Sir i am very confused about the standards. what is exactly the Accounting Standard, IAS, USGAAP, IFRS.
These all are the accounting principals used to prepare the financial statements. But i am totally confused what should i (as Indian citizen) read.
Which form of standard is applicable in India right now.

OUR CLIENT HAS INCURRED EXPENSES (EG. CONSULTANCY FROM THE EXPERTS) TO GET SUBSIDY FROM THE GOVERNMENT IN RELATION TO POWER PROJECT. WHAT WILL B TREATMENT OF THE EXPENSE I.E WHETHER TO REDUCE THE EXPENSE INCURRED FROM THE SUBSIDY RECEIVED FROM THE GOVERNMENT OR TO TREAT AS REVENUE EXPENSE OR TO CAPITALISE THE EXPENSE TO THE CAPITAL ASSET.

THANKS IN ADVANCE

Can we apportion cost of a fixed asset to a product while calculating cost of a product?

NATURE OF BUSINESS
Assessee is constructing house and sells to the public.

TOTAL NO OF FLAT UNDER CONSTRUCTION

6 ( SIX )

TOTAL DIRECT EXPS as on 31/03/2011

Rs 22/- lacs

TOTAL INDIRECT EXPS as on 31/03/2011

Rs 9/- lacs

TOTAL SALES OF FLAT

No sales of flat made during the year. But assessee has received advance from customer and no legal documents have been entered into assessee and customer as on 31/03/2011
.

QUESTION :

Whether advance received from customer can be treated as “sale of flat” ?

What should be amount of closing stock to be shown ?

Can we bifurcate total direct exps ( here Rs 22 lacs ) in to total six (6) flat and show this bifurcation into closing stock and ,

Whether Indirect exps can be claimed as business loss and next year be set off against business profit ?

PLEASE GUIDE ME , IT IS URGENT .

m/s. ab & co. is a partnership firm. psr is 1:1.

income tax libility of firm for f.y.10-11 comes to Rs.100000/-. it is paid on 16/07/2011.

what will be the journal entry in the books of firm on 31/03/2011 & 16/07/2011.

urgently waiting for ur reply.
abhipcc@rediffmail.com

hi,
i want to knw which account shall we use to w/off misc expenses & whn we use p&l a/c to write off misc exp?

Example: "If a company has received a bank gaurantee from a customer and the company discounts the bank gaurantee what should be the accounting treatment. Should the money received from bank gaurantee discounting be recorded as received from debtors or the same should be recorded as a liability or loan."

In my opinion it should be shown as a liability but i am not confirm about the same.

can provision of interest income be made in accounts????
if interest is for current period
e.g if fixed deposit is created on 1-1-11 and current year is 10-11,and if f.d is going to be breaked in month of april next year what is accounting effect to be given as on 31-3-11???
there is no date fixed on which interest is going to be received.

I purchased a old and used generator from gujrat when it comes from gujrat throw my own transport police deduct a challan of Rs. 13000 due to overload of truck .so I want to ask that can i capital that challan amt. in generator cost ? if no where i can book that cost in my account. reply fast.

Hi Frdz,

I have a confusion in calculating ROCE(Return On Capital Employed. It is arrived at by dividing operating profit by capital employed.
What is operating profit here?
What all are to be included and what to be deducted?
Is it same as EBIT?

PLZ HELP ME OUT.........