Hi,

My client is proprietary concern.The tax audit applicable w.e.f. AY2010-11.

He has fixed assets of godown and vehicle only. Earlier auditor does not charged depreciation on godown.
1. Can we charge the depreaciation for AY2012-13 of current year
2. Can we charge depreciation of previous year. what will be the treatement in books of accounts and audit and notes and accounts for earlier year depreciation.

Kindly reply as soon as possbile.
Regards
RAHUL KUMAR

SIR
I WANT TO KNOW THAT WHAT IS INVOICE? IS THERE ANY DIFFERENCE BETWEEN INVOICE AND BILL AND WHAT IS CREDIT NOTE AND DEBIT NOTE?
I SHALL BE VERY THENKFUL FOR YOUR REVERT.

A company issued 15,000 fully paid equity shares of Rs. 100 each for the purchase of the following assets and liabilities from Gupta Ltd.:
Plant Rs. 3,50,000
Stock Rs. 4,50,000
Building Rs. 6,00,000
Creditors Rs. 1,00,000
journalise. (Source T S Grewal which he has copied from the book of SN Maheshwari)

Solution given is a under:
Plant Dr. 3,50,000
Stock Dr. 4,50,000
Building Dr. 6,00,000
Goodwill (bal.fig.) Dr. 2,00,000
To Creditors 1,00,000
To Gupta Bros. 15,00,000

Gupta Bros. Dr. 15,00,000
To share capital 15,00,000


is the above entry is correct..... as in 12th standard there is no amalgamation so how cn v solve it as per amalgamation rule.

Dear sir,

How to maintain books of acounts in education society please help on this iam waiting for a satisfying reply.

I WANT TO KNOW THAT WHAT IS PROVISION AND RESERVE? IS THERE ANY DIFFERENCE IN PROVISION AND RESERVE AND WHAT SHOULD BE ENTRY FOR PROVISION FOR DOUBTFUL DEBT AND RESERVE FOR DOUBTFUL DEBT.

Dear


Kitchen equipment purchase for amt Rupees Below 10000. IS it comes under Fixed Assets


More over broken items like Plates, Cup, Soup bowl. Is this comes under fixed Assets


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one property on which construction was stpopped before 3-4 years back. Because, the organisation has passed the Board Memo to sell the property. Such uncompleted work is continously shown by yhe Company in fixed asset as capital work in progress. But auditor objects that. what will be its actual treatment. Whether it will be shown continously under that head or transferred to land and building head up to the date of selling of such property. Please guide us.

I AM NOT CLEAR WITH THE CONCEPTS OF INTERIM AND FINAL DIVIDEND AND ITS EFFECT ON MKT PRICE OF SHARE OF A COMPANY.KINDLY TELL ME IN DETAIL.

A company had made a contract of sales of goods on a condition that if it will be unable to deliver the goods till 30th april, 2012 it will pay 1 crore as compensation.

Now on 31st march, 2012 management concludes that it will unable to deliver the goods till 30th april, 2012 and it want to create provision of Rs. 1 crore.

Now my question is under which AS this provision will be covered. Whether it would be covered under AS-4, "Events occuring after balance sheet date"
because contingency of event exist on balance sheet date or
under AS-29, "Provisions, Contingent liablities, & Assets" because there is a present obligation arising from past event and amount can be measured using substantial degree of estimation

Dear

I have one doubt in Inter company reconciliation for eg.Company A & B, In this case bill for rental received from Vendor, in name of Company A but payment for the bill is made in the name from company B & Expenses to be debited in company B.



Kindly reply me how to make entry in both company & reconcile it.