We have imported some raw materials and capital goods in USD.We need to book them in our books in INR.I need to know the day of which conversion rate i can use to book the entry. I am considering on two options:
1)The conversion rate of the day on which we received the material in our factory premises.
2)The conversion rate mentioned in the bill of entry.

Please suggest,which option is right.

RESPECTED SIR,

WHAT IS THE MEANING OF "difference is capable of reversal in subsequent periods", "Permanent Difference", "Temporary difference", "virtual certainty" & "real certainty" IN ACCOUNTING STANDARD 22.

REGARDS,

PRABHAKAR

There is a machinery which has been written off subsequently.The machinery is no more depreciable.But the Machinery has been still put to use in production.It is the only machinery used for production.Can a company charge depreciation on such machinery? According to Companies Act,1956,a machinery which has been written off upto 90% of its Historical cost is said to be written off.

I need clarification regarding accounting treatment for costs incurred such as flooring, roofing, first time water proofing and other construction expenses incurred on a rented building (not on lease) used by a company for business purposes.

Whether such costs are to capitalized as building or are they to be expensed as repair and maintenance.

I know for a fact that they are to be included in the Block for Buildings under the Income Tax Act, but how is it to be treated under the Companies Act and whether any accounting standard is relevant for this purpose?

Can they be treated as miscellaneous expenditure and amortised over say 5 years?


Thanks

In the case of software company. They spend 5.00 cr towards salary to IT staff but software could be made in the previous year.Therefore, no sale during the year.
Should company claim loss
or
should paid amount is WIP
or
Defered Expenses

what is correct treatment of exp.

I am a Consultant accountant. At present I am useing Tally and EXNG accounting package for my day to day works. But many of traditional claints preffer to see on screen the cash book & ledger, like our traditional books . could any body suggest best sutable accounting package for traditional accountig.


sivarao

In what situations, a Balance Sheet may have Capital Account " Zero ".

Please assume it only in the case of unregistered individual concerns.....

Recently I came across the acronym - EBITDA which stands for "earnings before interest, taxes, depreciation and amortization"


The dictionary meaning of Amortization is - "The reduction of the value of an asset by prorating its cost over a period of years"


I would like to know how 'amortization' is different from 'Depreciation'as the above definition also holds good for depreciation.

Hi Friends,

Please guide me;

1. Quaterly incentives & bonus will be credited along with the employee salary. can anyone send me the format of salary slip.

2. Brief info on 80C & 80 D.

3. Tds % on directors Salary.

4. If Directors take classes, how should be the payment made, grouped,treated & enteries passed.

Thanks in advance

Sir,
I am working in Construction co. we have purchased land for development & as per slabwise received amount from the customers also. Now my query is- in tally how will I pass accounting entries for amount received from customers against booking of flat. Shoul I show under loans & advances till the possession of flat or I will open every customers flatwise ledger a/c under S. Debtors. Please explain throughly.

thanks,
Anjan S Mehta