sir i have handled two company 1st company having bank a/c and 2nd company not having bank a/c. so iwill payment in 1st companies creditor in 2nd company bank a/c. so what will be transfer entry in our both book.

Dear All,

Can anyone tell me what is an Escrow account with a good example?

meaning of depriciation?

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?