Sir,

Mobile Phone (4 No.of Hand set worth Rs.14,000) purchased for Company Employees for official purpose. Where it comes ? whether Communication expenses (or) Fixed Assets-Office equipments.

Thanks

R/sir,
i have received on security bill of Rs.15786.00 only sir, pan number not available so as per new tds rate for f-year 2009-10 how much tds deduct from this bill & when total bill amt over s50000.00

How the accounts of travel agent can be maintained? whether it should be on Sale purchase of tickets or Net commission basis? and for tax audit we have to see gross salas or Net commission

A ltd & B ltd r going to merge .new co. is C ltd,then J/E to trnsfr assets and liabilities is made ,then difference in Dr. is goodwill. if difference in Cr.is .......?

if partner pay firm expense his personal account then what will be entry in tally & reimburesement entry.

ONE PARTNERSHIP FIRM IS BEING CONVERTED INTO PVT LTD COMPANY IN THE VERY FIRST YEAR OF BUSINESS. HOW THE ACCOUNTS ARE TO BE PREPARED AS ON THE DATE OF TAKE OVER OF PARTNERSHIP BY THE COMPANY.

As per AS27, when the venturer sells an asset to a Jointly controlled entity (JCE) for a profit/ loss, the venturer will recognise only that part of the profit/ loss which belongs to other venturers- i.e. he will not recognise his own share of profit/ loss.
Q 1) I don't understand the logic behind this.
Q 2) I was discussing this with my friends, and they felt that since the venturer is selling the asset, the profit belongs to him, then why not to recognise his share?
Q 3) Also, will there be any corresponding entry in the books of the other venturers?

Dear Sir,

I would like to know about th procedure for bank guarantee & letter of credit as per Indian Banking standard.

Dear Sir

if we are 10000 equity sahre at each 10 rupees issuing with security premium 2 rupees and application money is 3 ruppes and allotement is 2 rupees.

dear sir plz pass journal entry with due and receipt entry simultenouly adjust security premium amount

plz discribe security premium and disscounted term in company , what is effect in total share capital thereof?

Hi
This question is with respect the cost with which the Fixed Asset should be recorded in the books of accounts. The transaction goes like this...

Mr.X sales few high value assets on behalf a company which in turn gives asset to Mr X. The assets so received can be termed as Fixed Asset for Mr. X. (May be one can take a view that this is Gift or can also say that its consideration in lieu of commission!!)

What should be the cost of asset that should be accounted / recorded in the books of accounts?? (pls give reference of ASI / AS / IFRS / guidance note paragraph in the context of answer)

Regards
Jigar