N & P enters into partnership on 1/1/02 without agreement .N died on 31/9/02
Amt from cash sales deposited into bank after retains sum as follows
business exp:rs 50- pr week
personal exp -N 5000.P-6000

Paid into bank
capital N 25000.P 20000
Collection from credit customer 27734
balance of cash sale 35000.

Payment from bank
to suppler 45540
free hold permis 32000
furniture (1/7/02) 8000
s exp 2000


Additional info:-
GP-20% during year
cash discount allowed 2% and received 1%
goods return to suppler 1000 and by customer 900
bad debt written off 800
on 31/12/02 36000 owing to suppler nd 5500 due from customer

On tht day agreement b/w P nd Ns executive is :
a. Trading result aftr desperation on Furniture 10%pa should be presumed have been earned evenly for whole year
b. No provision for discount
c . Goodwill ignored
d. as from 30.9.02 a interest of 10%pa in lieu of profit is to be allowed t Ns executive on amount due to him ..
Prepare trading nd P&L and balance sheet 31/12/02

Dear Sirs,
According to Section 10AA of IT Act, a unit in SEZ can avail exemption from 6th year only if it has transferred an amount equal to exemption claimed i.e 50% of profit.Such reserve can be utilised only to acquire machinery or for the purpose of business until such machinery is acquired.

My doubt is what are the entries to be passed in the books when such reserve is utilised to buy the machinery.

There is a garment Company, which undertook orders from the foreign client.
Based on customer order the company purchase the raw material say No. 10000 mts. but later customer requested to 2000mts and redy to reimburse the balance of 8000mts amount.
The question is How to account the recovered amount from the customer ( Assuming that the unutilised goods of 8000mts is not going to return to customer it is company property)

Can any one help me in this matter.

Thanks & Regards

Abishek Thakur

Situation: Company A directly holds 47% in company B and 60 % in Company C.

Company C holds 4% in Company B.

Question- Is A required to consolidate B in its books as per AS 21.

( that is, Does A directly (47%) and indirectly holds more than 50 % of the nomimnal value of equity of B. That is will the holding be 47%+4%= 51% OR, will it be 47%+ (60% of 4%= 2.40%) = 49.40%)

(assume it is purely based on shareholding and no control over the Board of Directors is evidenced)

Please reply

Dear All,

If We Purchase of Material from ABC Co.,In Purchase Bill Consinee Name Our HO Address Mumbai & Delivery at Delhi (Branch Office) Tell me wheather Ho will issue the 'c' form or Branch Office

Dear Sir's

At the time of making profit & loss account, what kind of technical things should be taken in to consideration.

Petty cash advance are to be shown in which side of the register debit or credit. Similarly, expenses from petty cash to be credited in the petty cash regsiter or debited.
Kindly advice.

Dear Sir,

We have purchased Material by our supplier form CHENNAI Branch in 2007-08. and Issued C Form. Mentioned in that Wrong CST TIN No.(Their Bombay Office No.)
Now Supplier demanded New/Correct C Form.

Kindly advice me- What is the procedure of Cancellation wrong C Form and Applying for New C Form ?

Thanks in Advance.

Regards,

R A

Dear Sir,


We are having 5 business, it includes cement and now we want to take trucks for our businees for transportation. We are taking loan from bank, they are asking project reort and work order on letter head kindly help me to prepare project report and work order letter.


Thanking you


Regards

Prabhu

Dear Sir/Madam

The following error do not affect the trial balance

(a) Error of partial omission
(b) Error of Principal
(c) Error of complete omission
(d) All of the above

Please tell what is the answer and please explain?