due to frequent modification of tarrif by the statutory body i.e. central electricity regulatory commision,the current bills being raised by the different generating units include the energy charges for the previous years also.it is to mention that estimated or actual liability can not be determined at end of the purchaser on the basis of tariff order. whether the energy charges for the previous years included in current bills shall be accounted for as prior period expenses or current year expenses.

Dear sir,

I want to knew How Doctor having his own hospital maintain his accounts.

what legal and income tax compliance he has to follow.

Above 40 lacs turn over, he may attract in tax audit or not.?

Please reply

a govt company aquired land on lease on nominal amount with certain amount of rent which is to paid annualy.rent so paid will be capitalised or otherwise.

Whether inter unit transfers can be treated as sales?

Can Any one provide me syummary of all indian accounting standard as well as us accounting ?

And is there any diff in us accounting & indian if any one clear that to me then plz..........

Govt.company aquired 10000 sqrfitland on payment of Rs.1 for construction of a sub station of power as per notification issued by govt the market price of land is Rs.1000 per sqr fit.what will be accounting treatment in books of account.

Here is the question:

A, B, C & D were in partnership sharing p/l in the ratio of 4:3:2:1 respewctively. they decided to dissolve the firm on 31 Dec. 2006, when their B/s was as follows

Liabilities Amt Assets Amt.
Capital
A 7000 Cash 1000
B 4000 Debtors 25000
C 8000 Stock 12000
D 3000 B/R 7000
Bank Loan 10000 Loss 15000
Loan from B 4000
Creditor 24000
....... .......
60000 60000
....... ........

The Assets were realised as follows
a. Debtors Rs. 25,000
b. B/R Rs. 6,000
c. Stock Rs. 9,000
d. B & D were both become insolvent
Give Necessary a/cs in the books of the firm acc. to the Indian practice.


Now my question is

a. what should be the treatment of loss which is given in the question ? In how many of the partners will it be distributed?

b. Is it right to use Garner Vs Murray to solve the problem if not then what is the actual difference b/w Garner vs Murray and Indian Practice.

1)The duration of project in Software Industry normally is more than a year. AS-7 allows only completed contract method.In such scenario where the comapany cannot raise a invoice till the completion of the contract, but it has incurred some expenditure till the end of the year in performance of the contract, how does it deal with expenditure already incurred?

Is there a concept of 'WIP' in Software Industry?. I have not come accross 'WIP' in reports of IT companies.

2)If the company has received some advance based on milestones achieved, can this sum be deducted from expenditure already incurred and show remaining balance as WIP?

Kindly clarify.

Raw Materials are purchased by a company. The goods are transported through Goods Transportation Agency. The company pays service tax at an abated rate on behalf of the goods transport agency and no credit for service tax paid has been taken by the company.Can this service tax amount be added towards the cost of inventory in the books. If it can be done how will be treatment at the end of the year when closing stocks are physically verified and valued, as per AS-2

I want to know how to create closing stock a/c in tally.

I tried creating closing stock ledger under the group stock-in-hand and entered the opening stock value and entered the closing stock value, but closing stock did not appear either in p& l a/c or in the b/s .

please give your suggestions