Dear Friends,
Our company is Project Based Company.
We have taken a project.
We have given the whole contact to a sub contractor.
we have issued a Sale Bill of Rs. 6 Crore on our client.
The sub contractor has issued a bill of Rs. 7 Crore for the same project.
Can we book the whole Rs. 7 Crore Exp in the F Y 2008-09 or shoule we defer Rs. 1 Crore to next F Y?
The Project will be completed in the F Y 2010-11 & we are expecting overall profit from this.

What will happen if at the end of financial year i receive a purchase bill of Rs.10,000.dated 28/03/09, but didn't receive goods till 31 st March.

Plz mention wt will affect on Balance Sheet
and P & l a/c and what journal entry should i made for this.

sir my query is ..........

suppose a company traded in an old machine having a carrying amount of Rs.16800 and cash difference of Rs. 6000 for a new machine having total cash price of Rs. 20500.so my question is what would be the cost price of new machine?
whether it will be Rs.20500 or Rs.14500(Rs20500-Rs.6000)?

anybody can explain me the difference between amortization & provision & reserves ?

Dear All,

Whenever any pvt. company makes profit and if it is distributing dividend to its director, then is it mandatory to transfer some portion of profit to General Reserve and how much? OR in geeral I would like to know that treatment given to General Reserve in case of PRofit making company?

Thanks in anticipation,

Amit

the best books for FM and accounting of ipcc

Hi
A public ltd co has made 100% investment in a private limited company. As of today the private limited company has not yet started the commercial production. The private limited co has only cash as it's assets and miscellaneous expenses to be written off. As of today how would the investment would be valued. Is there any deminition in the value of investment.

Regards

Dear frinds ,

can any one provide me material regarding Accounting Standards in the form of Q & A or suggest the Books for the purpose of Answering the PE-II exam.

sunithagannamaneni@gmail.com
9347816481

Ours is a manufactring company and is developing a project ie(Purchased land and started to develop a building for its own use). Can we capitalise salary cost of Our MD, CFO and Other corporate staff on some % basis to the new project as they are attending the sites for some work.

Whether the expenses to be capitalised are to be treated as development cost and AS-26 Intangible Assets would be applicable.

OR

Whether the capitalisation of preoperative expenses would be covered under AS-10 Fixed Assets.

PLease confirm.

IS amendments in AS-11 is applicable for june 2009 exam(pcc)? If yes, plz provide me AS-11 with amendments.