What is the difference between Income tax expense and provision for income tax and likewise what is the difference between bad debts and provision for bad debts? kindly explain the difference and also the DETAILED ACCOUNTING PROCEDURE to be followed in accounting the same.

Dear Experts,
1)Please let me know whether we have to study only the 8 IFRS for the convergence else also all the IAS along with the IFRS has to be studied. If anyone can through light on it, it will be fine for me.
2)Please tell me which is the best publication available for beginners in the IFRS and IAS (ofcourse have some knowledge in Indian Accounting Standards) so that it is detailedly explained and easy to understand.
With regards,
Rajesh

Dear Experts, Please go through this query and answer my doubts. I require this information urgently.
(A) Can anyone guide me on what are all the
(1)Records
(2)Documents
(3)and Registers to be maintained by a manufacturing unit - Large Taxpayer Unit for the purpose of Excise.
(B) What are the returns that has to be filed monthly by Large Taxpayer Unit?
(C) Please also tell me how we would compute the excise duty liability to be paid every month?

Waiting for all the experts reply,
Thanks for everyone who spend their time in reading this query and answering it.

With Regards,
Rajesh

sir in as-22 there is a two different words used one is REASONABLE CERTAINTY N VIRTUAL CERTAINTY i want to knw the basic difference betweeen dat could just explain me in a simple example.

Sir,

Kindly suggest solution on the following queries related to Partnership firm accounting:-


1) As per deed business start 04/02/2009 and now firm required to make accounting for the finacial year 2009-10 and required to file income tax return than kindly suggest to period which is not covered in f.y 2009-10 how can treated in accounting policy i.e 04/02/2009 to 31/03/2009.


2) local sale exemption limit on sale of firm for the f.y 2009-10.

3) for applicability of P.F AND P.T how much number of employee limitation in firm


akbar saudagar

Sir,

Kindly suggest solution on the following queries related to Partnership firm accounting:-

1)Whole Share of profit allow to distribute in partners.
2) if not the as per rule how much retained and how

3) share of profit from partnerhisp is exempt in the hand of partners for income tax purpose

3) how much interest to be crdited on partners capital it is allow to credit higher than mentioned in partnership deed.

if have any valuable suggestion other than above for making a better management of accounting of parntership firm.

Akbar Saudagar

On Behalf Of My Friend I Would Like to solve some queries which are as follows. Who will be appearing the Dec 2010 CPT.

1)What do u mean by understated & Overstated. With the help of a example(S)(S).

2)Chapter No. 8 The Book Given By the ICAI Which says if the interest is on drawings or on the capital & if the withdrawals are made evenly i the begininng of the month, interest can be caluclated easily for the whole of the amount of 6.5 months but if withdrawals are made at the end of the month than interest will be calclauted for 5.4 months while is those becase as per the aprtnership act, 1932 there is no provision like this which has been said by the books (refer to the page no. 8.10) of the book issued by the insitute ICAI.

pls tell me .

Thanks A Lot.

dec to fire our company lost goods worth Rs.50000.what will be the accounting treatment.Just reduction in stock value is sufficient and disclosurer in notes on account is sufficient or any other treatmnet is there?

if we contrac with a party to supply material for constrction at site for Rs.5000000.
Journal entry of bill
Party A/c Dr. 500,000
To contrac receipt A/c 500,000
During construction Party itself introduced materials costing Rs.250,000.
Sir,
Now what will be journal entry in our book for Rs. 250,000.
In my opinion it shoud be
Conract Receipt A/c Dr/ 250,000
To Party A/c 250,000
Is This Right?

Dear Sir,

A prop firm has purchased Mould Machine:

Mould Machine : 2090000.00
Excise : 209000.00
Ed Cess : 5000.00
CST 2% against C Form 49000.00

Total Payable : 2353000.00

What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.

Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.

Thanks & Regards