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

Dear all,

i want to ask,is the cenvet credit is treated as indirect income for a business or it will goes to loan & advances, i need solution for closing of my co. balance sheet.

we are a eng. manufecturing co., pls let me know what would be the accounting treatment explain with journel entry

thanks

Pl tell whether AS 30, 31 & 32 are applicable for June 09 Final Exams?

What is the procedure followed for accounting of Call and Put Option trading and aslo the tax liability.
I mean Journal Entries required to pass in tally for taking the effect of such trading.

What head in accounts should be created for the payment of toll tax & Big TV recharge

DearAll,

I would like toknow the following treatments in the books of Accts:-
1) Payment by owner of a team in IPL to its players.

2) Payment by Broadcaster to the owner

3) Sell of players from one team to another

The cost acquiring a Leasehold land is amortised over the period of lease.Hence, Depreciation/amortisation is allowed as per companies act.


But whether the amortised amount (ie depreciation)is allowed as deduction in computation of Income under the Income tax Act? If yes under which sec of income tax

If no, While calculating defferred tax Whether we have to ignore the leasehold land depreciation as per copanies act ?

Dear experts,

'ABC' company has started their business in FY 07-08. Now FY 08-09 is the company's second Financial Year.

Now the company is closing their books for FY 08-09 (Finalization). And they want to make a provision for Gratuity. (Company wants to Introduce Gratuity.)

Questions:
1. What is the applicability for gratuity?
2. How does it work?
3. What is the procedure?