The closing stock in the previous year's Balance Sheet was misstated. Can it be rectified as a prior period item this year. If not, then how should the Opening Stock be dealt with in the current year's P/L Account?

Thus counter vailing duty also included in value of Assets?

Will the following expenses be allowable to be set off against business income:

1) Expenditure for formalities of increasing Authorized Share Capital.

2) Expenditure for formalities of Director Change.

3) Expenditure for formalities of name change of co.?


Please reply.

A company is providing 2-3% of provision for doubtful debt in past years but estimated that there will be bad debt of 6% on credit sales for the current year. It made a provision accordingly after analyzing the credit worthiness of the customers.whether the company has prepared the financial statement in compliance with
accounting standards? please clearly explain the provisions

Our Company paid, Rs.2.83 crores to state power distribution corporation for supply, errection, service line for a sub station in our company premises for 2400kva power supply, initially we have old substaion having 1200kva capacity which was totally dismantelled and new one was errected.

Now my doubt is, can I treat such expense as Revenue as I am not having any control over such sub station and our payment is for getting additional power for our production and not to build an asset in the form of sub station.

even though we are getting future benefits from such sub station, is it correct to treat it as Revenue expenses

If a Fixed Assets is purchased in the Director name not in the company how to account it ? how to treat that Asset?

A propreitorship acts as mediator for rent collection which collects rent from parties in a building and gives it to landlord after TDS. Whose name should the single parties deduct tax and does service tax registration apply to the mediator? TDS made by the mediator.

Dear Sirs,

Kindly explain me as how to arrive the amount of total foreign exchange outflow to be shown in Director's Report.

What is the Accounting entry for Inward transport on which we are paying service Tax and the same we are taking credit.

1. Is it necessory for a partnership firm of turnover above 10 crore to present final accounts as per revised schedule VI?

2. IF yes than is it necessory to firm to provide comparative figures of current year with previous year?

Please assist me as soon as possible