Dear Experts

I am a CA Final Level Student. My query is related to the financial statements of Electricity Generating Companies that whether its accounts will be prepared as per Schedule VI or Electricity Act?

I will be really thankful.

Regards
Puneet Gupta

Sir,
Suppose a M/C is imported for Rs 10,00,000 in F/Y 2000-01. Then Rs 1,00,000 depreciation is claimed each year till F/Y 2008-09. But the Foreign creditor is still outstanding and payment to him has not been made yet. Now, Liability of Rs 10,00,000 is written off in F/Y 2009-10. So what should be the A/Cing Treatment?? The WDV of M/C is Rs 2,00,000 at the beginning of F/Y 2009-10.

Sirs,
I was asked a question during an interview which is as under:

Your company is manufacuturing two types of chemicals Say A & B, the item A is a raw material for item B. The cost of item A is Rs.20/ Ltr as per AS-2. Now, if the management decides to Value the item A for Rs. 25/ltr. What should be the accounting treatment and why.
Please help me out

Dear Experts,


I am working for real estate Company developing a residential project. We have just completed our Books for F.Y.09-10 and it was my 1st experience to use AS-7 method. While calculating sales & cost of sales for the project we have applied AS-7 as per construction Accounting standard. As per books of accounts we have found the % of work completion which is 57%. Simply if we have to find out the sales and Cost of Sale then we calculate Sales and Cost of Sales for the F.Y 09-10.
As Per AS-7
(1) Sales for F.Y 09-10 = Total Sales * % of Work completion – Last year‘s Sales.
And for
(2) Cost of Sales for F.Y 09-10 = Total Cost incurred * % of work Completion – Last
Year’s Cost of Sales


But company has adopted a new mythology for calculating cost of Sales for the
Project for the F.Y 09-10 they have calculated Cost of Sales as per below method. This mythology might be right but I am not aware for the same. Please give me detail explanation why we calculate the Cost of Sales as per below method or any other method which is in knowledge of experts or if experts want to share with me so I can be an experts also.


As Per Company‘s methodology
Cost of Sales = Total Cost incurred * % of total Area Sold – Last Year’s Cost of Sales



Which one method is right for calculating Cost of Sales and Sales as per AS-7?
Please Guide Me.

Thanks & Regards
Ravinder

Hi,

Please Say me about some important points while accounting for PVT.LTD Company.How Much cash can been withdrawn and what are the limit of Cash Expenses.Please Say which AS is applicaple for Logistics Company.IS TDS applicable on Director Salary.Director can withdrawn drawings from Company.

Can Credit cards Statement accounted in Pvt.Ltd Company.Credit cards are in Name of Directors.Please Guide some because our Partnership firm is to be converted in to Pvt.Ltd.

Regards

Survesh

Whether Exceptional items (Loss by fir, prov. for dimunaion in value of current investment etc.) shall be added back for calculating Cash Profit ?

demolition and dismantaling charges?
whether its a revenue or capital exp??

are both proposed and interim dividend debited to p/l appropriation a/c??

can tds will de deducted on sales promotion

Subhash Chand Agarwal prop.of Subhash Traders.They open 2 HUF A/c first Subhash Chand Agarwal HUF A/C Second Subhash Chand Agarwal Anang HUF A/c
I know want that HUF A/C WHICH GROUP Mentioned

Dear All,

Our employees are less than 20. Can We apply Voluntary Provident Fund. Its true the VPF only for existing EPF, can we apply this?

What is the procedure of VPF?
VPF is just like a PPF?
Its open individually or group?
if contribution VPF in hands of Employer is taxable.