WE HIRE A CAR FOR INSPECTION, AND THE CAR OWNER IS A UNREGISTERED PERSON, ON THE PRESENTATION OF THE BILL, WHAT IS THE GST RATE, WHICH IS TO BE APPLICABLE WHEN WE ARE ACCOUNTING.
(IF ACCOUNTING IS BEING DONE IN THE LEVEL OF A DIST OFFICE, WHICH WORK UNDER STATE LEVEL CORPORATION, WHICH HAS SINGLE GSTIN NO.)

XYZ Ltd. has taken a loan of USD 10,000 on April 1, 2016, for a specific
project at an interest rate of 5% p.a., payable annually. On April 1, 2016,
the exchange rate between the currencies was Rs. 50 per USD. The
exchange rate, as at March 31, 2017, is Rs. 48 per USD. The corresponding
amount could have been borrowed by XYZ Ltd. in local currency at an
interest rate of 11 per cent per annum as on April 1, 2017. What will be the treatment of foreign exchange gain & what amount should be recorded as interest in the books of accounts as interest.

Dear All,

We are running a salt manufacturing company. The process is we harvest the crude salt and the crude salt we wash and centrifuge. Then the centrifuge salt is the raw material for our refinery plant.

Kindly help me to value the inventory of stock on each stage.

Currently we are considering the direct cost of crude salt to value the closing stock of crude salt.
Harvesting cost is Rs. 100 p.mt
Wages is Rs. 50 p.mt
Hence the inventory value of crude salt is 150 p.mt
Indirect cost is Rs. 100/-

But when we transfer this crude salt to washery unit (15% washing losses are there) we should consider the input cost is the direct cost of crude salt or we should add the indirect cost of crude salt also.
ie we should take the input cost is Rs. 150 or Rs. 250 (including i.d cost)
Input crude salt cost - Rs. 150
Washing loss 15% - Rs. 176 ie. (Rs.150*100/85 ie.(100-15))
Direct cost - Rs. 74
Hence the inventory value of washed salt is Rs.250 p.mt
Kindly advice me on this regards.
Thanks & Regards,
Sugumar
Email id: sugu.ksa@gmail.com

Dear All,

We are running a salt manufacturing company. The process is we harvest the crude salt and the crude salt we wash and centrifuge. Then the centrifuge salt is the raw material for our refinery plant.

Kindly help me to value the inventory of stock on each stage.

Currently we are considering the direct cost of crude salt to value the closing stock of crude salt.
Harvesting cost is Rs. 100 p.mt
Wages is Rs. 50 p.mt
Hence the inventory value of crude salt is 150 p.mt
Indirect cost is Rs. 100/-

But when we transfer this crude salt to washery unit (15% washing losses are there) we should consider the input cost is the direct cost of crude salt or we should add the indirect cost of crude salt also.
ie we should take the input cost is Rs. 150 or Rs. 250 (including i.d cost)
Input crude salt cost - Rs. 150
Washing loss 15% - Rs. 176 ie. (Rs.150*100/85 ie.(100-15))
Direct cost - Rs. 74
Hence the inventory value of washed salt is Rs.250 p.mt
Kindly advice me on this regards.
Thanks & Regards,
Sugumar
Email id: sugu.ksa@gmail.com

dear sir/madam, we are purchasing milk packets from the same vendor for everymonth for pantry my question is about Tds weather Tds to be deducted under sec 194c or it is expected because of purchase of goods? Thanku in advance.

please explain whay right issue credit in investment account. it shoud be debit.

Assessee is a proprietor

There is only one asset in the block of Motor Vehicles

Asset was sold in the month of February 2017

Sale Value of the asset is more than the written down value of the block

Questions -

1. Will depreciation be charged for 10 months before the asset was sold?

2. What is the accounting treatment of the above transaction?

3. What is the taxation treatment and how to show in the ITR?

Dear all, One cloth trader has make a bill of Rs 100000/- Can we pay this amount in cash in a single day....? should this transaction covered section 269st..?

if an asset is fully written off to the extent of 95%, will the scrap value will appear in the balance sheet or nil?

DEAR SIR
Kindly guide the how to prepare FR for nov 2017 exam
i am not giving paper for last 2 attempts
so please proper guide with soft copy notes on email id vatdave1989@gmail.com