37. A partnership firm maintains its accounts on calendar year basis. B, one of its partner died on 31st March 2006. The profit for the year 2005 was Rs. 75,000, which was distributed among all the three partners equally. The share of profit of B for the year 2006 on the basis of the year 2005 will be
(a) Rs.18,750
(b) Rs.25,000
(c) Rs.Nil
(d) Rs.6,250

ANS: Rs. 6,250

Please tell how to calculate

IAM PURCHASING 100000 AND TAKING INPUT FOR URD PURCHASE 13500 AND SELLING IN SAME MONTH FOR 110000 AND CHARGING VAT ON WHOLE AMOUNT FOR 14850. AND SAME OUTPUT AMOUNT 14850 MY DEALER CAN TAKE INPUT CREDIT? MY 2ND QUESTION IS HOW MUCH TAX HAS TO PAY TO THE S.DEPT 14850 OR DIFF AMOUNT 1350 PLS ANSWER ME

what is the diff between general reserve and reserve&surplus

our company is Holding company. It have 4 Susidiary Company and accounts department is shared service for all the 4 Company. The thing is Company " A" paid to salary of " B" Company employees Rs1,50,000. Then one week later the company "B" return that money to Company "A". So How to enter the Entries. i am in trouble. Please help

on jan 1 year 1 an entity acquires for $ 100000 a new piece of machinery with an estimated useful life of 10 years. the machine has a drum must be replaced every 5 years & costs $ 20000 to replace. continued operation of the machine requires an inspection every 4 years after purchase. the inspection cost is $ 8000. the co. uses the SLM Method of depreciation. under IFRS what is the depreciation expense for the year 1 ?

Dear Sir/Madam,
Plz, guide me accounting treatment of Machinery used in production for 1 month. machinery costing Rs. 20000.
Machinery lifetime 1 month
whether it is a Fixed asset or current asset?
what is the rate of depreciation chargeable?

i was made a provision for audit fee Rs. 20,000. but auditor given a bill(Fee) Rs. 18,000. my first entry is

Audit fee Exp. Dr 20000
To Prov. for Audit 20000

then what is entry for Rs. 18000.
I think entry would be

Prov. For Audit fee Dr. 20000
To Bank 18000
To Adj. for prov. (P/L A/c) 2000

please explain me the general reserve and revaluation reserve

what is the difference between Net profit and Retained profit?

what is deferred tax liability and how to arrive at deferred tax liabilty?