In my company, inventory is valued at cost basis.The net realisable value of inventory does not taken into consideration. But as per AS 2 inventory should be valuated lower of cost and net realisable value.
What are the repurcussions of the above?
What is the risk if AS 2 valuation of inventory not followed?

Please reply at earliest.

Should Price protection charge ag sale or should entered as business promotion?

Can someone please clarify whether debtor, cash at bank will be called intangible current asset?

In case of partnership consisting two partners. If one partner retires then will the bank account be closed? Pls suggest.

Are we require to open new account?

Respected Members


how to deal with statutory resreves in amalgamation of companies?

regards


chaitanya

sir,
if company A took over the business of compant B.&discharge the debunture of company
B AT 20% PREMIUM.then the extra amount given to debunture holder of company B is shown in REALISTION A/c as shown in case of prefernce share in the books of company B?




thanks

what is salary provision entry

Will current assets like debtor, cash at bank qualified to be an intangibe current assets? If yes, why?

CAN ANY ONE PLEASE GIVE ME ACCOUNTING ENTRIES FOR ISSUE, REDEMPTION AND CONVERSION OF SHARES AND DEBENTURES. I REQUIRE IT URGENTLY NOW. PLS REPLY FAST.

HI
RESPECTED MEMBERS

CAN ANY ONE GIVE ME PROCEDURE OF EXPORT SALES

I AM VERY CONFUSED WHAT TO DO FOR EXPORT SALES.

AND I AM DOING TAX AUDIT OF PVT. LTD. IN SUCH COMPANY SALES ARE RECORDED AS FOLLOW:-

1.QUANTITY IS RECORDED FROM EXCISE INVOICE
2.RATE IS RECORDED FROM SHIPING BILLS

AND AT THE TIME OF PAYMENT FOREIGN EXCHANGE RATE INCOME OR LOSS IS CONSIDERED.

WHETHER IS IT CORRECT?

AND PLEASE EXPLAIN THE PROCEDURE OF EXPORT SALES

THANKS
IN ADVANCE