Depriciation on a newly purchased Asset should be calculated from the Date when the Asset has been put to use. Is this rule applicable under both Income tax Act & Companies Act or how differenty it shd be treated under two Acts?

we are paid transort charges 25,000/-
if the truck owner having the TDS exemption what type of form we will receive from the truck owner. Please the Form no.

Can any one please give me a comparison between cost reduction and cost control? With examples? and also between perpetual inventory system and continuous stock taking?

meaning & kinds of creditors

What is this Carrying amount? Where and all is this term applicable and used? How is it useful and for what? Can any one explain me everything relating to this carrying amount please? Is there something called carrying cost? Is it different from carrying amount? Please help me.

We sold 90 qty to party but during the transit 74 qty were damaged and thus party returned the same and accepted balance 16 qty. We also made invoice for 16 qty only. Later on we filed the claim with insurance company for damaged 74 qty and the claim was passed for 90% and we received the cheque also.
In such case how the accounting entries are passed for each transaction.

Thanks in advance

Which company follows system of deferrment of Advertisment expenditure. Could anyone Sugggest.

The company in which I work was incorporated in the year 1996. The value of fixed assets as at closing of previous financial year (31.03.2008) was Rs.23.40 crores. Out of which plant & machinery is Rs.18.76 crores, building Rs.2.24 crores, other assets such as land, electrical equipment, tools & jigs, furnitures, computers...etc are Rs.2.40 crores, thus totalling to Rs.23.40 crores.

From the year 2005 onwards the company spent money on a new project. The amount spent for this new project is Rs.1.70 crores and the same was kept under Capital Work in Progress pending capitalisation. The project was completed, trial runs made and the company has commenced sales on this new project. The company intends to capitalise the CWIP during the year 2008-2009.

It is proposed to apportion and capitalise the CWIP of Rs.1.70 crores on the existing entire plant & machinery and building.

Some of my colleagues say that the CWIP of Rs.1.70 crores can be apportioned and capitalised on the plant & machinery specifically acquired for this new project.

Can the forum members guide me with their valuable reply how to capitalise the CWIP. Kindly give me a detailed reply touching on basis of accounting and accounding standards that are required to be followed in this connection

with regards

Muralidharan

can any one tell me what all are the items that are required to be disclosed as per schedule 6 under "disclosure" ? can you please list the items?

In cash accounting system accounting is done on actual basis and vice versa in mercantile system?
But what does accounting on actual basisi means and explain mercantile system also?