WE ARE THE EXPORTER & WE RECEIVES DEPB LICENSE FROM GOVT AS A EXPORT INCENTIVE. I WANT TO NOW FOR EXAMPLE THE DEPB LICENSE RELATE TO FY 2010-11 & WE BOOKED EXPORT INCENTIVE RECEIVABLE IN THE B/SHEET OF THAT YEAR & WE ALSO SALE THIS LICENSE TO LOCAL CLIENT in next year & ALSO CHARGES VAT ON THIS. THE PROBLEM IS THAT WE HAVE ALREADY BOOKED THIS LIC. AS INCOME FOR THE YEAR 2010-11 AND NEXT YEAR WE SALE THIS LIC. AND ALSO CHARGES VAT U PLEASE TELL ME THE TREATMENT OF ACCOUNTING ENTRY IN THE BOTH YEAR AND ALSO IN VAT RETURN & VAT 20 FORM.Is there any Excel should be maintained by us for DEPB Calculation?

We made lot's of Bank Guarantee for different project. i wanna know wat's the treatment of Bank Guarantee. Kindly explain step by step

1. We book all expense of guarantee for their project in cost centre.

2. The bank kept 15% margin for surender amount of BG.We transferred in bank to margin.

my query is that it is based on future based period for 2 or 3 years. so why do they consider all expenses in same year.

Hello sir....
Last year my friend went to NPCIL for audit...
Whatever NPCIL purchases they are just paying hiring charges for this... (they purchase from the ministry of defence)
Now whatever Byproduct comes from that manufacturing... they are giving to ministry of defence...
Now my question is what rate they should charge???
Is AS-2 is applicable on this....????
If not then what is applicable..??
Show me how to value this...
Thanking you....

Dear Sir / Mam,
Please tell me how to make entry in tally for the following Transactions:

1. In the previous year balance sheet they have shown some bank balances for which the bank accounts have been closed in the previous year itself. But still this amount is carry forwarded. Please tell me how to close this bank accounts this year.

2. In the previous year b/s they have shown some bank Credit balances as Bank loan, but actually it is not bank loan it is stale cheques which is still there with party since in that account there was no balances. Shall we treat it has other liabilities. Please tell me how to make entry for this.

Please do the needful
Thanks & Regards,
Don Bosco

Opening Stock - Nil

Purchases
a. Shell white granite - 306 sft. @ 86/- per sft.
b. Shell white granite - 252 sft. @ 89/- per sft.
c. Red granite - 86 sft. @ 175/- per sft.

Sales
a. Shell white granite - 336 sft. @ 93/- per sft.
b. Red Granite - 94 sft. @ 190/- per sft.

What is the closing stock?

Please answer the closing stock step by step in detail.

I wish to know whether it is compulsary to charge depreciation under Companies Act even if asset is no longer in the use for business. Suppse building in this case.
Give support for your answer.

Regards
Ritesh

Hi all
I wish to know whether a Fixed assets "say building used by the company in the previous years" be converted in to invetments in the books of accounts. As the business of assesee is ceased and there is no such activity in the business. Also the said building is given by the Company to its directors for residential purpose and the perks of the same were also taxed in the hands of the directors every year. We are claiming depreciation on the said building both in the Co Act and I tax Act.
Now i want to know whether the Company could convert this FA into investment, if yes, then what are the implications both under I tax & Co Act and, if not, then why not.
If not, atleast can we stop charging depreciation on the said building under both the acts.
Please support your answer.
Regards
Ritesh Garg

does vat falls in p& L account as per below

input vat : 100
Out put vat : 120
--------------------
balance : 20
-------------------

this will be paid by the company
does it fall in P&L account expenses side

Can any one tell me the Accounting Disclosure of the Division of a firm.
My Query Is...
If i have maintained separate accounts for both division & a firm.
Then at time of Preparing the Balance-sheet.
Should I Treat it as a separate Branch & then consolidate the balance-sheet or just shown firm & a single firm balance-sheet.
Plz if anyone have detailed knowledge about it..
Plz reply me ASAP.

SIR
OUR CO.MAKE SOME ADDITIONAL WORK FOR ONE PERSON AND WE RECEIVED RS.5000/- AND MAKE ENTRY IN (31/03/11)
BANK DR
TO
OTHER INCOME
BUT NOW (30/07/2011) OUR MANAGEMENT TOLD ME OUT OF THIS 5,000/- WE HAVE TO PAY 2,500/- FOR ANOTHER PERSON BEACUSE HE SPEND THIS AMOUNT
CAN YOU GIVE ME THE ENTRY FOR THIS PROBLEMS
THANKS IN ADVANCE