ICAI does not recognise LIFO, isthere any specific reason for the same..

When a stock is transferred fro one branch at their standard cost pricing. The unit receiveing has accounted in thier standard cost price. The differnce in the cost is transfered to P&L. Now at the year end at what price it is to be valued.

Hello


SHOULD PROFESSIONAL TAX BE DEDUCTED ON ADVANCE SALARY PAID OR IT SHOULD BE DEDUCTED ON DUE BASIS WHEN ADVANCE SALARY IS ADJUSTED FROM MONTHLY SALARY

Regards,
Jyoti

Dear Sir

Kindly give me an idea for Procedure for Deregistraion of Service Tax no (Mandap)

with regards
Manikandanv

Dear Friends we well know that there are differat methods of charging Depreciation butcan you pls Why are differant methods of charging depereciation?

Dears

One of my clients want to make provision for gratuity beginning from 2005 onwards. The audit for 2005 is going on. so They wants to know for calculating the provision for the year 2005 whether they can take the present salary (2009) instead of 2005 as base.

Please advise me

A soya Company purchases Soya Seeds from the supplier and supplier charge VAT @ 4% in MP. Company makes payment to supplier without VAT and issue TDS Certificate for the VAT Amount as per Section 26-A of M.P. VAT Act.
Summarize position is as follows:

Purchase Value 20 M.T. @ 17,000/- per M.T. = 3,40,000/-
Add: VAT @ 4% = 13,600/-
Total Purchase Value = 3,53,600/-

Company is making payment of Rs. 3,40,000/- to supplier and issuing TDS certificate of Rs. 13,600/- to supplier.

What will be the accounting Entry?

Is the debit note amount added to purchases to arrive at total purchases for a period? why?

Are debit notes & credit notes issued simultaneously i.e. if A has to take 1000 rs from B, he will issue a debit note to B. Will B also issue a credit note to A to complete the transaction?

then what will be the parallel entry in B a/c

Hello to all,
I want to know about the accounting for the Tax collected at source.
the person collected Tax at source and deposited that with the Govt. so what would be the accounting entry for that.