Dear All,

We are Delhi based software company. In every month we are generating invoices in US Dollars and pertaining to that invoices we are receiving inward remittances in US Dollars and crediting in our Bank EEFC A/c

So how do we account for in INR

Dear sir

Can One person can withdraw the salary from two different company.

Kindly suggest.

Muttu

Respected Sir,

I want to know whether if life insurance policy or mediclaim premium is paid by cash then it is allowed or not .

also tata iag & other policy will come under lic premium of 80c or in 80c - others
0aty0

also for pension plan scheme of lic what is limit for deducation allowed

ASSET HAS WRITTEN DOWN VALUE AS ON 01.04.2010 Rs. 250809 and sold for Rs 219127 dated 21.03.2011 now depreciation related with sold asset would be shown in profit and loss and balancesheet or not and if yes then how will we show it and how much dep. will be please tell me accounting treatment Rate of depriciation is 13.91%

Ms Janie, a client who has traded as a hardware merchant for the last five years, has told you that she finds difficulty in understanding the draft profit and loss account for the year ended 31 December 2010 which has been prepared by your assistant. Ms Janie’s main concern is that, although the accounts show a profit, the bank overdraft at 31 December 2010 was significantly higher than it was a year earlier.
Required:
Write a report, indicating your response and opinion to Ms Janie

A Pvt Ltd Company is transferring its profit or losses since many years to its reserves and surplus.What will be its use???????????Its just increasing it and has not done anything with it even for a single time.........

i want to know, whether vat is shown in p\l account even vat is standing receivable in balance sheet,i am asking this question because i had seen vat in balance sheet ,either rec.. or payable but vat is not shown in p/l acoout

In trial balance closing balances of all ledgers are considered.

But i saw a trial balance in which sales Account balance are considered but not purchase account.

Indirect Expenses amount are considered but not Direct Expenses.

No balance for closing Stock?

Why?

Purchase accounts, Direct Expenses and closing Stock ledgers not contained same balances in Dr. and Cr. side

I could not understand. Please Explain?

Q-1. What is the right head in Balance sheet for the following items?

Cenvat credit Received ( on S.T)
Cenvat Credit Available ( on S.T)

Current Asset is right or wrong? Why? Can we clubbed together both items?

Q-2. Tds Payble in two different years e.g 2009-10 and 2010-11 is given?
Tds on work contract is also given year not mentioned here.
Can we clubbed all the three items?

A company incurred loss due to storm. The company incurred expenses on repair and maint. The company passed the entry as repair a/c Dr To Cash A/c. The company filed an insurance claim after few days with insurance company. On that day the company passed the entry Insurance Claim Receivable A/c dr To Repair & Maint. As on 31-3 Insurance Claim was shown as Current Asset. The company has not yet received any correspondence from Insurance company even though eight months have passed. Is the accounting treatment given by company correct. Or should the company book the loss and on receipt of claim show it as income.