As per AS-2, Finished Goods has to be valued at cost which includes conversion cost to transform RM to FG. So while valuation of goods, Conversion cost will be included.

Also In Accounts, all the manufacturing expenses are debited to Production expenses A/c which goes to P&L.

So here, there are two debits - 1) Increasing the Inventory Valuation to the extent of Conversion Cost and 2) The same duplicate debit is in Manufacturing Expenses A/c.

Ideally speaking, the manufacturing expenses to the extent incurred on FG should be credited and debited to Inventory A/c.

Please answer the same.

I HAVE A PROPRIETORSHIP BUSINESS,WANT TO PAY THE PREMIUM OF MY SON,WIFE THROUGH CHQ.HOW TO SHOW IN BOOKS.CAN I SHOW REMUNERATION IN MY NAME AND THAN DDEDUCT PREMIUM FRM MY INCOME.OR ANY OTHER WAY.PLZ HELLP

we have imported second hand machinery from Germany two years back, now its used in production.

My question is that can i claim depreciation on that as per company law and what is the rate of depreciation.

DEAR ALL,

PLS. HELP ME

WHAT IS MEAN BY ACCURED INCOME WITH EXAMPLE

DEAR ALL

PLS. HELP TO ME

REGARDING WITH DEFFERED TAX LIABILITIES AND ASSET

WITH EXAMPLE

MY MAIL ID: ( karun.cwa@gmail.com )

With Thanks

K A K

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