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

We have purchased a new office in Delhi. Where we give contract to a party to set up office ( Like wiring, furniture, Wooden almirah attached with wall, light, marble floor etc.) then our company clubbed whole exp in acount of office set up under fixed assets(Furniture) and charged dep on it @ 10% P.A. under I.T Act. Is it write if No then plz tell me where it is clubbed Thanks in advance

Can a Chartered Accountants be an Auditor and Liquidator at the same time of the same Company? If No. Then what is the reference?

Standard elements

Material rate Qty
A 3 100
B 5 50
C 4 200

Actual elements
Material rate Qty
A 4 100
B 4 50
X 5 150

How material price and usage variance will be calculated. What will be the nature of variance for material C and X.?

This is a case of a limited company( unlisted closely held)
As at 31-3-2009 the balance sheet shows the following balabnes:

Share Capital Rs 65 lacs
Unsecured loan 60.39 lacs
Total 125.39 lacs

Assets:
Fixed Assets Land 1.79 lacs
Net Current Assets .56 lacs
Accumulated losses123.04 lacs
Total 125.39 lacs

The company is not in operation since 2001.
The company is also not paying interest on unsecured loan. As the loans are also of shareholders and directors these can be waived off also.

Please suggest how this balance sheet will be closed.

Thanks & Regards

Dear all,I want to say that every listed company have to publish their report querterly & annual report. Is there any website where I can see this total financial reports of listed company ??

Dear Friends,
Our company have various contracts which are covered under definition of AS 7.

Up till we are not applying this AS in our company.

Now for this year we want to apply the AS 7 on some of our contacts & on other we don't want to apply.

Whether it is possible?

A plot is purchased in joint name of husband and wife. Loan is also taken for plot in joint name of both. How the accounting treatment(Shown in Balance sheet)will be done for these transactions?

Please note that EMI chaque is isuued and being clearing every month from the bank account of Husband only.