Dear Sir,

According to section 115-O, if a holding company receives the dividend from its subsidiary, & the holding company distributes that dividend to its shareholders,then the amount of DDT payable by the holding is reduced by the amount of DDT paid by its subsidiary.

So, how to present this setoff of DDT in revised schedule VI.

Para 12 of AS-2 is as under.
Interest and other borrowing costs are usually considered as not relating to bringing the inventories to their present location and condition and are, therefore, usually not included in the cost of inventories.

As per AS-16 "Borrowing costs are interest and other costs incurred by an enterprise in connection with the borrowing of funds."
and
"A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale."

Para 15 of AS-16 is as under.
Expenditure on a qualifying asset includes only such expenditure that has resulted in payments of cash, transfers of other assets or the assumption of interest-bearing liabilities. Expenditure is reduced by any progress payments received and grants received in connection with the asset (see Accounting Standard 12, Accounting for Government Grants). The average carrying amount of the asset during a period, including borrowing costs previously capitalized, is normally a reasonable approximation of the expenditure to which the capitalization rate is applied in that period.

Now, the question is as under.
Interest cost should not form part of inventory as per AS-2 as said above. But, relevant provisions of AS-16 provides for the capitalisation of borrowing cost related with even inventories by using the words "for its intended use or sale", "progress payment received".

So, why such controversies are there between these two Accounting Standards?
And How to resolve it?

Dear All,

Suppose a X Company has lien marked its FD,s for loan facility to be availed by its sister concern Y Company, then in such case will such whether the amount of FD's marked will be shown as Contingent Liability in the X Company's Annual Accounts ?

Dear Anyone,

Plz give me answer.

Our Company MD is Drawing the amount from the Daily business transactions.

Drawings comes under which account.

How to pass a entry in Tally.

Dear Sir,

As per books we have sold a old car 28.09.12 for 1,10,000/- and got a new car on 29.09.2012 for 787173/- F.Y.2012-13 please guide for deprecation entries.

Dear Sir,
Please advise to us how I maintain journal entry of Commission Received & Commission Receivable A/c in Tally ERP9.

A person having basic salary, rent allowance,conveyance allowance,PF retired on 2nd April'13 and joined again as a retainer from 4th April'13.
Now,can we show the person under normal salary head(as shown him upto March'13) for 2 days and under retainer head from 4th April'13 in the same Salary Register in that particular month?
Regards,
Amit Sarkar

sir i am working in a chartered accountants firm as a paid staff.I am very much confused about passing the entry of deferred tax asset/liability in the books. please guide me how the entry will be passed

sir i am working in a chartered accountants firm as a paid staff.I am very much confused about passing the entry of deferred tax asset/liability in the books. please guide me how the entry will be passed

Are accounting standards applicable for ca students in accounts exam for all chapters.