how the treatment of advance tax paid at the time of finalisation of account for the current year?

Respected Sir,

Pl guide me that, in usually in partnership firm we issue the interest to partners for the capital. but if they take the excess amount (overdraft)from business then what will be interest rules.

thanking you,
yours sincerely

v s konkati

Suppose x ltd is a builder. Now In 2007-08 x ltd sold a flat to Mr Y for Rs 15 lac. Mr Y had already cleared all the dues. In 2008-09 Mr Y returned the flat to x ltd at Rs 17 Lac. And that returned flat is unsold till the end of 2008-09. The cost of construction of the flat returned was Rs 10 lac. There are other flats also unsold at the end of the year 2008-09 and company policy is to value stock at an average price. In this situation average valuation of closing stock is correct or we should separately value the returned flat. Also how we will pass the entry of return in the books and valuation of the returned flat

Dear Sir,

Kindly let me know the servicetax is applicable to an workorder or not. If the workorder is considered as consultancy charges what isthe percentage of TDS.(whether service tax is to be calculated for the workorder or Not for this). If anybody knows the tds percentages for subcontract,contract etc. your reply is highly solicitable


M.v.chandran
09246298967

what is annuity factor?
multiplying with just annual instalment one can get the full cash price...what is logic?

Dear Sir/Ma'm
What are the journal entries in the books of Company as well as LLP on conversion of Company into LLP specifically for share capital & reserve and Partners' contribution?

Thanks for reply in advance.

if i exports goods at dollar 17500 exchange rate is 49.25 per dollar and i gets the payment @50.25 per dollar then wht will be the entry

I want to know which Accounting Standard is applicable for recognising revenue in case of a Civil Contractor - AS 7 Construction Contracts, or AS 9 Revenue Recognition.

The individual is engaged in pure civil contract works, which includes, Painting, renovation, Repairing etc of Buildings, Flats, etc, and specifically does not include Construction, or Redevelopment projects.

Para 8.3 of AS7 mentions that
"Contracts for rendering of services which are directly related to the construction of assets" are to be classified as Construction.

The question that arises here, is that whether a Civil Contractor can be covered under AS7 on the basis of the above-mentioned grounds or not.

Please reply quickly, THANKS IN ADVANCE!!!

as a transport corporation we collect prepaid tickets. if the prepaid tickets sold for april of the next finacial year then we are accounting it as income received in advance.
auditor says that on acrual basis there is is no accrual. as the amt is received
that can be accounted in the finacial year in which it is received.
is this correct
where can i get the guidence note on accrual basis of accounting

we are engaged in Jalvahatuk Transport, If we buy a weather report in a twice of a week from weather Dept. then in which head we showing weather report expenses"

from: jems-b@in.com