On 1st March, Kripalu Ltd purchased Rs.5 Lakhs worth of land for a Factory Site. The Company
demolished an old building on the property and sold the material for Rs.10,000. The Company
incurred additional cost & realized salvaged proceeds during March as follows:
Legal Fees for purchase contract and recording ownership Rs.25,000
Title Guarantee Insurance Rs.10,000
Cost for Demolition of Building Rs.50,000
Compute the balance to be shown in the Land Account on 31st March Balance Sheet.

dear experts,
i want to know that which exchange rate should be used for revaluation of foreign Debtors & creditors for quater end as per indian accounting standard, whether it would be closing rate of SBI or RBI or FEDAI?
please reply at the earliest.

thanks

Sir,

Will someone guide me in the following:

What does the AS say in respect of Stock-in-Transit.Whether raw material in transit on 31st March should be booked as purchase on March itself and cenvat should be availved in March or the same be recorded as Stock-in Transit.

Thanks

Sir,

We have split data in Tally from the financial year 1st April,2010 to 31st March,2011.

But before splitting we had performed Bank Reconciliation in the previous financial year pertaining to the current financial year.

Hence,in the split data cheques not presented to Bank in the Bank Reconciliation is not matching with the data as on 31st March with the split data on 1st April.

What are the options available for correcting the same.

Thanks

Whether ASI is applicable for MAY EXAM 2010(PCC)or not?????pls rply. my attempt MAY2010

As per AS 2 exclusively says that excise duty is to be included for ascertaining the cost of inventory. However it also says that refundable duties are to be reduced from cost...
How the two is possible..?

Hi,

I am working in a software company, we are reselling CAD/CAM etc., software. Currently, we can download all software with any security but we should have authorization.

So once we get a order from the customer we will invoice to customer without getting purchase bill.

We will get the purchase bill in a month.

But as a year end 31st March 2010, we have billed to some of our customer in the month of March 2010 but we haven't recv., the bill but it will get in the month of April 2010. So please guide me whether we can account bill dated in the month of April 2010 in the Month of March 2010.

Also, if i am purchasing at CST 2% against C Form, bill dated April 2010 if i am accounting in March 2010. Can I issue C Form in the period 1st Quarter of 2010-2011.

Please help me in the above case.

CAn Interest PAyable on TErm Loan Account be grouped with Secured Term Loan (O/s.) Account in Balance Sheet or interest payable should be shown serparately in Current Liabilities.

My company has entered into a contract for purchase of fixed assets and an installment is due on 15 march 2010.

Company has not paid the installment.

Is it required to make the provision for the amount payable ? as it would increase my fixed assets and my current liabilities.

Please advice

Any body help me, how to calculate depreciation on dies,modules & development in pvt ltd company and what is rate for it??

Please send me depr. chart as per pvt ltd company act