Dear All,
This is the case of exporter- One of our client record Export sales after received Bill of Leading (i.e. first dispatched the good from office premises and after loading on ship, B.L. will received and sales will booked.) this process of booking of sales has been followed whole of the year.
In the march 2013, some of goods purchased and dispatched from office premises but B.L received in April. Whether sales booked on March or April?

Please suggest about the accounting and Taxation issues.

A firm sells its property of book value 200000, wdv 10000 for 400000 and buys another property of same value.Capital of two partners 220000/-.How to adjust gains on sale of asset. The wdv shall have no effect as per income tax, but how to adjust in financial statements.Should gains be carried to Capital a/cs and show asset at new purchase value?Please comment.

in the following problem calculate depreciation as per companies act,

opening balance of motor cycle - Rs.40775.92/-

on october-15, 2012 new motor cycle purchases Rs.59682/-

an accident was occured on 30-09-2012. it was sold on november-28 for Rs.19000. (old motor cylce was accidented not new motor cycle)

Rs.22000/- was received as accidental compensation on december-14,2012.

in the above situation how to calculate the depreciation as per companies act.

please give solution

OLD MOTOR CYCLE HAS BEEN ACCIDENTED.

how to made sale, purchase transaction or entry between branchs

A Property is Purchase by partner of Firm.PUrchase value of Property is 2.4 Crore.Rs.20Lac Paid from firm as advance to party.bank sanction a loan of Rs.30 Crore.Bank Paid
Rs. 2.2 Crore direct of selling party and Rs 80Lac to firm as balance amount.CAsh payment of Rs.12 lac as Registration paid from firm.Now what amount should be considered as loan of firm and what amount of Partner.

sir, for calculation of deferred tax asset/liability whether the following differences will be considered as timing difference ?
1. profit on sale of fixed asset
2. profit on sale of shares which is exempt
u/s 10(38)
3. profit on sales of listed security where indexation facility opted and tax paid @20%

Dear sir its very urgent.
I have join a small firm. The firm hasn't keep the books of accounts. So I had prepared the chart of accounts. Now I have a doubt. How to account the Fixed assets. There are number of Fixed assets like Furniture, computers, Fixtures and so on. assets are purchased on different months and different years, some of them have no purchase bills.
So how can I prepare the fixed assets ledger and old depreciation.
OR
Depreciation start with current year accounts with original cost (Purchase price)
Thanks in advance.

26.05.2009 (PVT LTD) our company computers purchased on credit 52120/-
10.06.2009 our company computers purchased on credit 35500/-
07.07.2009 our company computers purchased on credit 5375/-
05.08.2009 our company computers purchased on cash 26520/-
04.12.2009 our company computers purchased on cash 40400/-

but they dep calculated 17539/-

passed jv

accumulate depreciation on computers a/c Dr 17539/-

To Depreciation a/c 17539/-

what is the calculation

Dear sir please give me solution for my Que:
A firm has sales of `75,00,000 variable cost of `42,00,000 and fixed cost of
`6,00,000.It has a debt of `45,00,000 at 9% interest and equity of `55,00,000. At what level
of sales, the EBIT of the firm will be equal to zero?
And at what level of Sales, the EBT of the firm will be equal to zero?
Please Give detail calculation!

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?