Our company is the manufacurer of wheat products. Please email the working of valuation of closing stock of Finished goods such as Atta, Maida, Sooji and Bran.

rajdeepstar@rediffmail.com

Dear Experts,

Our company has given half money as an advance for AMC for Out DG sets. Total Cost AMC cost is 65000/- . Half money we will give after 6 months.

Now my question is when we will book this expense at time of giving advance or at the time of AMC of DG sets and will give a receipt of AMC done.

At the time of giving advance AMC service provider providing an acknowledgment receipt which is for advance payment making to him.

Please Guide me.

What if an entity purcahsed Aseets in bulk like 10 mobiles each individually costs Rs 4000 or below 5000 , then total cost of 10mobiles will be capiatalised or asset will individually capitalised


Suggest

WE ARE NOT VAT REGISTERED BUT WE HAVE SALES TAX NO. OUR CREDITOR CHARGES US VAT @ 4% ON ELECTRONIC HARDWARE & COMPUTER ACCESSORIES GOODS.

WE PASS FOLLOWING ENTRY IN BOOK OF ACCOUNTS :

ELECTRONIC HARDWARE ITMS A/C DR. XXX
TO SUNDRY CREDITORS A/C XXX

SUNDRY CREDITORS A/C DR. XXX
TO BANK A/C XXX

IS IT RIGHT PRACTICE??

CAN WE HAVE VAT CREDIT??

PLEASE SUGGEST.

Dear Sir,

Can I claim penalty & fines paid to the Govt.Authorities other than I.T.Dept as an expenses if yes upto what extent and also we had paid huge amount of penalty on behalf of our customer which will be reimbursed by oure customer later on pls tell me the accounting entries for the same.

A pvt. ltd co. sold its fixed assets (furniture)on 27-3-2008. Dep. is to charged to p&l account upto 27-3-2008 under companies act, 1956 or no dep is to be charged as in case of IT Act where no dep is charged in the year of sale of fixed assets?

What is the difference b/w cash discount and trade discount... PLz xplain...

sir, one of our clients, a PSU, has got a waiver of loan from the Govt of india, amounting to Rs.400 Crores. I need to know the accounting treatment and also the presentation of this in the final accounts. Can you suggest please

My company is a pvt. ltd. company has done agreement with cc avenue pvt. ltd. which accept all credit cards from customers for payments of sale of our online education product and transfer that amount to us after deducted his transaction commission 3.75% on transaction amount. it will be attract any tax or any liability. Similiarly icici payment gateway transactions also.

Regards,
lalit

Dear Sir/ Madam
I want to know wether the depriciation on buildings is the same on Commercial & residential buildings, let me know... and i have another doubt that What is the difference between financial year & asessment year.

Pavan kumar
Rajahmundry.