dear Sir,

I have some difficulty for calculating of costing of our company product. our company is manufacturing company. so suggest me or given me some hints how i can calculating actual costing of our final product.

Thanking you,

Shakur Shekhani

if a company has not made grauity provision but it wants to make the provision for gratuity now....how it will make it ?wheather company has to make the provision from begining???

In case of an housing society the developer/builder has transferred the assets like ELEVATORS,GENERATORS,SEWAGE TREATMENT PLANT ...ETC to the collective buyers of the flats of the housing society.so now my query is can the housing society claim depreciation benefit against those assets ??

RESPOND AT THE EARLIEST GUYS

THANKS IN ADVANCE

Query:

Regarding miscellaneous expenditures, 12th class TS Grewal book (supplement- preface- silent feature page) says that Unamortised portion of Miscellanous expenditures MUST either be adjusted against securities premium account
or debited to statement of profit and loss.

Some other books and NCERT supplement guidelines say that: The unamortised portion of such expenditures should be shown under "Other current assets" or "Other non current assets" depending on whether they will be amortised in the next 12 months or thereafter.

These two methods seem to be contradicting each other.
Which of the above methods is right. Can we call both of them right Please also suggest some study material (book) to get more clarificaiton.

Thanks in advance

What is the difference between certification course on IFRS and Diploma course on IFRS?

I have been asked to prepare a TDS Reconciliation (year wise) for the purpose of quarterly closing.

Now, my focus is on 3 things: entries passed in books; Form 26AS; TDS certificates recd from parties.

While reviewing I noticed, that TDS entries in the books have been passed after receiving TDS Certificates from parties. Hence, in some cases, while the TDS deduction is being reflected in Form 26AS in the FY 2011-12, the entry for the same is passed in books in FY 2012-13 (because TDS certificates were recd in this FY i.e. 2012-13)
I have these queries:
1. Is my method of reconciling is correct?
2. Can somebody provide me with a format for TDS Reconciliation?
3. The difference could be due to following reasons:
- TDS certificates not recd hence not claimed in FY 2011-12 ( also not entered in books): in this case I should call the parties to provide certificates at th earliest??
- TDS certificate recd but entry not reflected in Form 26AS: I should ask the party to verify e-tds return filed? Now if return is correct but incorrect certiicate was provided, based on which We claimed excessive TDS in FY 2011-12, then what corrective action can we take?
- what other reason for difference could possibly be there?

Kindly provide my point wise reply. I would be really thankful.

Hello,
In the previous year 2011-12,I have passed one receipt entry for Sundry Debtors(payment belonged to 2010-11)and mistakenly forgot to put opening balance of that debtor.Result is that,in the current year same amount is standing as credit balance.Can anyone tell me how to resolve/rectify?
Thanks in advance

Dear,

Our company has purchased a Desktop Computer from a Store by paying full payment.

The store gave us a Quotation and was approved and payment worth Rs. 23,500.00 was made in that respect.

Kindly suggest if this can be treated asa cash expense to buy a FA and the Entry if treatment is otherwise.

OURS IS A PARTNERSHIP FIRM WHICH WAS NEWLY STARTED IN OCTOBER 2012.
IN NOVEMBER 2012 WE PURCHASED FURNITURE FOR OUR OFFICE IN THE NAME OF THE FIRM AMOUNTING TO Rs. 180000/-.
THE ENTIRE AMOUNT OF Rs. 180000/- WAS PAID IN CASH ON A SINGLE DAY.ACCORDINGLY THE SUPPLIER ALSO RAISED A SINGLE BILL FOR Rs. 180000/-.
THIS WAD DONE BY THE PARTNERS WITHOUT LACK OF KNOWLEDGE OF INCOME TAX PROVISIONS.

AS AN ACCOUNTANT NOW I FIND IT DIFFICULT TO RECORD THE ABOVE TRANSACTION IN BOOKS OF ACCOUNT AS I THINK THE ENTIRE AMOUNT MAY BE DISALLOWED AS PER SECTION 40 A
(3).

MY QUERY IS :
1. HOW TO AVOID DISALLOWANCE IF APPLICABLE?

2. FURNITURE BEING AN ASSET,IS SECTION 40 A (3) APPLICABLE OR NOT?

3. CAN I PASS JOURNAL ENTRY IN THE BOOKS OF ACCOUNT FOR Rs. 180000/- AS FOLLOWS:

ASSET A/C ..... DEBITED
TO SUPPLIER A/C
(Being Liability for furniture purchased)

WHEN PAYMENT IS MADE SUPPLIERS A/C WILL BE DEBITED FOR Rs. 180000/-.
IF I FOLLOW THE ABOVE PROCEDURE WILL SEC 40 A(3) BE STILL ATTRACTED?

4. ANOTHER ALTERNATIVE IF I TREAT THE ENTIRE PAYMENT OF Rs. 180000/- AS ADVANCE and LATER ON I PASS JOURNAL VOUCHER BY DEBITING TO ASSET A/C AND CREDITING TO ADVANCE A/C.
IS THIS ALTERNATIVE CORRECT?

5. OR STRAIGHT AWAY CAN I RAISE VOUCHER FOR Rs. 180000/- enclosing the bill of Rs. 180000/-.

6. OR SHOULD I COLLECT BILLS BELOW 20000/- ON DIFFERENT DATES FOR THE ENTIRE AMOUNT OF 180000/- i.e., splitting the amount.

KINDLY ADVISE ME THE CORRECT PROCEDURE AND SUGGEST ME THE CORRECT WAY OF ACCOUNTING THE ABOVE EXPENDITURE WITH THE HELP OF ENTRY SO AS TO AVOID DISALLOWANCE OF EXPENDITURE IF SECTION 40 A(3) APPLIES.

SIMILARLY WE HAVE PURCHASED 04 AIR CONDITIONERS FOR OUR OFFICE FOR Rs. 120000/- and the entire amount was PAID IN CASH in a single day AND A SINGLE BILL FOR Rs. 120000/- WAS RASIED by the supplier.
THIS WAS ALSO DONE BY THE PARTNERS.

KINDLY SUGGE3ST ME .

A bank loan of rs50000 against debtor under negotiation?