We have purchased raw material @ 2000/ Qtl.
Now, at the end of accounting period the NRV of Final product is 1900/-.

what should be the treatment of valuation of closing stock of Raw Material as the cost of final product is lower than the cost of raw material.

Whether the valuation of balance stock of raw material should be at realisable value or the cost of purchase or some other treatment and how and why.
Thanks

Dear Sir/Mam,

Subject:Accounting effect in case of Merger

Query:

Company B,C,D (TransferorCo.) merged with the Company A (Transferee Co.) in pursuance of Court order by way of Amalgamation in the nature of Merger.

The Company opting Pooling of Interst method.

At the time of Consolidation of Financials of Transferor Company with the Transferee Company the Auditor find that the Consideration by way of Equity Shares as per exchange ratio are excess over the Net assets transfred from the Transferor Companies. The auditor follow the AS-14 and adjusted excess consideration with the R&S of the Consolidated Accounts.

But at the time of Adjustment Auditor fins that the balance in R&S are not sufficient to coverup the excess consideration.

Now What the Company as well as Auditor has to do.

Yours views will be most valuable for me.

CS Anand

on approval from central Government, the rate of discount on issue of share can be ____percent of the nominal value of the shares
ans : 20

in the course material ans is not exceed 10% of the nominal value ofd shares

which ans is correct

Girish

A Sole Proprietor having different business...

1.Supplier of Plastic (With VAT numbers) with current account as XXX Enterprices.
2.Freelancer of websites

Now when accounting, is he required to maintain different books for each business? (Example different companies in Tally) or as he is a sole proprietor, just one in his name?

Sir,
I am working in a Integrated Steel Manufacturing Company where I am facing a problem and want to discuss with you and want accounting treatment.

" Company is manufacturing MS Billet,TMT and Sponge Iron, On the other hand our power plant project is under construction where the company consumes its product like TMT for Construction of factory Shed.
and for the same we raise Excise Invoice.

No if I book our excise Invoice as sales of TMT than how I will capitalise it because the TMT is utilised in construction of Power Plant

thanking you

MD Sarzad Ansari

Baking Knowledge for Accountant formalities & documentation
I am an accountant I want to know what is knowlege required banking following point i required know procedure & documentation
1. New company current Account Opeing Procedure & documentation
2. Authorities for signature what is procedure & documentation
3. Bank Gurantee for Business procedure & documentation
4. Cash Credit Facilitie & Overdraft facilities formalities procdure & documentation
5. bank gurrantee for export procedure & documentation
6. Letter of Credit for delivery of Goods procedure & documentation

Guarantee deposited by co. to bank -Rs.7.5lacs
Bank charged Rs.45000 upto 31.03.2011(from 2008-09 to 2010-11),whether these bank charges expensed this yr or deffered

As certificate received today,what about 2008-09 bank charges which was not booked last year

Sir
Please tell me
In the auditee company,balances of provision for taxation & Tds Recoverable for the P.Y. 06-07 are still appearing in the books.Should adjustment entry relating to above be passed this year?

After how many years TDS Recoverable A/C ,Provision for Taxation and advance tax A/c standing from a long priod should be adjusted?It means that for how many yrs should we wait for Income Tax Assessment?

Sir
Please tell me the solution of the below problem:-
There is only a single A/C opened for TDS Receivable For A/Y 07-08,08-09,09-10,10-11 whereas seperate A/cs opened for Prvosion for taxation viz.Provision for taxation(AY 07-08) ,Provision for taxation(AY 08-09)and so on

Is it right to operate a single A/C for TDS Recoverable for all years,whether it will create any problem?
From the point of view audit,can any objection be raised?

What is Notes on A/c Please tell me in detail about it

Thanks

Anuj Bhatnagar