My Client being a Pvt ltd.Co. has purchased /acquired concurrently Plant & machinery (i.e.Furnace) along with Raw Material(i.e.Copper Scrap)from same place & loaded the same in to one truck.

In this regard it has incurred the following expenses as under
(i Transportation/Freight charges
(ii Packing charges
(iii Insurance charges

Now my query is whether these expenses can be capatilised proportinely to the concerned plant & machinery from the accounting point of view or not.

AUTHORISED CAPITAL=4,25,00,000
equity shares: 10,50,000 @ 10 each
preference shares: 3,20,000 @ 100 each

PAID UP CAPITAL=38,683,000
equity shares= 7,28,300 @ 10 each
convertible preference shares=3,14,000 @ 100 each

Now the company pans to convert the preference shares into equity shares at 10 + 90(premium) each. In this case what will be my new paid up equity capital? will it remain same or there will be a reduction of capital?

31/03/2010
part a/c dr 500*(48-45)
*foregn Ex gain /loss (C.L) 500*(48-45)

CA Shivang.

in the above entry i have credited foregn Ex gain /loss (Current .Liability) 500*(48-45)

but as per your suggested entry ie

Bank (40*46) dr
Loss on FOREX (40*2)
To party a/c/ debtor account (40*48)

*Ex gain /loss (Current .Liability) 500*(48-45)
this enry is not set off.

so please suggest

with regards

raaj

I have to give november attempt of ca-pcc. I have to surely pass advanced accounting (group-1). and I have the least knowledge of the subject as I have not taken any coachings for the same. please suggest me a very good book from both point of views understanding as well as clearing the exam

Respected sir,


WE have paid two month Advance salary on dated 03 June 2010. What will be journal entry inthe month of june for advance payment. And what will be journal entry in the month of july and August for salary adjustment

With regards,

please suggest me on correctness of the following trns

date of sale 11/09/09
500 @ 45/$

rate as on 31/03/10 - 48/$

date os receipt of bill 06/06/2010 Rate 46/$
11/09/09
party a/c dr 500*45
to sales 500*45

31/03/2010
part a/c dr 500*(48-45)
foregn Ex gain /loss (CL) 500*(48-45)
06/06/2010
bank a/c dr 500*46
foregn Ex gain /loss (CL)dr 500*(48-45)
to party a/c 500*45+500*(48-45)
to foreign ex gain/loss (PL) (b/f)

with regards

raaj

We have started an offshore project and have deputed some resources to work for the project. I would like to know more in detail about the cost-plus method and its applicability in accounts.

If my outgoing expenditure is say Rs.20 L p.a can i account a revenue of Rs.2 L per month. please explain the procedure

Hi All,

What are the accounting entries for Minority interest in consolidation of accounts in parent company.

What are the amount that should appear in Minority interest P&L and Balance sheet.

Please provide explanation with example.

It is most urgent.

Thanks & Regards
Ashish

I had debited interest on Loans u/s194A on 31.03.10 and Tds paid in June'2010. In this connection how much interest to be added.

What is meant by liquidity damages. How is it treated in Accounts. what is the impact on Costing records.