SUPPOSE OUTPUT TAX(INCLUDE CST.)1000
& INPUT TAX 1500. IN THIS CASE SIR VAT REFUND.SIR I WANT TO ASK YOU IF OUTPUT TAX(INCLUDE CST) LESS THAN INPUT TAX .THAN WILL WE VAT PMT IN CASH.OR REC. FROM GOVERNMENT.
VAT REFUND A/C DR. 500
OUTPUT VAT A/C DR. 1000
TO INPUT VAT 1500
SIR IS THIS ENTRY IS CORRECT. IF WRONG THAN SIR PLZ RIGHT ENTRY TELL ME.THANKS IN ADVANCE

I have booked Income Twice in accounts & the Same shown in return of income? isn't it reverse in current year
Treatment in accounts?
Effect on Income Tax?

Please reply as early as possible

Hi,

This is a practical problem I am facing while preparing the financial statements of a foreign entity. "A" company received share application money of USD 30,000 which is inclusive of share capital and share premium in March 2009 in its USD bank account. The allotment of shares was done in April 2009. The share certificate states that the issued shares are 1,000 shares of EUR 1 each and a premium of EUR 23 per share. The USD/EUR exchange rate in March 2009 was 1.25 and in April 2009 is 1.50. The reporting currency is USD. Please suggest me on 2nd entry:

1st journal entry: (On receiving money in March 2009)
Bank Dr USD 30,000
To Share application money A/C USD 30,000

2nd journal entry:(On allotment in April 2009)
Share application money A/C Dr USD 30,000
Currency exchange results A/C Dr USD 6,000
To Share capital A/C USD 1,500(1,000*EUR 1*1.50)
To Share premium A/C USD 34,500 (1,000*EUR 23*1.50)

Do I need to recognize the currency exchange results on allotment of shares. Kindly advice.

Dear Sir

An asset is purchased out of loan availed from bank, can I take depreciation as well as interest on loan in P&L.

Pls explain me below things,

raw material
stock in process
finished goods
stores items
spares items

Please tell me how the brand names of multinational companies such as Nokia, Sony, Dell etc. is done in the books of accounts???
What is the treatment for it under AS 26 Valuation of Intangible assets???

I have a query in accounts .........please solve it(IPCC)

Situation: If We are preparing investment accounts for financial year 2009-2010 then

Mr. A purchased 500 equity shares on 1st april 2009 @ Rs 18 per share(FACE VALUE Rs. 10). Dividend declared on 1st may @ 10%. Since we are receiving dividend for the 2008-2009 but we create the investment account with the dividend which we receive in 2008-2009 . Why we credit investment account with amount of dividend which we recieve of previous year please tell me the logic behinnd this

I have a query in accounts .........please solve it(IPCC)

Situation: If We are preparing investment accounts for financial year 2009-2010 then

Mr. A purchased 500 equity shares on 1st april 2009 @ Rs 18 per share(FACE VALUE Rs. 10). Dividend declared on 1st may @ 10%. Since we are receiving dividend for the 2008-2009 but we create the investment account with the dividend which we receive in 2008-2009 . Why we credit investment account with amount of dividend which we recieve of previous year please tell me the logic behinnd this

Dear Sir

My company encaged in an own project, some of the assets already completed but the project still pending. We took these assets under Capital WIP because the project yet to complete, weather this view is currect one. If, not please provide exact points.

Dear Expert

Which accounting standard should I go through for accounting of various revenue expenditure ?