Please advice on the following:

A SAP is being implemented in a unit and for the purpose harwares in form of server n comp[uter is being purchased.

How are the following to be dealt as intangible and fixed asset?

Regards
Piyush

Dear Experts,
On the company which i am auditing they have capitalised the CENVAT and VAT paid for the fixed assets. For the 2nd year while claiming depreciation they have also claimed including the CENVAT and VAT. As per my knowledge CENVAT and VAT should not be capitalised and it has to be reversed.

2nd doubt is Whether VAT paid for capital goods can be used to set-off the VAT payable by the company. For Example VAT liability comes for Rs. 140 and VAT input credit available is Rs.100 and VAT input credit for capital goods is rs. 10. Is it sufficient the company pays Rs.30 for VAT tax.

Pls. clarify me
With regards,
Rajesh

Hi,

What would be the accounting treatment in the following case ?

If the asset has zero book value but in perfect working condition.

Please also cite the relevant accounting standards that need to be followed.

Thanks,
Sai Krishna

one ltd company incurred current year loss. hence company does not provided provision for audit fees ???

its correct ???

or compulsory to provide audit fees provision ????

What is the difference between Controllable And Uncontrollable Cost?

some body tell me that wt is time sheet in accounts.

is it neccessary to write pariculars & amount each time when we prepare accounts in exams(in both accounts & cost)..& is it so that we cant use pencil even for drawing lines of accounts format

pls anybody solve the following technical problem:

A ltd is the 100% subsidiary of B Ltd from the date of its incorporation.

during the year new shares are issued to parent co. at premium.

what is the treatment of premium?

whether it shall set-off/ eliminate with investment.



or it shall be shown in consolidated balance sheet as share premium and goodwill is to be shown at asset side equal to the amount of share premium

Whether answer will be different if inbuilt RAM is 256MB. But client further add 1 GB RAM costing Rs.2000? Please give the grounds of answer also Like Accounting standard

Dear Experts
in a rolling mill we receive lubricant oil, parts of plant and machinery.
what entry shoul i pass for recording for above transaction.
wheter
1- repair & maint. of p& m
or
capitalised.

thanks.