Hi,

I am accounts in charge of leading automobile company. 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

My client receives exemption in Sales Tax based on the salary given to the staff for first 5 years of company in existence.

We get the amt. of exemption after 5 years completion.

Now, on year end, the position is that we recd. grant of say Rs. 100 and take set off in Sales tax for Rs. 40 and balance Rs. 60 still stands in VAT Receivable A/c (Govt. Grant).

What is the proper accounting treatment at the time of getting Exemption or Grant , at the time of monthly set off with VAT Payable . How to show Grant in Financial statements?

Basically, I am confused whether it is a revenue grant or capital grant.

i just want to know whether the annual trade discount and scheme discount can be deducted from sales. Can u please show me that deducted along with example or any quoting from the institute guidelines

In case a company give to its dealers some incentive based on targets given in the form of 1)cash/cheque 2)By issuing material free of cost (same items in which the company deals /dealers has purchased )for the incentive amount or issuing credit note by and adjusting the amount from the amount payable by the dealer3)By Gifting some other items like TV,Fridge etc.

--pl reply with regard to applicability of TDS,or any act ,rules which can apply-

In case company outsource this service to a third party for receiving ,processing & settlement of claims & reimbursing that 3rd party the claim amount as well as their commission/charges for services ,what all rules/acts will be applicable for the compnay & for 3rd party agency?

INVESTMENTS SHOULD BE DISCLOSED AT COST OR MARKET VALUE WHICHEVER IS LOWER.
BUT PLEASE TELL ME HOW TO PRESENT 10 INVESTMENTS WHERE
IN CASE OF 5 INVEST. -- COST IS LOWER
IN CASE OF 5 INVEST. -- MARKET VALUE IS LOWER

please tell how to present as per AS -13 in "NOTES TO A/C"

Hello

IF a indian company invest in share application of a foriegn 70000$ but the co has not alloted any share therefore this money is refunded after 3-4 month but at that time there is exchange flactuation gain of Rs 300000/- .

please tell me what is the treatment of this entry as per Accounting Standers and also in income tax

Query:
A company carrying a business of establishing pipelines beneath the surface. It made a contract with another company to place the pipelines for which that company agreed to give a sum of Rs. 10 lakh. During initial stages company expected the total costs will be upto Rs. 5 lakh and the rest will be their profit.

At the time of digging the workers found a rocky surface coming in between of their site. Thus to destruct that, the company purchased dynamites due to which it went high on costs and the total cost came out to be Rs. 15 lakh. Because of which the company suffered a loss of Rs. 5 lakh for which the provision was not made by that company.

Will this be a prior period item or not?

Hi,

I wanted to know the gratuity provision to be made in case of following

Company is in the business of manpower supply. so it has to take employees on its payroll. for those employees, company enters into an agreement with the customer that at the time of their retirement, if gratuity is payable then it will be fully reimbursed by that client. Now at the time of making provision as per AS 15, how the provision will be calculated. Company has to provide for its core employees which is ok. but for reimbursable part what treatment should be given in the accounts

RECENLTY MY CO. HAS RECEIVED DIVIDEND WARRENT ( DATED 09.07.10 ) OF RS. 22 FROM UBI EQ. SHARES DECLARED FOR THE YEAR 2009-10. MY BOOKS OF 2009-10 WILL HAVE AUDIT DATE AS AFTER 09.07.10. SHOULD I BOOK THE ACCURED DIVIDEND ( AS INCOME ) ENTRY IN F.Y. 2009-10 OR BOOK IT IN F.Y 2010-11.

PLEASE GUIDE ME?

Which book is best for COST MANAGEMENT : KISHORE or PADUKAS?