A company has been incorporated in 2005. up to the y/e 31.03.2008 the company was creating deferred tax liability as the book profit is more than tax profit due to high rate of depreciation. the company has only fixed assets for calculating deferred tax. till 31.03.2008 the accumulated deferred tax liability has came to Rs. 19114/-. as the company has not purchased any new assets till date, first time tax profit has exceeded the book profit and i have arrived at deferred tax of Rs. 30,855/-. what the entry should i pass?
according to me :-
Deferred Tall Liability A/c Dr
To Profit & Loss A/c.
As i have credit balance of Rs. 19114/- in deferred tax liability a/c, the balance as on 31.03.2009 ubnder deferred tax asset will be Rs. 11711/-. i.e Rs. 19114 - 30,855. is my entry is correct. one of my friend says that, first i have to debit D T L and credit P & L for Opening bal of Rs. 19,114/-. after that i hav to debit DTA & Credit P & L for Rs. 30,855 for current year. which one is correct?

Can anybody tell me about AS-18
please send me full as on my email id

my email id is
jeewan1980singh@gmail.com


thanks in advance

SIR,I LIKE TO KNOW THE ACCOUNTING TREATMENT OF TAX WHILE PREPARING CASH FLOW STATEMENT AS PER AS3 IN INDIRECT METHOD.
THANKSSSSSSS

A Company has deprn only as an item involving Deferred Tax. Since Income Tax Deprn will always be lower than Company Rate of Deprn.,it will always have Deferred Tax Asset.What will happen to this DTA?It jus keeps on accumulating,na?

Dear sir,
plz suggest me with your valuable tips
for accounting standards as I am facing lots of difficulties in solving questions on AS.
Thanks and regards

During finalisation of accounts for the year 2008-2009 of partnership firm , we have given effect of FSI/ Land Revaluation . The one effect is given to partners current account by share of Revaluation and another is showing under current assets. Is this effect is proper .

Please guide

Please experts let me know how to prepare BRS and the detail procedure involved?

Please tell me in a newly incorporated company is the employees are entitle to receive the bonus and leave encashment if the employee completes his/her one year of service. If yes please provide me its calculation for both(bonus & leave encashment). And as per law what is the minimum & maximum bonus and leave encashment an employee should get.
Please provide me the detail and you can contact me at deepakslgmore@gmail.com

Thanks

There is stock of battery o/s. in trading co. since long period which is neither salable nor of any use. I want to remove that stock from books of accounts, what treatment should be given in books of accounts ?

will there be any implication of vat or tcs ?

Dear Experts,

What Cost -Cutting Measures have you implemented ? Pls guide me…….

If you have any guidence regarding this subject you can mail me this mail id

vikky.vasvani@gmail.com

Do needful.

Regards

vikky vasvani