Respected Sir/Mam,
I am the student of ICAI writing this mail to basically ask and clear my doubt about single entry question asked in the recent paper of accountancy ( ref.- may 2014 IPCC).
The provision for tax in single entry is considered to be personal expense for properitory business. But in the current exam paper (may2014-IPCC ACCOUNTING)provision for tax,opening and closing balance is given and rate of tax is also given. But as per the solution given by institute , provision for tax is considered to be the business expense. So I am requesting you to give reply whether the treatment is correct or not? Is it a correct treatment?

Dear all ,

my concern has received a income tax refund of rs. 3000 (For Assessment year - 2013-14), so, what should be the accounting treatment / journal entries for this ?

How to accounted penal interest on fd .bank has reduced the said amount in interest and credited in the bank . but they are showing full amount in 26AS .
means
Interest on fd amount 64000
penal interest 4000
credited in bank 60000

but in 26 as showing full 64000
how will i show this entry in books of accounts
Please help me out

We are supplying the gold potassium cyanide to the job worker for doing the gold plating panels required for printed circuit board. We are receiving gold plating panels without any invoice for job work.

Query - We need to make GRN. Whether we need to put any value or not

A pvt ltd company incorporated in F Y 2013-14 developing a type of intangible assets for sale in the ordinary course of business. Its a type of software used in a particular industry. Once it is developed it can be sold for any number of times like tally, winman etc. only renewal or updation is required.In the FY 2013-14 the company is in the process of developing the particular software. The sale comes only on next F Y.

My question is what is the treatment of cost incurred for developing the software up to 31-03-2014 in the financial statements as on 31-03-2014, whether it is treated as Work in process or not

if an individual becomes a senior citizen in mid of financial year whether he will get benefit of 250000 slab for income tax purposes

If 10 coins are tossed 100 times, how many times would you expect 7 coins to fall head upward

Sir,Do i require to do inrernship in CS if I am pursuing articleship in CA

Dear All,

We are manufacturing company in Gujarat.We have depots outside Gujarat i.e. in other states.We are transferring stock to depot as Stock Transfer and Depots are selling material onwards.

Now the question is the ITC Disallowed due to Branch Transfer and OGS Sale will be part of Production Cost.

When we will do valuation of Finished goods,whether it will be part of cost or not.

Thnks.

Pls tell me difference between lc and lg,cc and od,ca ?