Dear Experts,
A company makes export sales.
To claim the benefit of removal of goods without excise duty they are filing ARE-1.
While accounting for the export sales they are not taking the rate in the RBI website as on the date of Bill of lading.
Instead they take the amount which has been specified in the customs website which will be provided for every month (only one rate for one month for example in case of jan 2012 it might be Rs.50 per US $).

1)Is it proper? Does this amount to compliance with the AS of ICAI?
2)After that discount the bills in the bank and the proceeds of that discounted bill is lesser than the rate means they transfer that amount to profit or loss on account of foreign exchange fluctuations.

I doubt the above 2 system is wrong.

Please explain me whether i am correct or not.

With regards,
Rajesh.

In the accounting advance tax how to taken

Dear Sir,

Please how to pass provision entry

PRESENTLY WE ARE PASSING ENTRY IN STALE
CHEQUE AFTER 6 MONTHS FROM DATE OF ISSUE.
ACCORDING TO RBI NOTIFICATION CHEQUE VALIDITY IS NOW 3 MONTH WEF FROM 01.04.2011.

KINDLY ADVISE NOW THE ENTRY IN STALE CHEQUE WILL BE PASSED AFTER THREE MONTHS OF ISSUING CHEQUE.

ON 01.4.2012, CHEQUES NOT PRESENTED UPTO 31.12.2011 WILL BE TFD TO STALE CHEQUE ACCOUNT ?

Please tell complete entries regarding drawings in proprietorship firm. drawings account to be created under which group. what treatment should be done at the end of year?

Capital structure of AB Ltd is
Debt 60%
Equity 40%
Interest rate on debt is 6.5% and risk free return (Rf ) 5% and risk premium is 6% and bita of firm is 1.2 and tax rate is 40 %
Then Weighted Average cost of capital is(WACC) ?

what is the exact difference between market value and net realisable value ?

I am a company, I acquire a land for 99 years. What is the treatment of these lease and aslo specify the types of lease----As per indian AS & US GAAP ?


Thanks

Dear Sir,

Please let me know what is break even point and why this is required to calculate.

What is role of the Fixed amount,variable amount and contribution amount.

Kindly let me know all the concepts which can help me out to get this properly.

Plz explain what is accounting ratio