How to treat this
It is a School, which is doing services in the LEASED BUILDING and PLAY GROUND for 99 Years. They repaired the play ground with RS.200000/-. What will be the Accounting Treatment for this.
The Expense is CAPITAL or REVENUE. Shall U Clarify me...
Write off of Share Application Money
XYZ Company has accepted Rs.2 Crore as share application money. The Autorised share capital is Rs.1 Crore. Now due to heavy business lossess, Rs.2 crores given as share application money were wiped out. The company has stopped doing business. My Query is Can a company write off the Share Application Money and show the same is income in P&L account? Otherwise Company has to incur a huge expense for increase of share capital and allotment of shares, for which company have not money to spent. Expert opinion is sought from the fellow members. Thanks in advance
Cash System of accounting
in cash system whether depreciation should be provided or not. If provided why?
Profit and Loss Suspense A/C
Respected Sir/Madam
I want to know what is 'Profit and Loss Suspense A/C' and is there any differance between Profit & Loss Suspense A/C' and 'Profit and Loss Adjustment A/C' which is prepared in partership to ascertain profit during the year?
FBT due on prepaid expenses or not ?
If we pay Rs. 1 Lac for insurance of car, and we book Rs. 50K as expenses pertaining to current financial year & balance amount of Rs.50K we book as prepaid.
In above case, what will be FBT liability i.e. on Rs. 1 Lac or Rs. 50K, which we have booked as expense.
FBT - Interest calculation on delayed or part payment
1) If we pay FBT on 30th Aug insteads of 15July, what will be calculations for interest.
2) If we pay FBT on time but pay in part, like payable is Rs.50,000 but we pay only Rs. 40,000/-), in this case interest will be calculated on what basis for balance payment of whole payment ?
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