I have a query regarding Recognistion Revenue and Exchange Rate to be taken in case of Export sale or Import.

1. What is Exchange Rate to be taken in case of Export sales i.e whether RBI Exchange Rate or Customs Exchange Rate for Recognising revenue ?

2. Whether two exchange rates can be followed I.e RBI and Customs

3.While recognising revenue customs rate is taken and when actual payment is received RBI Rate is taken. Is this correct method.?

Please suggest me the correct way of the representing the transaction.

In one of the company, many payments are made exceeding rs. 20000 against the same bill. Is there any way by which such entries can be changed so that the disallowance u/s. 40A (3) is not attracted.

Plz answer this as soon as possible.

Hello friends,

i have a problem related to treatment of written of the shares.

i just want to give a brief description about the company & query.
the company is engaging in the business of trading of shares. the company maintain the shares as stock. accordingly the company used the increase/decrease of shares.
Around 3-4 years ago, the company has purchased the partly paid up shares from another company. at the time of first call the company has not paid balance amount. the another company has forfeited such shares.

the company forgot the treatment of such forfeited. Now in current year, the company wants to recognised the loss.

plz advise me a proper accounting treatment .
psnksj

Hello Friends,

What is the treatment of Following Security Deposits in Books of Accounts:

a) Refundable Security
b) Non Refundable Security

Which of them is Liable to TDS?????

When are import purchases to be recognised?
1. On the date of invoice
2. On the date of GRN
3 .on the date of clearing charges bill(if received through courier

Hi,

Am yesodha.Am working as a accountant in a pvt. concern. Its a small conern so usually payslip will not be provided to the staffs. so as per all staffs requirement am planning to issue payslip. so i request you to provide the format of payslip as a word document.

Awaiting for the reply

Hello All,

Thank you for your help in advance.

I have started a small business on September 6th 2007. I have two sweet shops and four curry points in Hyderabad. To my surprise my turnover has reached 60-70 lacs/year in less than two years. Apart from manually keeping track of my cash flows, I haven't yet hired an accountant or a book keeper. I have also not prepared any financial statements for my business till today. I know its pretty late and should get done with creating financial statements for my business as soon as possible. My questions are,

1)I know nothing about the financial documents that are required to be maintained by small businesses in the food industry. How do I go about starting with this accounting stuff for my business? What am I required to do stepwise?

2) Should I myself enroll in an accounting course and maintain my own accounts? If yes, which is the best course and institute in Hyderabad? I am a B.Sc(comp) graduate and have no accounting knowledge.

3) How to make sure I hire a reliable accountant who will actually do his job and not just fake that he is doing it? Should I go to a CA for preparing my year end statements??

Hello All,

Thank you in advance for your help.

I have started a small business on September 6th 2007. I have two sweet shops and four curry points in Hyderabad. To my surprise my turnover has reached 60-70 lacs/year in less than two years. Apart from manually keeping track of my cash flows, I haven't yet hired an accountant or a book keeper. I have also not prepared any financial statements for my business till today. I know its pretty late and should get done with creating financial statements for my business as soon as possible. My questions are,

1)I know nothing about the financial documents that are required to be maintained by small businesses in the food industry. How do I go about starting with this accounting stuff for my business? What am I required to do stepwise?

2) Should I myself enroll in an accounting course and maintain my own accounts? If yes, which is the best course and institute in Hyderabad? I am a B.Sc(comp) graduate and have no accounting knowledge.

3) How to make sure I hire a reliable accountant who will actually do his job and not just fake that he is doing it? Should I go to a CA for preparing my year end statements??

1.I have to pay salary to employess. but before that they have resigned and gone without taking salary. what i have to do in my books when payable is o/s for more than say 5years.

2. Bonus payable is outstanding for left employees(where they are no body knws) what i can do such amount in my accounts?

i have read somewhere that you have to tranfer to some govt account.

but i dont knw when we have to do? i mean time period. gimme details pls

what is an accounting Treatment for Fringe Benefits Tax in Case of Company & Individual and how it effects the balance Sheet