suppose
material sold=15 pkt*1500.50=Rs.22507.50/-
freight =Rs. 500.00/-
vat 5%on material + freight =Rs. 1150.38/-
Round off =Rs. 0.12/-
---------------------------------------------
Grand Total =Rs.24158.00/-

In the above case, How to round off automatically Rs.0.12 paise in Tally ERP?

Whether gain or loss arising on Foreign creditors at the year end can be transferred to proviosn for foreign exchange loss or gain a/c instead of transferring the gain or loss to the respective party A/c's

We have recently (31.03.2010 period) got our statutory accoutns for a company signed for the first year. The first year was for 18 months as per the companies act provision. On signing by auditors we have adopted the accounts in AGM as well as filed with ROC(We filed with ROC on the last of permission and even accoutns were adopted in AGM on the last date of statutory period allowed).

Now we want to restate the accoutns for the period ended 31.03.2010 by incorporating certain left out expenses.
-Can we do now and if yes which section of the concerned acts allow this.-Please elobarate.

If a partner dies in the month of july(calender yr jan 1- dec 31 is adopted)
will he be eligible to receive the profits for the period of 6 months after providing for depreciation and other expenses?

CAN ANY ONE TELL ME ALL JOURNAL EFFECTS FOR PURCHASE OF TRUCK ON LOAN.
INTEREST CALCULATION BASED ON IMPLICIT RATE OF RETURN.

DETAIL:
TRUCK - PARTY BILL VALUE: 781512
PARTY DISCOUNT ON BILL: 55093
LOAN RECD FROM FINANCE COMPANY : 650000
INITIAL PAYMENT DIRECTLY TO PARTY: 76419
PAID TO FINANCE COMPANY FOR INSURANCE & SD: 26680
TOTAL AMOUNT REPAYABLE TO FINANCE CO IN 47(X 17150) INSTALMENTS: 806050.
TOTAL INTEREST PAYABLE IS: 156049

ESPECIALLY I REQUIRED EFFECT OF INTEREST ON LOAN ONLY-

what should be the treatment of expenditure incurred between date of incorporation and date of commencement of business? whether it should be accounted under deferred revenue expenditure or charged of in the same year in which the expenditure is incurred?

hello friends,

co. incorporated on 31/05/10.
follwing are the details of expenses incurred:
25/03/10: comm/brok on taking factory & office on rent: Rs.10000

31/03/10: stamp duty & regn. charges of lease agreemnt rs.10000

15/05/10: Incorporation expenses(roc,form1a, regn etc)Rs.10000

plz clarify whehter these are revenue expenditure(dr. to p/l) or preliminary expneses(deferred)

Waiting urgently for ur reply.

Thanks in advance
my id abhipcc@rediffmail.com

Hello

If a indian co. purchase a fixed assets for Rs.4.5 crore on credit from a forign co.but after 2 yr that forign co. is insolvent and did not claim his amt.

I want to know what is entry as per AS(accounting standard) and wht is tax implement as per income tax.

Hi,

Please answer the query :

If a company takes a secured loan or unsecured loan, then what is the nature of Accrued Interest on that loan or Interest Accrue but not yet due..

Thanks,
Anil

Valuation done for Property Mortgage for Bank loan for Bank CC for Firm What expense should be debited Charges Rs.25000.00 (Expenses head)

Advocate Fess for Bank Loan (expenses Head)

Deszining Charges Rs.35000.00 what expenses should be debited

all Paid Cash

Thanks & Regards