X ltd (in INDIA) places an CIF (cost insurance freight) order to import from Y Ltd (In DUBAI) on jan 1 2012.

y Ltd ships the goods and the said container reaches INDIA on 17 jan 2012.

Bill of Entry is prepared by CBEC as on 17 jan 2012.

BUT THE GOODS ARE TAKEN BY X LTD ON 15 FEB 2012.

Query is : When should X ltd book the Purchase...?

There is a realty company which sells plots of land on installment basis. It follows the practice of recognizing sale when the sale deed is executed. Till sale deed is executed it recognizes the amount received in installment as advance received. Is this a correct method of accounting? Is there any other better method of accounting?

please tell me it is require as per AS or companies act to disclose information about Depreciation,Employee bemefit,Segment reporting.Even if it is nill because it is 1st year of company and there is no fixed asset,employee.

I am using Tally ERP-9. We are an advertisement company. We make purchase but receive bill after payment sometimes after 10 days of payment or sometimes 15-30 days. we make payment as advance and than book purchase against that advances. We are maintaining lot of physical files for purchase invoices. for every creditor a seperate file is there as datewise maintenance is not possible. I have come to one solution for this but want to confirm whether it is correct as per account and law and other legal liability.

I will book every purchase voucher with tally manual voucher No. for eg.
i received a purchase invoice Dt.8-Apr-12 on 15-Apr-12 i will book it on Purchase Voucher No.1 (dt.15-Apr-12)than i receive a purchase invoice Dt. 1-Apr-12 on 16-Apr-12 i will book it as purchase voucher No.2 on 16-Apr-12.

Advantage of this would be i can maintain a single file for all creditor and as per purchase voucher, it will ease the finding an invoice.

Please advice.

Thanks a lot in advnace.

Hello Everybody

I am working in a Pvt. Ltd. company. and we are using TALLY ERP-9. My query is that we pay to employee in many ways like salary(All component included) , conveyance (not salary components- its reimbursement apart from salary), Telephone Expenses reimbursement, reimbursement of expenese borne on behalf of company ( usually paid with employee credit card like ticket booking etc) and advance.
for eg. i paid rs. 1000 to employee A against his expenses made for company. i will simply enter it as Expenses A/c dr to bank/cash A/c.(only in narration i wil mention employee name)
but in the month end if i want to find out for each employee how much we paid whatever nature it is ( riembursement or salary advance or conveyance) how i can route it through a single ledger bearing employee name.

Please let me know.

why income tax payable, excise duty payable is financial liability, and CENVAT receivable, income tax refund is a Financial Asset?

Hey! I am a student of class 12th. I have registered for cpt june 2012. Due to the lack of proper coaching my 12th class accounting concepts relating to few topics like cash flow are not clear.Yet i managed to get good marks in pre boards with 99 in maths. My friends suggested me not to go for CA as it requires good accounting foundation. So should i do CA or not? Is hard work and determination is what it requires to clear CA? Thanks!!!

What is Earnest Money? What is its accounting treatment? Please explain with a journal entry.

In the case of Marriage Palaces, They Spent Amount on making new garden, Plant trees, plant beautiful flowers and other natural items for nice look of Marriage Palace. My question is that in which head these expenses will be adjusted ?

Whether they will be added in cost of Land or site restoration activity ?

Reply ASAP.

hi,

I am capitalizing the asset which is in cwip. I want to capitalized compound wall, internal road, utility building, Change room, Underground water Tank, Canteen Building

Can you please guide me above asset bifurcation comes which category whether Factory building or office building

Thanks,
SUREKHA