my co has purchased certain fixed assets from china. Cost was $ 500000. We paid 30% in adv. and balance 70% was paid through LC after 3 months. pls explain how to account for these entry. at what cost asstes shoudl be capitalised as rate of $ was changed at each transaction day.

DEAR SIR/MADAM,


KINDLY ADVISE ABT HEDGING PROCESS


THANKS


UMESH PATHAK

Hi All,

MR X transfers goods to MR Y , both are brothers, Can we treat the goods as purchases in Mr Y s books or How the entry should be in tally ?

Dear Experts
Review this Thread and Let me know how to treat Depreciation on Revalued assets
To my Knowledge

AS per AS-6 " Depreciation Accounting"
The amount of Depreciation is Calculated on Historical Cost or the other amount in place of Historical Cost like Revalued Amount

So, the depreciation should be charged on the basis of revalued amount and the same will be debited to profit and loss account

But A disclosure should be made for effect of revaluation of fixed asset on the amount of depreciation in subsequent years

Here is thread
https://www.caclubindia.com/forum/details.asp?mod_id=167777&offset=1

we got a hotel bill of Rs. 52000/- against our staff lodging bill. we book the same hotel every time for the marketing staff stay.

whether tds applicable on this amount or not.
if applicable what is the percentage.

from april 2011 onwards, for the same hotel we paid an amount of Rs.63546( excluding above amount)

Please clarify my doubt?

thanks in advance

Is it is mandatory to transfer Profit after tax to partners Current account . can it be shown as reserves.

Partnership deed states only profit sharing ratio to partners but does not state transfer of profits to capital account.

Plz Help....

Dear Sir,Very Goodafternoon.

1:Please,tell me the treatment of following and suggest the ICAI Guidlines specifying their treatmet.

Example:Pavillion Fund Rs.4,00,000
Pavillion construction in progress Rs.3,00,000.

2:Sir,what is the logic of calculating Average Capital Employed and which of three suggested methods is rightly used?

Dear Sirs/Madam

According to AS 13, When right shares are brought on cum right basis ( say @ Rs.105) and if the post rights issue price drops to a price lower than the acquisition cost ( say Rs.100),then according to AS 13 the sale proceeds from sale of rights ( say Rs.7) are used for REDUCING THE COST OF INVESTMENT TO REFLECT ITS MARKET VALUE and any excess sale proceeds ( of Rs.2) treated as income.
what is the case if post rights issue price drops down to Rs.95, in this case we can reduce from Cost only to the extent of Rs.7 which brings the Invest.to Rs.98 (105-7.whereas the market price is @ Rs.95. how far is it justified to say that investment shall be brought down to reflect market value?? bringing down the value from 98 to 95 is not deinately justified because we do valuatino on the closing day but not on post rights day.

Kindly clarify.

Sir
please anyone can give me one example s of contingent asset and how it will be recorded in books of account please give me the j/entry also (accrual basis)
thank you

CAN WE DEPOSIT TDS QUARTERLY. IF YES, IN WHICH CONDITION.

KAMAL SHARMA