Dear Sir,

Can reserve created out of upward revaluation of land & building can be credited to proprietors' capital account.

A company sends cars to dealers on "sale or return" basis.All such transactions are however treated like actual sales and are passed through the sales day book.Just before the end of the financial year,two cars which had costed Rs 55,000 each have been sent on "sale or return" basis and have been debited to customers at Rs 75,000 each.Cost of goods lying with the customers would be--
(a)Rs 1,10,000
(b)Rs 1,50,000
(c)Rs 75,000
(d)Rs 55,000

I have imported the goods of Rs.100(10 units) and paid custom duty Rs.28(As per custom Tariff) and till 31st March,2013 i have sold 8 units and 2 units are left as closing stock ,while doing valuation whether i will include the custom duty or not, I have done the valuation as under ;

Cost of goods Purchase

Basic Cost =100 (For Ten Unit)
Duty Cost = 28 (For Ten Unit)
Insurance & Freight = 8(For Ten unit)
CHA & Other charges = 5 (For Ten Unit)
Total Cost =141 for Ten Unit
Per unit cost is Rs.14.10

So unsold goods was 2 unit and valuation is 14.10 X 2 = 28.20
Please advise whether my valuation correct or I have to exclude the custom duty.

The correct sequence of the following in the preparation of periodical final statements would be--
1.Preparation of balance Sheet
2.Preparation of cash flow statement
3.Preparation of Trial Balance
4.Preparation of Profit/Loss Statement
The correct option is--
(a)4,2,1.3
(b)3,4,1,2
(c)2,4,3,1
(d)1,3,2,4

Can a Private limited Company prepare its accounts on Cash Basis

Some creditors are outstanding in our books of accounts since very long time and now i came to know that these companies are shut down...so pls advise me what should be the accounting treatment of these creditor how can i adjust them.

If a private limited company is having its business of safe deposit vaults, then in which block of assets "Safe deposit vaults" depreciation would be counted and rate?

how will I solve this problem

Q. A firm purchased a machinery on 01-04-2008 for rs.8000. the machine has been worked for 3 years. at the end of 3 years the written down value of the machinery is rs. 4096.

find out the rate of depreciation if it is charged by written down value with calculation

Dear Sir/Madam,

I want format for MIS & Budget. I also want some guideline for preparation.

Dear Expert,

We have created a reserve for service tax refund receivable (refund application is due with the govt.). This is required as per our Company global policy. while creating a reserve we debited the expense.

But we got a refund against the above refund receivable. so from a accoutning point of view, should we credit the expense or treat it as other income.

Kindly guide on the above query