If there are 100 machines in a factory and only 1 machine works for double shift, then is EXTRA SHIFT Depn to be charged on all 100 machines or only on that particular machine?

Sir's

I want to take provision of Employers Contribution to P.F & E.S.I for the month of March'12 paid on April'12. Is it allowable?

Need Experts advice for avoid confusion.

Thanks in advance.

Dear Experts

Our auditor says that since in last FY 2010-11 our turnover crossed 50 crores, we need to obtain Actuary's certificate for Leave Encashment & Gratuity provision for Mar'12. Is it correct. We are a limited closely held co.

What is the applicability criteria for AS-15 (Revised).

Please guide.

what is the logic behind not deducting proposed dividend for calculation of capital employed in valuing goodwill, when proposed dividend is a liability?

Hi Experts,

can anyone explain me in simple terms what is deferred tax asset and liability and why should be show that in balance sheet.

many thanks
Prachi

Can share application money pending for allotment shown in balance sheet even if it exceeds the limit of authorized capital?
For example:- paid up capital = 50,00,000
Authorized capital = 55,00,000
Can share application money pending for allotment of Rs. 10,00,000 can be shown in balance sheet?

A Company(accounting under SAP environment) wanting to keep strict control over all the material moving in and out of company is issuing purchase order for everything. i.e for Raw materials, Consumables, Staff welfare items like soaps, medicines, refreshments) repair and maintanance items(such as cements, wiring, bricks etc which may or maynot be consumables towards final product), and all material coming in are accounted to MIGO and MIRO. Now Once the material is MIGOed it will be part of stock of material and the same is written off later as consumption(say within a week).

My Doubt is could company do that? Is there any need to maintain such strict control on non production materials too

If yes, wouldn't it skew or imbalance the profit and loss account by mixing items not related to production into purchase and closing stock?

As Internal Auditor should I insist on changing the practice or could i recommend a better accounting practice?

What is the accounting treatment of live stock?

if it is treated as Fixed assets then what to do in books of accounts and what if not treated as fixed assets???

Dear Members,
Recently I am conducting a audit of PSU, which awarded a contract to a construction company for construction of a building. As per the agreement, Mobilization advance to the tune of 10 per cent of the total value of contract was given to construction company.The PSU is depicting the mobilization advance in its books of accounts as capital work in progress. I wanted to know whether the depiction in the books of PSU is correct or not. If not, what will be the depiction? Whether it will come under advance to contractor?

regards
ram veer

Kindly give views on the amounts outstanding from varioius parties which are under arbitration/court case. Whether thiese items can be classified under Current Assets/Liabilities under the revised Schedule VI.

Regards,

A S GUPTA