can anyone tell me when we get asset(which is required to show in balance sheet at nominal value) free of cost with another assets ....that what entry will be passed of that assets at nominal value ( 100 rs) and when we sell that assets what entry will be passed thanks in advance

Dear Experts, Is it possible to collect form c from closed firm for fy 2010-11 & 2011-12. same firm is in other state now. is it possible to collect from firm?? if yes then how?? if no then y?? plz explain Thanx Alot

With reference to my earlier query about accrued income, i wanted to ask-whether this treatment is correct- last yr i made the foll. entry- accrued commission a/c dr. 460615 tds a/c dr. 51180 To party a/c 511795 party a/c 511795 To comm.received a/c 511795 now,in the current yr. when i received Rs.386154, bank a/c dr. 386154 To party a/c 386154 party a/c dr.386154 To accrued commission a/c 386154 whether this treatment is correct?? and what will be the treatment of( 460615-386154)74461??( i recd. the refund in which i claimed the tds for the said accrued comm.)

Sir,

Fixed assets has been imported from outside India on loan from an Indian bank at an agreed price.

Although on completion of loan due to fluctuation in currency rate Indian bank has to paid more to foreign party.

Now the Indian bank has asked us for the excess payment which he has paid to foreign party.

So how the excess payment paid by us to bank to be accounted in the books?

Should the value of original asset be increased or what to be done...?

Kindly direct how to account.

ref to the cbdt circular dated 13.01.14 where it was clarified that no tax to be deducted on SVC tax in case of 194J. would like to clarify is applicability is for 194C also. Means any payment to resident in such case TDS will not be on the service tax component

I am not able to understand why do we prepare p&l app Ac? And what all Items do wew take in it? And is it prepared only for companies?

I need a clarification regarding booking of purchase under high sea sale basis.
1.how does purchase are booked under high sea sale?
2.When are risk & reward are said to be transferred under High sea sales?
3.what about treatment in case goods are not received as on closing date?
4.Treatment of expense of custom duty paid in said case (i.e., goods not received on closing date) ?
5.Reference of any accounting standard & guidance notes if any.

what is form 3cb & 3cd ?

My relative has F.D.s in (A) Banks as well as (B) Corporates . Is it necessary for him to show the Interest earned from these two sources in seperate accounts in his Books of Accounts or can he just credit the interest earned from both to the same account , namely , "FD Interest A/c" ?

In other words , does the I-T Act have any different rules regarding the Taxation aspect of these two types of income or from the taxability point-of-view they are just one & the same ?

while filling ITR 1 and claiming exemption under 80G there is a box that is demanding the PAN No of donee to be be put in. As I have donated towards CM Relief Fund and there is no mention of PAN No in the account. Now what should i do to file ITR1 to claim exemption under 80G. Without the mention of PAN No the relevant column is not functional.