Hi,

1. If purpose of company to invest in chit fund is for obtaining fund for business purpose then while making subscription payment every month whether such payment will be treated as Investment or posted in current assets?

2. Any dividend received is adjusted again chit fund account or posted under profit & loss account?

Thank You

What are differences between Advances and prepaid.

When and why we use stock reserve account while doing branch accounting?

Hi friends, My friend is a Doctor, i want to prepare a Balance sheet / Income & Exp account. anyone please provide me a format.

Please help me

what are difference between Depreciation Vs, Accumulated Depreciation. Tax treatment of Depreciation and Accumulated Depreciation in Books of accounts and whether Accumulated depreciation is annually charged to profit and loss account.

A trust was registered on 25 August, 2021. However, the first financial transaction, i.e. transfer of corpus fund occurred on 5 November, 2021.

While preparing the financial statements for the period ended 31 March, 2022, what should be the headline on the top of the income & expenditure account :
"Income & Expenditure Account for the period from 5 November, 2021 to 31 March, 2022"
OR
"Income & Expenditure Account for the period from 25 August, 2021 to 31 March, 2022" ?

Shall be thankful for the reply.

Best regards

Dear Sir/Madam,

Subject: Requirement of Debenture Redemption Reserve

Facts:
1. Ours is a domestic limited company
2. We have issued secured NCDs
3. The proceeds recd. by issuing NCDs have been invested in Security Receipt
4. The Security Receipts have been mortgaged to the debenture holders

Question:
Considering the above facts, please suggest us whether there is any requirement of creating DRR in the books of accounts.

Thanks & Regards

Hello All,

I request to clear my doubt on below query:

I have been working for a manufacturing unit, a month back a machinery had undergone repair work, for this we had given this service to a foreign technician from whom we bought this machinery.

We had incurred to and fro flight charges, accommodation and food apart of his service charges.

Kindly advice whether to capitalize these flight, accommodation and food charges to the asset or we can show under revenue expenditure under repair and maintenance.

Please do the needful.

Thanks & regards,
V B Vijay Kumar

As per AS 2 Inventory needs to be valued at COST or NRV whichever is lower. Accordingly for Year1 assume client follows weighted average method for inventory records & closing stock cost was Rs.100 and Market value was Rs.80, therefore valuation was done at Rs.80 as per AS2.
In year2 for valuation what should be cost to be considered to be compared with NRV ? i.e. if NRV is Rs.110 then which cost to be compared i.e. Rs.80 (as per AS2 of year1) or actual cost of Year1 i.e. Rs.100. Kindly give clarification & also reference of AS2. Also is it not considered as upward valuation if compared with opening stock value .

in March 2022 rent received for two months ( March 22 and April 22) Rs. 50,000 per month rent
Rs. 90,000 after deducting TDS Rs10,000

how to make journal entry 31st march 2022 and also for revenue transfer to next financial year and whether AS -9 Applicable.