Dear Experts,

I am teribally confuse about the closing stock entries passed in accounts. I have seen many small business houses entering closing stock amounts directly in a accounting software (i.e. without mainting any inventory records).

Can any body expalin me in detail how to account for clousing stocks in a proper way?

Thanks in advance.

We are the company importing goods from abroad. Now for the purpose of calculating foreign exchange loss/ profit, rate of exhange to be considred is whether as announced by CBDT for custom duty valuation purpose or as announced by RBI.

What is CIF and FOB? Pls provide the meanings in details alongwith its accounting treatment

a pvt ltd co. made fixed deposit for 1 year on 01/10/2010 carrying int@7.25%.

but company withdrew the fd on 15/04/2011. interest credited on 31/3/2011 @7.25% & deducted tax @10% .

however they paid interest @3.25% from 01/10/10 to 14/04/2011 since the fd was withdrawn before 1 year.

my querey:

1. How journal entry should be passed on 31/03/2011 ie. @7.25% or 3.25%

if @7.25% then which account should be debited at the time of receipt of payment for the difference of interest not received on 15/04/2011.

urgenlty waiting for your reply.
thanks in advance

Dear Sir,

I wanted to know dividend reinvested with Mutual Fund, is it income or investment? if it is income then is it taxable or not?

Kindly clarify this....

Thanking You,

Dear,

we have purchased Data Warehousing server from an external Vendor. We will be storing our database on this server.

Vendor will be charging for Software updates on server as well as Product Support for one year.

for e.g. Data Warehousing Server - Rs. 5 Lacs, Software Updates from 1st April 11 to 31st March 12 - Rs. 2 lacs , Product Support from 1st April 11 to 31st March 12 - Rs. 1 Lacs.

I believe that Data Warehousing Server, Software updates need to be capitalised whereas product support need to be amortised as expenditure.

For Software update's it's one time but if new features comes it will be updated on routine basis and post March 12 additional charges will be taken

Kindly confirm what need's to be capitalised and what not.

i want know that what is bills of exchange? what is the full form of LC and how it will be done with the bank? please tell me in detail.

what will be entry in tally erp 9

1. PURCHASE FIXED ASSESTS FROM OUT OF STATE @ 12.5%

2. PURCHASE FIXED ASSESTS FROM OUT OF STATE @ 2%

3. PURCHASE CONSUMBLE GOODS FROM OUT OF STATE @ 12.5%

4. PRUCHASE SONSUMBLE GOODS FROM OUT OF STATE @ 2%

&
5. I WANT TO CLAIM INPUT VAT THAN ENTRY ?.

6. AND IF I DONT WANT TO CLAIM INPUT VAT THAN ENTRY ? .

Hello All,

I want to about testing for impairment of assets.

What is to done for impairment testing.

Please reply..

Regards,

AK.

Dear Sir:

Please advise the proper account head of the following transaction:

A New Factory building has purchased fire extinguisher's.

1. Is it to be capitalized?
or
2. Can it be treated as revenue expenditure.

This expenditure is generally on annual basis.

Regards,
Chandra