Q: An unquoted long term investment is carried in the books at cost of Rs.2 lac. The published accounts of unlisted company received in may,2009 showed that the company has incurred cash losses with decline market share and the long term investment may not fetch more than Rs.20000. How you will deal with it in the financial statement of investing company for the year ended 31.3.2009.

plzz answer me soon....i've 2 more Q. regarding this chapter....thanxx in advance

i had a short term capital loss in a.y. 2009-10 .....want to know wat is the accounting treatment for the s.t.c.g(loss)...to show it as current assets or deduct it from own capital a/c

AS PER THE ICAI STUDY MATERIAL OF CPT COURSE SALES IS CONSIDER AS NOMINAL A/C AND SALES RETURN IS CONSIDER AS REAL A/C. HOW IS IT IS POSSIBLE? AS COMPARE TO THE LAST QUESTION ICAI POINT OF VIEW THE CORRECT OPTION IS SALES RETURN A/C.REMAINING ITEMS ARE GENERALLY INVOLVED IN THE NOMINAL A/C. SO THE ODD ONE OUT IS SALES RETURN A/C.

AS PER THE ICAI STUDY MATERIAL OF CPT COURSE SALES IS CONSIDER AS NOMINAL A/C AND SALES RETURN IS CONSIDER AS REAL A/C. HOW IS IT IS POSSIBLE? AS COMPARE TO THE LAST QUESTION ICAI POINT OF VIEW THE CORRECT OPTION IS SALES RETURN A/C.REMAINING ITEMS ARE GENERALLY INVOLVED IN THE NOMINAL A/C. SO THE ODD ONE OUT IS SALES RETURN A/C.

Dear Experts,
Accounting treatment in case of self assessment tax paid is my doubt. I will detailedly explain my doubt down under.

Advance Tax is paid during the year of carrying business itself whereas Self Assessment Tax is paid only after that relevant year in which the business is carried.

In other words for the asst. year 2010-11 the advance tax paid is from 15th June 2010, 15th September 2010, 15th December 2010 and 15th March 2011 in case of corporate assessee. Still if the company has to pay tax means, whatever income tax paid after 31st March 2011 is called as Self Assessment tax so it pays it in the next assessment year (say Asst. Year 2011-12)

1) My doubt is HOW I HAVE TO ACCOUNT THIS SELF ASSESSMENT TAX PAID ON THE ASST. YEAR 2011-12 WHICH IS FOR THE ASSESSMENT YEAR 2010-11 (since as per accrual concept we have to book all the expenses incurred in the year in which it has arisen)

Please explain me detailedly so that i am able to understand.

Thanks for the everyone....

With great regards,
Rajesh.

When a company makes a payment to a contractor, is there any form which a contractor needs to issue to that company???

If a part of Invertor is sold during the year so how we calculate loss/profit & depreciation for that year.according to companies act.
For Example Cost of Invertors is 100000 dep upto 31.3.2009 is 40000 & on 30.6.2009 a invertor is sold for Rs.5000,the actual cost of that invertor is not known as a single head is used for all invertors how dep & loss/profit on sale of invertor is calculated according to companies act,will it affect deffered tax also

please tell me the answer of this question.pick the odd one out of the following?
1.sale a/c
2.return inward a/c
3.wages a/c
4.salaries a/c
and also give the reason of this answer.

What is IFRS Exactly & how it is going to affect current tax provision & standards???

What will be the date of capitalisation when products produced during the trial run are sold in the market and revenue earned is inculed in sales of th ecompany during that period