A company purchased some assets and incurred some expenses before its incorporation.

(i) Can the Company legally do so?

(ii) What will be the treatment of these items in the Balance Sheet?

(iii) From what date will the Company charge Depreciation on such assets?

SIR IF WE PURCHASE SOME GOODS FROM PARTY.AFTER FEW DAYS SOME GOODS ARE DAMAGE.IN THIS CONDITION WE ISSUE TO DEBIT NOTE TO THE PARTY.NOW SIR PLZ TELL ME IN WHICH MODE I WILL DO THIS ENTRY.WILL THIS ENTRY IN REJ. OUT (ALT F6 MODE).OR DEBIT NOTE (CTRL F9)
THANKS & REGARDS
RAJIV

DIFFERENCE BETWEEN WITH EXAMPLE PLZ.

INCOME AND EXPENDITURE &

RECEIPT AND PAYMENTS ?

A partner spent some personal amount for office use and did not submit the bills. After tracing the bills, he has submitted in the next financial year. Can that be reimbursed and taken into account this year. How to account. kindly guide.

dear sir,
How to calculate INR value of a foreign purchase bill? Which exchange rate is to be used, rate prevailing on bill of entry or date of payment?

Why do we do so? Any rule or notification in this regard?

Some authors (eg TS Grewal)say that Purchase & sale return A/c are real A/cs, some says that both are nominal A/cs. Can someone pls clarify that whichone is correct & Why?

Hi Expert,

Could u please explain the difference between Current Liability & Other Current Liability

Dear sir,
our firm is a trading company. we account purchases based on GRN date and not the date of supplier invoice. A supplier bills on 28th march 2010(date of removal from his factory) and the goods are received in April 5th 2010 and accounted on April 5th 2010, will the accounting treatment voilate AS9. does significant risk & reward of ownership pass to the buyer as on 28th march 2010 itself?

Dear sir,
our firm is a trading company. we account purchases based on GRN date and not the date of supplier invoice. A supplier bills on 28th march 2010(date of removal from his factory) and the goods are received in April 5th 2010 and accounted on April 5th 2010, will the accounting treatment voilate AS9. does significant risk & reward of ownership pass to the buyer as on 28th march 2010 itself?

R/Sir,

I am an accountant doing accounting work on tally. For the first time i am doing accounts with inventory in tally 7.2. As audit date is coming closer and i want to complete the account but I don't know how can one reduce or decrease closing stock in tally 7.2. So, any help would be appreciated.

Thanks in Advance.

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