In case of capitalistaion of asset can we exclude any amount of penalty charged on contractor in case of a project.
Plz give ans. with refrence of Para no. of AS-10.
Reply in detail.
Penaly is being imposed due to late completion of project.

HOW T PRACTICALLY GO ABOUT FINALISING A COMPANY'S BALANCE SHEET?

WHAT IF THERE ARE DIFFERENCES IN THE CURRENT YEAR'S OPENING TRIAL BALANCE AND THE PREVIOUS YEAR'S? I UNDERSTAND THAT THE CURRENT YEAR'S BALANCES WOULD CHANGE .. BUT IF THERE ARE TOO MANY FIGURES WITH SUCH CHANGES AND IF THER IS NO PROVISION FOR LEDGER SCRUTINY THEN IS THERE ANY WAY OUT?

Hi Friends,
This is Sandeep Kansal From Maler-kotla (Pb.)

My Query is as followed :-
Suppose if any person takes a term loan @ 8% interst.He got a offer from the lender to convert his loan in foreign currency and he have to pay interst @ 4%. Then he wants to convert it in foreign currency to avail the profit in saving of 4% interst. so what is the treatment of difference of change in foreign currency rate at the time of last payment. So this How should this Profit\Loss treated in Accounts.

i doing an audit of a mnc who hv around 1500 cars for rent n lease a car,n they hv all d cars from banking or financial inst. on finance lease basis which duration is 3 to 5 years to repay the entire amount so it is d financial lease as per as -19 ,n we hv claim depreciation on dat cars for income tax purposes bt kalra sir(mafa teacher) told us we cant claim dep on such cars ,but according my pouint of view it is dispute in income tax deptt which not give any solutiopn to us yet ,so plz tell me watt treatment is better to do n if possible plz inform me any circular or notification issued by i.t. deptt on same topic.

We are setting up a new subsidiary abroad so what would be the treatment of pre incorporation expenses in the consolidated financial statements whether it would be completely written off as start up cost under AS-26 Intangible assets.

A company has received a claim from insurance company for loss by fire.the said insurance policy contains the clause for reinstatement of asset loss by fire.
what will be treatment in books in following cases:-

claim wdv of asset Asset purchased
passed destroyed (new)
1.10000 12000 14000
2.10000 8000 7000
3.10000 15000 Not yet purchased

Dear Sir,
I'm Rakesh and I want to know that recently i'm going to join a new firm. The firm's main office is situated at china and regd. office is at Delhi,I have to work as Finance Executive there, so from china all the accounting work will be done
I have to manage all accounts payable in that & to check some documents like Bank statements and payment request.
I just want to know what is accounts payable and the documents involved in this subject.Also want to know TDS formats. Please guide me JHA SIR.
My email id is : rakeshmishra_siemens@yahoo.co.in

THE COMPANY REDEEMED PREFERENCE SHARES SHARE AT A DISCOUNT OF 10%, (ie) RS 90 (FV 100), BY FRESH ISSUE OF EQUITY SHARE AT RS 100. HOW WILL COMPANY ACCOUNT RS 10 PROFIT (ie)DIFFERENCE BETWEEN RS 100 & RS 90? IS IT RIGHT TO RECOGNISE IT IN P&L? IF NOT WHERE?

A company transfered land from FA to CA @ market price and adjusted the excess value under capital reserve instead of revaluation reserve. In subsiquent year the value was w/d gradually with declining market value. Whether this would constitute unusual accounting? AS 10