If i got a Insurance in Sep 13 of Rs. 100/- for one year then it will be calculated as prepaid insurance like - 100/12(months)= 8.33*7(Sep to March)= 58.33,

100-58.33=41.66

Now 41.66 Rs is countable as Prepaid Insurance is it or not?

If not then how can we calculated Pre-paid Insurance?

There is an hr policy in a company in which employees are provided a car and in return the employees have to pay some EMI(which is deducted from salary every month for 4 years).So what should be the entry for the EMI. Depreciation is claimed by company and not employee.

Dear Sir
Is is correct to show bill discounting facility a company enjoys with bank as contingent liability. Or whether it is a confirmed liability.?

Dear Experts,
In the field of branch accounting maintain book of accounts separately both branch and head office when finalizing the account can we merge these two books and prepare p and l and balance sheet kindly explain sir.

Thanking You

With regards
M Syed Abuthahir

why fictitious assets are written off at the time of amalgamation??

Dear All,

What are the Procedures involved in Dissolution of Partnership Firm (Practically)?

Regards,
Jordan

A Pvt Ltd Co. has not recorded a bill in the preceeding Financial Years on which VAT is levied. But the Co. has made the payment to creditors on 06/01/2014 through cheque. We are Builders & Developers eligible for Composite Scheme on MVAT.i.e. we are not claiming Input Tax Credit.

CAN A PVT. LTD. RECORD THE PURCHASE BILL OF PRECEEDING YEARS IN THE FINANCIAL YEAR 2013-14 ??

When provision of Income tax is not done of income year 2010/11 and assessment made in 2012 . Now how should I made adjustment entry. And TDS on audit fee is also deposited in gov. account entry is needed in same condition.

I am doing a reconciliation of creditors as at 31st Dec,2013. I am taking our company's book balance as at 31st dec,2013 but is it necessary to have supplier statement also from them as at 31st dec,13 because if i will not receive the statement from supplier as at 31st dec,13 but may be before date from there also I can retrieve our balance as at 31st dec,13.

What is the difference betwwen Letter of Credit & Buyer's Credit