Can any one help me by giving the format for NET WORTH Statements.

Dear Experts
Pls tell me which expenses are included under head administrative expenses

A company purchased an Machine in Mar 09 & also put to use it in Mar 09. Accordingly it charged, dep over the asset under both IT Act & Cos Act but in May 09, some fault found in Machine and is returned back to vendor. Now, how shd company pass entries for Asset Return and dep over it for 2008-09 & as well as for 2009-10 under both Cos Act & IT Act?

If an individual Asset out of a blok is sold during the year, how is the dep calculated over that asset for the days used during that year under Cos Act & Income tax Act?

A company purchased some Machinery and it is received in Factory on 1st Mar 09. Bill from Vendor is dated 25th Feb 09. After all installations and work, the Machinery gets ready to be used on 15th Apr 09 whereas it is actually put to use on 1st May 09.
a) Now, When the Machinery be taken into books?
b) Will dep be charged for 2008-09 either in Cos Act or Income Tax Act?
c) What will be date from which dep should be calculated?
d) Any other statuatory requirement if applies?

Any asset costing for less than 5000 should be depriciated @ 100%. So, is it must to first capitalize and then provide dep or can the purchase amt be directed charged to P & L A/c? Will this rule apply both for Income tax & Companies Act or what?

why we do not record closing stock in the Trial Balance???

My company's retirement benefits funds are handled by LIC for Gratuity and Superannuation. Based on tle actuaral valuation, premiums are charegd by LIC every Year. They provide us actuary ciertificate in this manner and the bases of calculating premium.

My question is , since LIC does autural valuation every eayr, whether, company must do actural valuation on its own for compliance of AS 15

Can any one please help understand the whole concept and treatment of goodwill in partnership- retirement, admission etc. In cases where they are shown in books, not shown in books(balance sheet) entries, writing off, writing back, sharing between old and existing partners in sacrifice or old or new ratio etc and all other concepts? Please help me. I am not able to understand it how much ever I try. PLEASE HELP

I was recently penalised Rs. 276 by ICICI bank as an ECS of Rs. 2000 bounced due to insufficient funds in my SB A/c, eventhough on the same day there were enough funds credited to my A/c from salary, chq. credits etc. during the business hrs.

ICICI bank is saying there is an RBI guideline that the previous days closing balance will be considered for honouring ECS or Cheque payments and not the balance during the days business hrs. can some one throw some light on the correctness of this statement.