Dear Sir Nd Friends ,

while valuing the Creditors at the end of the financial year at the closing rates of currency the company reports a foreign exchange loss , wat wud b the effect of this loss on the o/s balance of creditors , will it b added to their balances nd then shown in the b/s ?

thnx in advance .

Suppose i have Rs5lakhs worth of gold and now i give it on a monthly rent to a firm. Now when the firm sells it it will increase its profit. Now the profit stated is not correct what will be the treatment in my books and in firms books should i record notional purchase at market value

Dear Sirs,

Does purchase of licensed software come under ASSETS? If so, is depreciation allowed on that?

If they do not come under assets? can they be treated as business expenditure?

Kindly let me know.

Regards,

Rajesh

Dear Sir,

Pl confirm what you meaning of deferred revenue

Thanks & Regards
Radhakrishnan.G

sir in finalling account of individual LIC Premium were i show my senior told me to show it as indirect expenses on p&L a/c but he has no buisness at all plz help i Know it is an personal expenses so,i want it to show on drawing

which date is relevant for calculation of depreciation - Acquisition date or Installation date or put to use date

we are distributor firm.we are having brach at baddi & mhl.Every month we send money to depot manager at baddi under imprest a/c depot manager.i wnat to know,this imprest a/c will come under which heading indirect expenses or sundry creditors.

If at the end of the current year the method of depreciation is changed and the change has a retrospective effect, will this retrospective effect apply to the sales and purchases made during the year and/or during the earlier years?

For example: An asset purchased in 2005. Additions made in 2006, 2007, and current year. During the year, part of the asset is sold. As on the last day of the year, the depreciation changes from SLM to WDV. Would you recalculate the depreciation of the asset sold till the date of it's sale and adjust it?

We have developed the new softawre by hiring some resources. But before putting the software live, we engage some external agency to do the UAT. So that it can be ensured that it is free from any deficiencies.

Now my query is that whether we should capitalised the UAT expenses incured or expenses out.

Sir,
please guide us how much rate of TDS U/S 194A for company/noncompany ( interest from a banking company/ other than banking co.) w.e.f from 01/10/2009 for the financial year 2009-10.

AKBAR