I have got mixed compendium of opinions from the expert committee of the institute in regard to accounting treatment of the waiver of principal amount of govt.loan taken for the purpose of capital projects.
Some of the experts have given their opinion in favor of crediting the sum to profit & loss a/c while the others in favor of capital
Reserve.
I personally in favor of the latter.
Seek suitable advice in this regard

Snehanshu

sir
we have given a business tour for dubai to 25 to 30 dealers, expenses accured Rs. 12 lakh aprox for tour , tour period from 1st feb to 31st may . Now we want to know , can i take provision Rs. 6 lakh as tour expenses for this year.


please sugges me about this entry .

This doubt is in reference with Amalgamation and Treatment of Reserves, specifically while calculating purchase consideration pooling of interest method.

Issue:

When two companies amalgamate and we follow 'Pooling Interest Method', the difference between the amt recorded as share capital issued (by transferee)and share capital of transferor company is adjusted against the reserves available.

Doubt:

> What if the reserves are too less to adjust the difference amount?
> In which account head we should show 'Negative Reserve' (since we can't create 'Goodwill' under pooling of interest method)

Thanks.
-Shagun Borgaonkar

sir
We are running a pharma business we have to make account in tally erp9 inventory system how to make enteries we are having erp 9 leg
al version
gopalparvatikar@rediffmail.com

Suppose you are an accountant of a company and your colleague Ram is assigned to a task of purchasing cars for the use of company. While purchasing cars Ram has participated in a lucky drow organised by the supplyer and by chance(lucky enough!) end up with winning a gold coin. Now, as an accountant, how will you record( or not record, if so why?) this gold coin in the books of accounts of the company. Show journal entries. Thanks

Dear CCI members
while closing the monthly accounts .i am following the below mention procedure.
For Eg. salary

1.31st march(provision made)
salry a/c dr
to outstanding salary account
2.1st april(provision reverse)
outstanding salary a/c dr
to salary a/c
3.5th april(At the time of payment)
salary
to cash

whether i am following right procedure or
not.Is there any other method of doing that.

Dear CCI members,
my company is calculating depreciation as per wdv & day wise depreciation.
i want to know whether the policies followed by companies act is correct or not

CAN WE SALE A ASSET ON PROFIT OR LOSS WITHOUT CAPITALISED

WITHOUT CAPITALISED MEANS IN CWIP A/C

Hello everyone,

one of my client was doing advertising business under proprietorship.

he formed a pvt ltd company fin fy 12-13. he divided his business between proprietorship firm and co.

fixed assets like computers, printers, air conditioner, vehicle which are in his personal name are actually used by the company.

My question :
how to transfer assets in the books of the company to claim depreciation ?

We have purchase a car. We have paid life tax for the car for Rs.196640-00. What is the entry for the above. I made the entry like this - is it correct or not please inform us.

Insurance A/c Dr - 54612-00
Other Exp A/c(Life Tax) Dr - 196640-00
Car A/c(Invoice Value)Dr - 1402742-00
Vehicle Maintenance A/c(other parts)Dr-26427-00

IDBI Bank A/c Cr - 480421-00
SFL Finance A/c Cr - 1200000-00

Kindly confirm the above entry is correct or not.