My orgainistion is registered under society's Act and non-profit oriented and receives govt.grants. The govt.has given land free of cost. The members of the society are nominated by Govt. Recently the Accountant General personnel conducted audit of our accounts. The pointed out that :

1. The land has to be valued at market price and shown in the books of accounts where as we assigned Rs.1 value as it is given free of cost.

2. Similarly two buses were given by one of the PSU free of cost and shown At Rs.1 in the books where as they wanted to show at depreciated value from the date of purchase.
Please clarify.

Respected seniors,
Plz help me regarding these questions,

My company (ABC ltd)purchase some gift items from XYZ Ltd and
1.Paid excess amount against the bill
2.The XYZ Ltd return the excess amount after some days and one more thing I don't want to maintain the the XYZ's ledger

So, what will be the accounting entry for these tranjections.

Needs only experts opinion
Thanks in advance.

What is accounting standard? How many accounting standard are there and at present which standard is in used?

what is the benefit of this?

Please provide this information urgently.

thanks & regards,
pinak
pinakaries@yahoo.co.in

Dear sir,

kindly , guide me as how to account for
future exchange traded contracts.

thanks

WHEN SHOULD EXCESS PROVISION FOR INCOME TAX BE REVERSED???? IS THERE ANY TIME CONSTRAINT??? WHAT ARE THE REPURCUSSUINS OF NOT COMPLYING WITH THE SAME???

Can someone tell me how a cash outflow is calculated for CF statement in case of taxes ( IT, Def Tax, FBT (Prov + adv tax ))?

***************

please tell me what is e-1 form and why we required e-1 forms and whats the benifit of e-1 forms

Dear all,
Plz help me,

1.My company's V.P paid his house rent and electricity bill from the Company's bank A/C(he also provides capital to the co.)
so how can i treat this entry.........?

Thanks in advance

Dear All,
Following is a hyperlink to Companies (Accounting Standards) Rules, 2006
These rules only provide for AS 1 to 7 & 9 to 28. I am unable to understand why AS 8 (on Research & Development) is not included..

http://www.mca.gov.in/MinistryWebsite/dca/notification/notification_comp_Acct.html