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

Hello
How Company Decide to Charge Dep. method i.e. straight line or W.D.V. & reason for selection method.? which is best method?

Dear Sir,

HAPPY NEW YEAR, 2010

PROBLEM:
Generally it is seen that a person who is not employee of the business enterprise receives imprest and in the books of account imprest receivers accounts is opened.

Should we provide imprest to the person who is not an employee in the business enterprises.

Please explain it.

If telephone bill and elecricity bill is not in the name of the Company, can these expenses will be allowed or not?

What is the meaning of above the line & below the line items in Balance sheet? what are those items....?

Hello
How & Who decide about Authorised Share Capital , & on what basis amount decide. if Co want to increase the same on which fanancial factor to be conditionred

Please explain me
Thanks