Applicability of IFRS in india?

An assessee purchases materials interstate. He keeps inventory in Tally ERP 9. All the materials are recorded in Tally as per the individual items's cost. I want to know what about CST charged. How it will be entered in Tally if inventroy is maintained.
e.f. A Purchases goods interstate:
M-1 Rs. 2000
M-2 Rs. 2000
CST Rs. 80

M-1 and M-3 will be recorded at Rs. 2000/- each. Then How will the entry of rs. 80 will be passed?
Please Ans.
Thanx

i have a client who is a accountant and having about 150 client in his name. he produce before me trial balance of each of clients and cirtified by that client also. on the bases of which i prepare financial statements i.e. profit and loss accounts and trial balance. so after preparing it, i write a comment below p/l and balance sheet that "just compile and prepare financial statements as per trial balance produce and certified by propritor" and then sign it for compilation. so i want to ask you that is there any special or genral reposposibility of mine for signing and preparing finacial statements.

How to calulate of Interest Drawing

In CPT Course Material Explain
Begining of the Drawing is calculate at 6.5month
& end of month calculate 5.5

please explain above matter

Regards
Girish

Dear Expert,
Pleass guide
I have a transaction wherein i charged commission to a Party X with service tax.
Party A/C ...Dr 179238
To Commission ....cr 162500
To Service Tax ...cr 16738

Amount received from party

Bank Dr. 161314
TDS dr 17924
To Party A/C 179238

I have been asked to pay him only the amount which he had pay i.e. 161314/- the TDS will be paid to him only when we receive credit
What amount of credit note should i issue & what should be the entry

Please please please guide......
Thanks & Regards
Sim

SUPPOSE OUTPUT TAX 3000
& INPUT TAX 1500. IN THIS CASE SIR VAT PAYABLE.

OUTPUT VAT A/C DR. 3000
TO INPUT VAT 1500
TO vAT PAYABLE 1500
SIR IS THIS ENTRY IS CORRECT. IF WRONG THAN SIR PLZ RIGHT ENTRY TELL ME.THANKS IN ADVANCE.

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.