hi,

i am using Tally 9.0 version as the financial year changed i want to create another file but for new file i am not getting the the back up accounting structure and balances from previous file. i can not post in old file as it was created only for upto mar31,09 and it not allowing e to post april entries.

so please help, thanks in advance.

dear all

suppose after payment to creditors at the year end the balance remains rs.23/-

what entry should be passed to write it off ?????

i think it should be
creditors ac-----dr
To indirect incomes a/c

Can somebody please explain to me wat is a Deferred tax asset/liability??

sir i wanna ask about provision for exp on 31 mar

Please tell me is service tax applicable on sale of licensed software to AICTE approved colleges.

Hi,

If the Company purchased the assets for less than Rs 5000 than as per notes to Schedule XIV of Companies act that should be depreciated at the rate of 100%. I have two questions in this regard.

1. If the asset is purchased in Nov 2008 and the Company is having its Finacial year end in Dec 2008 so using the rate of Dep of 100% (as stated above)two months depreciation will fall in FY 2008 and rest of 10 months will fall in 2009. Is this interpretation correct??

2. If the 1st is not correct, than should the assets be depreciated entirely during the year of purchase or should it be written off immediately after capitalisation, if the asset is to be written off immediately after capitalisation than what is the purpose of routing this asset from FAR (i.e Fixed Assets Register)so can that be written off straight away as expense to P&L.

Pls note that in case of 2nd the Company will not be following the 100% rate defination as mentiond in Schedule XIV.

Regards,

Arvind

If a Government Company shows a freehold land as its asset, although the registration is still pending with the Government (the transferor). Can it show it as its asset?

IF a manufacturing organization purchases a Weighing machine to be used to weigh its final products, this machine should be taken under Plant & Machinery or under Office Equipments so as for the purpose of calculating Depriciation? If it is to be taken under P & M, will the condition of Double shift also apply in case machine is used in double shift to weigh goods?

Hello Sir,

If the Company is having a contract with a Client to provide some IT services and is known at the inception of the Contract itself that the Contarct is going to incurr a loss. e.g Expample in a contract of 3 years- Contracted Revenue of 100Mn with Contracted Cost of say 150Mn i.e anticipated loss of 50 Mn for the 3 years.

1. Do we need to provide for this loss in the books to make the net margin Zero?

2. If yes than should that entirely (i.e 50Mn) be provided at the inception or over the contract life?

Regards
Arvind

Dear Sir,
I would like to know wat are the details and scope of Due diligence and what kind of work experience as well as knowledge is required for doing such a work plz sir do help by replying on my e- mail address