One of my client has given Performance Bank Gurantee of Rs.115000/- to supplier in year 2000-01 taken from Bank against which the bank has taken 10% margin in the form of FDR i.e. Rs.11500/- Now in books still is standing.I asked the reason from my client then he explained to me that the Original Bank gurantee was not returned till date from supplier as the same was lost from them till the bank is not ready to realise the said FDR. now what to do in books to remove this entry after keeping in mind accounting concept & also from taxation point of view.

Please reply urgently & thanks in advance.

Kindly let me know under following two conditions whether dedcution of TDS applicable or no tax is deductible under both the conditions
1. Sweets purchased in bulk for distribution to employees in ordinary pack
2. Sweets purchased in bulk for distribution to employees in a pack, with advertisement message of the company

thanks

My Friend Started a chit fund Can anyone say
What Should be the Accounting Policy ?
What should be the Revenue Recongnition ?

Chit Fund take 3 year to Complete ?

Dear Experts,
This is the first year where AS-22 Accounting for Taxes on income is going to be applied.
Fortunately i have been able to zero in the amount of difference. That is due to a provisional payment as per S.43B, which comes around 1 lakh.
It will be greatful for me if anyone can help me dealing in the following points.
1) How much amount i have to debit or credit in P&L account as Tax Expense or Tax Income.?
2) What is the entry to be passed in the above case?
3) How much amount i have to show it in Balance Sheet whether as Deferred Tax Asset or Deferred Tax Liability?
4) What is the entry to be passed in the above case?
Please explain me in detail...
With regards,
Rajesh.

hello experts,

can u please tell me the difference b/w merger,amalgamation,aquisition and absorption.


THANKS

PLEASE REPLY.

please tell me what is meant by intrinsic value of shares and par value and nominal value.or please tell me difference among them.

There are two methods in amalgamation for calculating purchase consideration i.e Net Asset Method And Payment Method .

Can u please tell me which method is used in pooling of interest method and in purchase method?

and

Are the pc in both the methods same?

We r paying salary to our employee as under mentioned structure:

BASIC 5000/-
HRA 2000/-
CONVEYANCE 1000/-

IF I MADE ENTRY FOR ABOVE PAID SALARY AS UNDER IS IT OK FOR I.TAX POINT OF VIEW


SALARY DR. 8000/-

SALARY EXPENSE PAYABLE CR. 8000/-

SALARY EXPENSE PAYABLE DR. 8000/-

BANK CR. 8000/-

Dear Experts,
Very Urgent Sir!!
The assessee is a firm.
This is the first year in which DTA or DTL has to be created.
The timing difference which is capable of reversal during the subsequent period which i have found is only 43B payments which comes around 1 lakhs.

Please explain and tell to me what is the amount i have to debit in P&L account and what is the amount i have to show in the Balance Sheet.

Please provide me the journal entries to record both in the P&L account and Balance Sheet.

Fortunately since this is the first time we are going to create DTA or DTL reversal of earier years and all does not arises.

Expecting the reply and thanks in advance.
Please explain me detailedly and step by step. It would be a great help for me...for everyone who helps me in this urgent situvation.

Is there any book available for Accounting Standards-22 which provides me detailed and step by step approach for practical usage purpose. ( I already have Students Guide to AS - DS Rawat; for my calibre i am unable to have a grip on it.)
With regards,
Rajesh.

can any one give the feedback for IFRS course conducted by IFRS. pls guide me. i m interested to join it. I want to know how is the speaker , curiculam etc. If some bod y has already done it from ICAI