Respected CCI member please heip me regarding valuation of closing stock of trading partnership firm of stationery .


Opening Stock NIL
Purcahse 489475 , sales 259590
Direct Income 8601,

Can any one help me for finding out gross profit and closing stock amount.
And i also want to know what should be gross profit and net profit ratio in trading business.

can you please explain the term
REPORTING PERIOD, RELATED PARTIES AND REPORTING ENTERPRISE

AT THE TIME OF PHYSICAL STOCK VERIFICATION FOUND EXCESS STOCK IN SOME ITEMS AND SHORT STOCK IN SOME ITEMS AND CAN'T FIND THE REASON FOR IT. THEREFORE REQUIRED ADJUSTMENT IN CONSIGNEE ACCOUNT.

WHAT IS THE ACCOUNTING TREATMENT TO ADJUST THE EXCESS STOCK AND SHORT STOCK?

Respected CLI member Sir,

How to adjust negative debtors and creditors if shown in books of account.

Thanks in advance

can anyone tell me when one follows method of "paing as you Go" in case of Leave encashment which against the Accrual Policy and also against AS 15 " treatment of retirement benefits" whether one can follow such policy and disclose the fact that such policy has been followed in the preparation of financial statement or one should not a policy against fundamental accounting assumption, accrual in this case, as the standard provides for disclosure of fact only if fundamental accounting assumption are not followed. please clarify

Dear All
At what exchange rate export sale bill for a particular month be booked? will it be the custom exchnage rate or the rate of the day of transaction?

One of my client being an individual engaged in provision of services (i.e.Admission consultancy for Master degree courses through various B-Schools/Colleges.)In the very first year he incurred Rs.150000/- towards Web designing which is very essential for such type Business/profession.There after in every year Approx. Rs.40000 to 45000 will be incurred for upgradation/renewal charges.

How the same is to be treated in books in the very first year & subsequent years.(i.e.
either asset or Deferred or revenue in nature.)

regards.

X Ltd. Purchase 200 unit @ 1200 each for Rs. 240000/- but he received 205 unit by mistake what journal entry pass for excess unit received.

EXEMPTION CAN BE CLAIMED UPTO 15000/- FOR FAMILY? WHAT IS LIMIT

Hi All,

I have a query relating to posting on rent expense as per US GAAP.Let us assume in 2009 we booked rent $5000 which should be $25000. now we are at march and december 2009 financial closed and audited as per US GAAP.
can you please tell me how we book this $20000 in current financial?
If you u want some more information just let me know.
Thanks,
Anil