A is awarded a contract from B and B have given same contract on back to back basis to us with an agreement that we will pay 5% on contract value to A. All the purchase invoice is in the name of A but we are issuing cheque on behalf of A. Can we book the purchase on our account? If no then what will be the treatment in the book of A and in the book of us.

Please help in this regard.

Sir, Can we treat the processing fee paid on loan taken for purchase of immovable property(more of land and less of building)and stamp duty charges for loan documentaion as revenue expenditure instead of adding it to value of property.Thanks in advance.

sir in AS 19 there is a concept called SALES N LEASE BACK OF ASSETS sir i have one doubt dat y vendor first sells n than he lease back is bcoz of urgent need of money or some thin else, i just want logic behind it

Dear All

Anybody have accounting entries process in respect of accounting of mutual fund.

plz forward it to me its urgent.

regards
Amit

What is the Difference between Accrued income and outstanding income?

Dear All,

One of my client (Gov. Company)received land as gift from a private company. the market value of the same were Rs.3 cr. the transaction taken place in the month of Oct'08.
still we are not accounted it. while finalising the accounts for the year 2009-10 the statutory auditors are says account the land with the market value. is it correct?
if correct what is the AS applicable?
and the where the credit will go?

IF it is not correct,

what is the correct treatment?
with AS reference

Hi Experts,

We purchased a equipment 1,00,000/-
we have given advance of 50,000/-
after delevering the equipment we paid balance of 50,000/-

so, for this what is the heads i have to creat under which groups and what is the entrys i have to pass in tally 9.

Thanks

Please help me

Dear Sir,

I have 2 ledgers which are created for one party. There are sales also made to the party as well as advances recieved against sales.

My client argues that he wants to show both these seperately in the Balance sheet and there is no provision for netting off the same.

Can you please help

If we have capitalised some assets in F.Y.2008-09 which are purchased duty free.

Now in F.Y.2009-10, debonding took place and we have to pay customs as well as excise duty on all Capital goods which we had purchased duty free.

What will be the accounting effect of such duty paid at the time of Debonding?
Whether it should be capitalised or to be treated as Revenue Expenditure?

Dear friends,

I would like to know what would be the accounting treatment when we sell with an option of Buyback.

For eg, I have sold a property with an option of BuyBack.

What i would like to know is

1. would the money recieved from the party be treated as sales in the year of its receipt from the party
2. We have paid some advance to the party as part of the buy back option. How will i treat the same in the books of accounts.

Thanks
Anitha Serrao