THE SELLER HAS TRANSFEERED TO THE BUYER THE PROPERTY IN GOODS FOR A CONSIDERATION
OR
SIGNIFICANT RISKS AND REWARDS OF OWNERSHIP HAVE BEEN TRANSFERRED TO THE BUYER WHERE THE SELLER RETAINS NO EFFECTIVE CONTROL OVER GOODS TO A DEGREE USUALLY ASSOCIATED WITH OWNERSHIP

IS THERE ANY DIFFERENCE BETWEEN THIS TWO POINTS?

WE CALL IT AS PROFIT AND LOSS a\c BUT WE GET ONLY PROFIT OR LOSS NOT BOTH BUT WHY WE CALL AS PROFIT AND LOSS a\c

I have started with a hospital. Now after the building is constucted, I am making pipeline to supply oxygen to each bed in the hospital. Would I be capitalising the cost of making such oxygen pipeline available or else? Moreover now I am also constructing a lift for emergency patient, so should I capitalise that cost to building or else?

WHAT IS MEANING OF THIS?

REVENUE DOES NOT INCLUDE
CERTAIN TRANSACTIONS OR EVENTS THAT RESULT IN UNREALISED OR REALISED GAINS NAMELY

RESTATEMENT OF CARRYING AMOUNT OF AN OBLIGATION

WHAT IS MEANING OF THIS?

REVENUE DOES NOT INCLUDE
CERTAIN TRANSACTIONS OR EVENTS THAT RESULT IN UNREALISED OR REALISED GAINS NAMELY

NATURAL INCREASES IN HERDS AND AGRICULTURAL OR FOREST PRODUCTS.

WHAT IS MEANING OF THIS?

REVENUE DOES NOT INCLUDE
CERTAIN TRANSACTIONS OR EVENTS THAT RESULT IN UNREALISED OR REALISED GAINS NAMELY

HOLDING OF NON-CURRENT ASSETS,HOLDING OF CUREENT ASSETS

my mother's brother died in 2009. as per will my mother was supposed to receive rs.1.25 crores and balance among other relatives. I was appointed to realise the money from the assets and distribute to the relatives.

consequently i transferred all the money which was realised frm the estate into my saving bank account and made payments to the relatives as per their share. in between my mother died and i am the only son so her share was kept in my my account only.

my question:

1.)what entry should be passed for receiving the entire realised amount into my persoanl saving a/c??

2.) what entry should be passed for distribution to the relatives??

3.) how to show my mothers share that i received??


urgently waiting for reply.
thanks in advance
my id abhipcc@rediffmail.com

Crocker puchase for office use under which account expencesout

What is a procedure for opening a bank gurantee

A Pvt. Ltd. Co. incurred pre operative expenses of 300000(05 - 06) & this expenses are carry forward on balance sheet as loans & advances for (06 - 07)(07-08)(08- 09)can this is right treatment?