dear sir /madam
there is a serious query and it needs all of yours attention.Actually we had shares held in company as stock in trade but from last ten years there had been no trading of those stocks . Now we want those shares to treat as investment as our business line had changed, but our main problem is our accounts are maintained in tally 7.2 and we could not understand how to transfer stock to Investment in Tally 7.2

What is meant by terminal value of cash inflow in relation to modified internal rate of return method of capital budgeting?

Please explain in clear and simple language.

i need a definitation of journal

Our client is a trust and it has shown an amount of Rs. 20 lakhs as advance given for a property. This property is a disputed one and so the trust could not occupy it. Thus the trust had not capitalised the asset.


Now the trust sold the property and received another property in exchange which is worth 1.5 crores (stamp duty value)So now how should the accounting treatment be done? At what value should the new property be shown and why?

I have Purchase Residential Land for Rs.250000/- and my Construction cost is for Rs.7,50,000/- but I have only Land Purchase Papers. So How Can I saw my total cost of Rs.10,00,000/- my Residential house in my balance.

Kindly give me the right suggesstion
What to do ?

What to do about cost inflaxtion index benefit ?

Dear Experts,
Require ur immediate reply...Very urgent Sir!!!
For a first year incorporated company we are finalizing the audit.
For AS - 22 calculations i have done the following workings. Please tell me whether i am correct or not. Because of this i have not yet said to my senior that the audit has been finalized.

Closing wdv balance of Fixed Assets as per Companies Act - 60,00,000
Less: Closing wdv balance of Fixed Assets as per Income Tax Act - 50,00,000
Difference in balances = 10,00,000
Note:
(1)This is due to difference in depreciation amount. In Income Tax act we are claiming more depreciation amount than companies act. Therefore Tax Profit is less than Book Profit, consequently we are paying less tax now which we have to pay at a latter point of time, thats why we have to create DEFERRED TAX LIABILITY.
(2)It is assumed that there is no amount disallowed u/s 43B.



Deferred Tax Liability to be created - 10 lakhs * 30% (no surcharge or cess since less than one crore income) = 3 lakhs.

First Entry - Booking the expense and creating liability:

DTL* (P&L) A/c Dr. 3 lakhs
To DTL (B/s) A/c 3 lakhs
(Being the amount of Deferred Tax liability which we have to pay in later years for which currently booked as expense and corressponding credit (i.e. liability) is being created)

* Instead of DTL (P&L) we may also term it as Tax Expense

Second Entry - For transferring the expense into P&L a/c:

P&L A/c Dr. 3 lakhs
To DTL (P&L) A/c 3lakhs
(being the amount of Deferred Tax transferred to P&L account for the year ended 31.3.2010)

Please inform me whether i am correct or not in this regard.

With regards,
Rajesh.

We are in carpet indusrty, our customer wants repair of carpets as & when they required, we send our represnative to do the work there exp includes (traveling, lodging, fooding etc)we charge from party lumpsum amount depends upon customer 2 customer through debit note. What is the correct way to present this situation in books.Presently we are showing expenses net of receipts.

hii i have some query about the treatment of goods destroyed due to fire
goods destroyed 40lac
sale of good destroyed at lot rate 80000rs
insurance claim rec. 16lac
then tell me the treament of this case that how we show these trans in trading&p\l ¬es to a\cs
pls reply fastly

What are the rules for transfering profits to General Reserves other than the mandatory transfer in case of Dividends.

For all purposes, is the balance of Profit & Loss A/c in Shareholders Equity to be treated on par with General Reserves?

dear all aspirants

kindly suggest on GIT matters.

Thanks