Hi Experts,
One of our client taken lease for 10 years and the life of the asset is 15 yrs,and they recognized the lease asset as financial lease(because for subtanial period asset has taken on lease) and calcluated dep accordingly .However in the lease agreement it is mentioned that lessee has right to return the asset at any point of time,Now after 3 years our client want to return that lease asset because better machine available in the market than the lease asset.

My query is
1)Now,how to deal with the above situation?2)wat abt the dep which our client provided previously?
3)Suppose instead of returing the lease assset if our client retain the asset for 2 more years in such case it becomes operating lease in such case wat i should do for the entries which they have given based on finacial lease?and wat will be the prosecpective entries?

And according to which para of As-19 we can gve above treatment

PF : Provident fund is calculated @ 12% on the basic
salary, which indeed is deducted from Employee's salary and
the same plus 12% on the basic is contributed by the
employer. So the aggreate 12% + 12% is remitted to the
Provident fund Department

ESI : Employee State Insurance is calculated at 1.75% on
the gross salary of the employees whose salary is below Rs.
10000/-permonth (w.e.f 2008) and Employer contributes 4.75%
on the gross salary of the employee and the agreegate 1.75%
+ 4.75% is remitted to the ESI Department

VAT : VAT percentage is 1, 4, 12.5%. It is a tax which is
charged on the basic value of the product by the seller
from the buyer and the same is remitted to the Sales Tax
Departement. for eg if the product value is Rs. 100 and the
tax applicable is 4%, in such case a bill is raised for Rs.
104.




THIS ENTRY CORRECT OR NOT PLS....

dear sir

i have created a comopany in tally and created ledger in that company further i created same name of company for next year .
but i want to know how i can transfer previous company ledger in next year company in tally accounting

hello

one company not started commerical activity and hence profit and loss a/c is not prepared. i have capitalised all expenditure and grouped as expenditure during construction period.. but i come to know that icai has withdrawn this guidline.. so wht i can do??

can i grouped under expenditure during construction period is correct??

so i grouped under pre and pre exp??

as per guidline

plz help me??

An old machinery (worth Rs. 84000) exchanged for a new machinery (worth Rs. 324000) by XYZ ltd payment made 256000
what will be the journal entry for this

Dear Sir/Madam

Consider the following data pertaining to a company for the month of March 2005:
Particulars `
Opening stock 22,000
Closing stock 25,000
Purchases less returns 1,10,000
Gross profit margin (on sales) 20%

The sales of the company during the month are
(a) Rs.1,41,250
(b) Rs.1,35,600
(c) Rs.1,33,750
(d) Rs.1,28,400.

ANS: Rs.133750.

Please tell how to calculate?

Dear Sir/Madam,

Consider the following for Alpha Co. for the year 2005-06:
Cost of goods available for sale Rs.1,00,000
Total sales Rs.80,000
Opening stock of goods Rs.20,000
Gross profit margin Rs.25%
Closing stock of goods for the year 2005-06 was
(a) Rs.80,000
(b) Rs.60,000
(c) Rs.40,000
(d) Rs.36,000.

ANS: Rs.60000.

Please tell how to calculate?

49. A and B enter into a joint venture for purchase and sale of Type-writer. A purchased Typewriter costing Rs 100000. Repairing expenses Rs 10000, printing expenses Rs 10000. B sold it at 20% margin on selling price. The sales value will be:
(a) Rs.125000
(b) Rs.150000
(c) Rs.100000
(d) Rs.140000

ANS: Rs.150000

Please tell how to calculate?

Please guide me in respect of Derivative Accounting that for MAY-11, which method is applicable.

Whether a traditional accounting prescribed before introduction of AS-30,31,32 or specific method suggested in AS-30,31,32.

plz tell the difference between cash flow statement & fund flow Statement