sir i want to ask following questions on U/S Loans:

1.Whether it is mandatory to charge interest on unsecred loans for financial year 2007-08 if we have charged interest in the last financial year 2006-07?

2.Whether it is mandatory to charge interest on each unsecred loans if loan provider is not related with assessee?

sir my Query is that when we r making sale nd purchase transactions with a same party then in such case whether is there any need to Open Sepeate Accounts for both the transactions or to record the both sale nd purchase transactions in One account?????

means seperate account of same party as debtor and seperate acount of same party creditors?

In case of Interstate Sale, which will be applicable out of two:-VAT or CST and at what rate. whether this sale will be taken as consignee sale and what will be accounting entry for the same in the books of accounts.

Sir,
we have entered in to a contract with forign firm to introduce new technolozy in our company. terms are as follows:
-- to supply new mechinary for introduction of new technolozy, along with supply of operational designs and reports.

-- to train company staff to operate that new technolozy mechine,

-- to supply spares required for a period of 5 years,

-- to arrange technical staff for supervision of operations for a period of 5 years.

Now kindly clarify whether there is any Intangible Asset to be recognized in this transaction as per AS-26.

Many subsidiary companies located in India close their books on monthly basis and report to parent company located outside India.


In this regard, please let me know how do they handle issues like, gratuity(based on actuarial valuation done by third party),auditors fees ,Foreign exchange loss on fixed assets,income tax provision etc, which are known only at the end of the year in their monthly accounts.


Thanks

WHAT IS IFRS AND WHO IS ELIGIBLE TO JOIN IFRS WHAT IS CARRIER IN IT.

WHAT IS THE MEANING OF TIME VALUE OF MONEY?

WHAT IS THE MEANING OF MISC. EXPENSES TO THE EXTENT NOT WRITTEN OFF?

WHAT IS THE MEANING OF CORE CURRENT ASSETS?

HOW TO INDENTIFY NON OPERATING ITEMS?