On what basis do we account pre-operative expenses and Pre-operative gains.Is there any guidance note on them. whether exchange gain on restatement of loans taken for acquiring fixed assets is too be added to CWIP or to be recognised in the profit and loss a/c for periods comencing on or after the accounting standards are adopted by the companies act (with respect to notification issued by the ministry of corporate affirs on 7th Dec 2006(regarding the adoption of AS)

Hi Dear,

If we have imported some goods and now we have to record it then what should be the rate of exchange (buying rate or selling rate)and what should be sound date to book in record

What is meant by non refundable taxes

Dear Sir,

I want to know about share application money because for last 11 month my share application money didn't transfer in share capital, it will attract any penalty or other liability from registrar of companies.

Regards,

lalit Kr Sharma

Ima CA Student Anand Babu M hereby requesting you to clarify the doubt reg.Service Tax Accounting Treatment.

1.Entry for Service Tax when Invoice raised ?

2. Entry for Receipt when Debtor make Payment ?

3.Under what a/c head Service Tax receivable from debtor when Invoice Raised

4.Entry for Service Tax Payment made
5.how con we recognise the service revenue in respect of service rendered ? and does service Tax include in Service Revenue ?

Hi all,

I want to know whether if there is increase in Finished stock, will there be increase in raw material consumption or the other way. Please help me in this matter in detail.

Diffrence beetwen US GAAP &Indian GAAP

From where can I find out accounting standards 30 and 31?

Can we credit the mat credit in the P&L a/c as per AS 22.Please give the detail of AS 22 & any other guidance note on MAT credit.My doubt regarding entry of MAT CREDIT when we can't book the future profit as per prudent concept then why we are making entry of MAT credit.

Dear sir/madam,
My query is as follows:-
1.X Ltd.got the approval of a BOT Project from State govt. agency in sept.2005.

2.X Ltd.formed a SPV Y Ltd. in Nov. 2005 having 70% share and rest 30% held by other entity. Agreement executed between SPV and govt. agency for contract cost maximum of Rs. 150 crore in Nov. 2005.

3.X ltd. made an agreement with SPV Y Ltd. for taking the same contract on 202.00 Crores in Sept.2006.
In between the period of sept.2005 to sept.2006 X ltd. was doing all formalities for the project.

4. For Dec. 2006 quarter X Ltd. shows contract completed 35% and books profit of Rs.60.00 crores in compliance with AS-7.

Here my question is that can X lTD.show such profit in short term where the BOT Project taken by SPV is for 20 years and SPV can earn revenue after completion of project by charging toll charges etc?

Here 70% funds of SPV financed by X ltd itself,so in reality X Ltd is showing inflow of revenue from SPV which is nothing but its own fund invested in SPV.
Is it possible ?