dear all
i want to know...
1.is there any input credit advantage in CST?
2.how will i adjust when i make CST purchase paying CST @2%?(journal entry)
3.how will i adjust CST when i make CST sales?(journal entry)
thanks...
its argent!

Hi,

We transact all the foriegn payments currencies through FC A/C .

We normally accumulate the foriegn currecny whenever rate is good and use them when required.

Now , when we buy this foriegn currecny @ what rate we shall book?currently we book it at actual rate now ... pls advice me the currect treatment.

futher, @ what rate we shall book the supplier ? ie. costing the shipment. we use average rate of currency we bought
earlier .

also let me know at what rate we should make the payment for settling supplier ?
we use average rate of currency we bought earlier .

should i close this account every month by appying the actual closing rate and difference transfering to Forex loss/gain a/c?


kindly advice me here or @
Saifuo0209@gmail.com

Regards,
Saifudheen Hamza

what is account payable cycle.what is diff. b/w account payable and account payable cycle.

As per my knowledge a/c payable are just like creditors.It is an account that tells us what the company is owing towards its suppliers
it is current liability

Dear Experts,

A is doing business, who has 10 systems for his office.

He purchased Anti-virus Software Packs (3 User Pack 3 Nos. & 1 User Pack) for all his systems. Cost comes to approx. Rs.10000/- including VAT. Separate Bill for this purchase.

He purchased Toner Cartridge for his two Laserjet printers. Cost comes to approx. Rs.8000/- including VAT. Separate Bills for these purchases.

He purchased Portable Hard Disk capacity of 1 TB. Cost comes to approx. Rs.6000/- including VAT. Separate Bill for this purchase.

He paid approx. Rs.40000/- (including ST 10.3%) for AMC for his systems and printers at the year end 31.03.10. Separate Bill for this AMC. (TDS has been deducted on this bill).

Query :

1. Whether Purchase of Anti-Virus Software Packs shall be treated as ‘Maintenance – Computer’. If not, what is the appropriate account head and reason for the same.

Ans : …………………..

2. Whether Purchase of Toner Cartridge shall be treated as ‘Maintenance – Computer’. If not, what is the appropriate account head and reason for the same.

Ans : …………………..

3. Whether Purchase of Portable Hard Disk capacity of 1 TB shall be treated as ‘Maintenance – Computer’. If not, what is the appropriate account head and reason for the same.

Ans : …………………..

4. Whether AMC shall be treated as ‘Maintenance – Computer’. If not, what is the appropriate account head and reason for the same.

Ans : …………………..

5. Is there any limit to determine the Account Head on such transactions - I am unable to have clarity. Please clarify.

Ans : …………………..


I shall wait for your views on the above queries.

Thanks in advance for all concerned.

please answer this question with reason its urgent!

A company contracted for laying pipeline for an oil company,deep beneath the earth for Rs.100lakhs on 31st aug 2000.They estimated the cost to be Rs.80lakhs,while doing the boring work in nov 2001 it had met a rocky surface for which it was estimated that there would be extra cost of Rs.50lakhs.What would be its treatment will it be treated as a prior period item as per AS-5 in 2001?

Photocopier Machine purchased on HP from the Company & due to unsatisfactory performance of the Machine ,Repayments not made & the matter pending in Court.
The Company not in existence now .
The Questions arising now:

1. How To Write back the unpaid liability in Books ? Whether it can be writen back in parts in various years ?

2. If the machine shows value higher than its realisable value, Whether the unpaid liability can be adjusted in the Machine Value ?

as per our practice we have shown various exps eg Electricity charges, repairs to building, Repairs to MAchinery and repairs to other assets under the head "Manufacturing exps" Auditor have pointed out that since thereis no manufacturing activity in our unit these exps should be shown under the head of "other Exps"

As there lay off have been declared in our factory manucturing activity is temporarily closed. so please advice what to do?

Dear Experts,
Can anyone clarify me regarding the applicability of Accounting Standard - 22 (Accounting of Taxes on Income) incase of a public limited company where the previous years was loss only for this year it is profit. Previous Year's Deferred Tax Liability/Asset has not been provided in the book.
Please clarify me it is urgent Sir...
With regards,
Rajesh.

A company closed accounting year on 30-6-2001.It was engaged in laying pipeline for an oil company, deep beneath the earth.While doing the boring work on 1-9-2001,it had met a rocky surface for which it was estimated that their would be extra cost to the tune of Rs.80lakhs which would not be recoverable from the oil company.How it would be dealt with in the financial statements for the year ended 30-6-2002? Would Rs.80lakhs be disclosed as prior period item?

please answer this question with reason its urgent!

A company contracted for laying pipeline for an oil company,deep beneath the earth for Rs.100lakhs on 31st aug 2000.They estimated the cost to be Rs.80lakhs,while doing the boring work in nov 2001 it had met a rocky surface for which it was estimated that there would be extra cost of Rs.50lakhs.What would be its treatment will it be treated as a prior period item as per AS-5 in the current year,which is 2001 in this question.