I had applied for shares 2 yrs. back but allotment has not been made till now and it stands in my balance sheet in the name of Share Application Money. Can I claim this amount back?
Or What else to do with this investment?

I have this querry that ...a proprietor consumes some articles of the organisation and later on pays for it....will this amount to sale?? he has paid till the cost of the asset..
Is this following accounting treatment correct??
Drawings A/c Dr.
To Purchases A/c

then
Cash A/c Dr.
TO Drawings A/c

or pass the direct entry as Cash To Purchases??

Pls guide in this regard

Regards..
Bonita

In case of companies registered under companies act,1956
1. If the company gains profit on sale of asset, sale of investment( i.e the company is not having investment activity as its main source) or capital gain(short/long term) on sale of mutual funds/property , in these cases whether the said gains/profit is to be credited to capital reserve (ie. shown to Liablities side of Balance Sheet) or to be credited to profit / loss account.
Further if credited to profit /loss,will it be treated as revenue income & if yes, then on what basis dividend to be declared ?

2. If there is loss on sale of asset, captial loss then whether to be debited to profit/loss account or to be shown under Miscellaneous exps.( Asset side of Balance Sheet )?

3. Further let may help to know which proit/gains come under capital reserve.

Dear Sir,

Happy New Days
(Property Owner :- Business of Resturant & He is a Proprietor of his Business )
I want to know If I Purchase I House (Property) of Rs.150000/- on 1998-99 & Sale it for 850000/- in 09-10 and Purchase New House (Property)for Rs. 950000/- on 09-10 within 5 Month after sale of Old one.

I want ot Know Can He Show his Old House as Property with Rs.150000/- in Balance Sheet of of 1998-99 onwards to 2009-10 or not ?
If yes What about Difference of Sales Price & Purchase Price of Old ?
Afterthan What about Tax on New Property ? would he has to Pay tax or not ?

Pls tell me Detailed Info...about this matter and I miss Something in it Please add in your Reply

Your Replies are really important to me.

Thanks in Advance

Dear Sirs,
Hope You all are fine there

I would like to know that If a Computer & Peripherals Sales Business (Proprietership Business) has assets of Furniture,Moterbike,Computer,Printer,Scanner etc. How much Depriciation They have to Charge on Particular Assets ? & Also I want to know Would they have to Create Depriciation fund on Balance sheet or not ?
If yes Show me the Entry or if No Pls tell why ?
Thanks in advance

hi,
one of my friend is finalizing his and his wife accounts, he is geting diff in opening balance, i told him to check the balance with last year final accounts statements, he checked all heads its correct, still he is geting the difference in the op.balance can you guide my friends, any other ways to check the same.

regards

Kiran

I The Student Of CA Inter & M -Com Would Like to have Accounting standard notes with full of examples including each matter discuss under the AS because i have to prepare for the exams so please help me . please please please.


Accounting Standard Regaring AS 17, 20, 22, 25. With Examples Please Help.

My Email ID is vyas_pratikca@yahoo.com
can mail me any pdf, word or excel files with lots fo examples so please help me as far as possible & also tell me the book that is most preferable & good to understand accounting standard in depth please also mention the author name & were it is available.


please do the needful very urgent in need. Thaking You All Experts In Advances.


Regards,

Pratik N. Vyas

what is contingent liability?

If shares are not allotted for than 3 yrs. then what treatment should be given to the application money which stands in my balance sheet?

Secondly,Is there any statutory guideline for this?

Plz resolve this and oblige.

The entry to be passed for audit fee at the year end is
whether
audit fee Dr.... XXXX
To Audit Fee Payable XXXX

or

Audit fee Dr..... XXXX
To Provision for Audit fee XXXX

Please Clarify my doubt with relavant Base. Thanks in advance