Sir,
Pl. provided me depreciation rate according to co. act. & income tax act.

Thanks,

Is investment in shares a tangible asset since shares are in demat form now.

Will investment in shares be called tangible asset or intangible asset? please clarify with reason.

Dear Experts,
Very urgent sir/madam....
I am auditing a firm. In that there is a P&L A/c in the Trial balance.
Since it is a firm profit or loss are normally transferred to partners current a/c so there is no chance saying that p&l a/c represents previous years profit as in the case of companies. My doubt why the p&l account is there in the Trial balance. Please anyone clarify me.
What effect should i give to that p&l balance in the T.B.(i.e whether to show in P&L a/c or B/s).

Your reply is highly appreciated.
With regards,
Rajesh.

plant rs. 260000

used at site for 146 days

a part of it costing rs. 5500 sold at a profit of 1000

how to adjust the above in contract account???

please help

Hi All the Professionals,

we Receipt a sum of Rs 25,00,000/- dated 20-05-2010 on Account of Intrest from one of our customer due to late payment.

The above payment was for the f.y 2008-2009.

But we did not make any provision for the f.y 2008-09.

Can any one tell me, how the above amount is adjusted and what will be the necessary entry to be made on f.y 2010-11

kindly guide for accounting entry for car purchase through Hypothication

Dear Friend,
I need one Clarification regarding below mentioned topic. Generally I have noticed in the Books that while calculation Operating Profit , there are two methods :
1.Operating Profit = (Gross Profit + Operating Income) - (Operating Expns )
2. Operating Profit = (Net Profit + Non-operating Expns & Losses) - (Non-Operating Incomes & Gains )
So, could you please let me know whether I need to consider " Depreciation on Plant & Machinery" as Operating Expns/Losses or Non-Operating Expns/ Losses or not, to calculation correct amount of Operating Profit.
And Please let me know is there any difference between "Funds Generated from Business Operations" ( Not Cash Generated from Business Operations ) & Operating Profit. If so, what is that difference. Kindly clarify the same.
Many thanks in advance,

Free scheme stocks received from the supplier will be delivered to Customers.The free scheme stock on hand will be valued at cost or zero? because, in the purchase invoice the value of free scheme stk is zero?

My Query:-

Can Processing charges on Loan taken be deffered over the period of loan? Does any Accounting Standard or Accounting principal/policy support the view?

Thanks & Regards

Piyush