans to work for 15 more years and retire at the age of 60. Ramesh’s present salary is Rs 4, 00,000 per year. He expects his salary to increase at the rate of 12% per year until his retirement.
Ramesh has decided to invest his bank balance and future savings in a portfolio in which stocks and bonds will be equally weighted. Assume that these proportions will be maintained by him throughout. He also believes that bonds will provide a return of 7% and stocks a return of 13%.
Once Ramesh retires at the age of 60 he would like to withdraw Rs 5,00,000 per year from his investments for the following 15 years as he expects to live up to the age of 75 years. He also wants to give Rs 10, 00,000 to his children at the end of his life. How much money would he need 15 years from now?
How much should Ramesh save each year for the next 15 years to be able to meet his investment objectives spelt out? Assume that the savings will occur at the end of each year.
Suppose Ramesh wants to donate Rs 2, 00,000 each year in the last 3 years of his life to a charitable cause. Each donation would be made at the beginning of the year. How much money would he need when he reaches the age of 60 to meet this specific need? Ignore the tax factor to answer these questions.

Can anybody please explain the treatment of pre-operative expenses in accounts and the amortization procedure for the same

Dear Sir,
Pls suggest me what should be the entries if we are deducting ESIC contribution from workers wages like 1.75%, Contribution of employer 4.75% & paying to ESIC total of both.
What should be the entries in ESIC a/c & in wages a/c.

pls suggest .

thanks.

how to make bank reco

plz explain in detail
and in easy way
and in a practical way

best regards
irfan(fresher accountant)

what is return inward
is it expenses of company
in tally in which accountinghead it will come

what is return outward
is it expenses of company
in tally in which accountinghead it will come

what is bank overdraft

plz explain in detail

my friend is a proprietor
he got a project of one company and company want the labour to be covered under esic scheme.

he want to have esic for is labour.
but labour is not fixed or permenant.
labour keeps on changing.
wages for labour is less i.e 100rs or 150rs per day and depend on their work i.e if more work full pay otherwise half.

so plz let me know what is procedure of getting esic for labour who is not permenant and also less paid.(less wages)

and provide me with detail knowledge