as all of us know that

india is converging from our AS to IFRS w.e.f 1-4-2011

so my question is

weather from this MAY 11 examination itself Is it mandatory to mention IFRS number only...????

which is in other way to state that mentioning AS number is meaningless ??????

plz reply



further if anyone can give me a list of comparision chart showing AS and its corresponing IFRS or IAS number

then mail me at

vj_rkl @ yahoo.co.in

Dear Sir,
I have query relating to management change of PVT. LTD. CO.
The case is as follows:
A Pvt. Ltd. company is controlled by a family group say " x " by holding share capital, now this company is taken over by another family group say " y " by transfering all the shares in the name of y group and paid a purchase consideration to x group. In the terms of takeover y group not taken over the unsecured loans of x group and some creditors standing to the balance sheet.
Now my question is, what entries to be passed in the books of accounts to wipe of unsecured loans and creditors.
According to my knowledge the balance sheet should be talied by giving effect of Capital Reserve or Goodwill as the case may be after considering the Purchase consideration. ( as we do in the case of Amalgamation ).
But i am not sure about this treatment because it is not amalgamation or absorption or combination. it is just a change of management.
If it is the case then, wheather the Unsecured loans and creditors not taken over by the new management should write off to profit and loss account and to book the profit ?
If there are earlier losses in the balance sheet then can we set off the profit arising from writting off the unsecured loans and creditors against this brought forward loss ?
Wheather the brought forward loss will be allowed to new management as per Income Tax Act ?
Please suggest suitable action.
Rajesh Heda
Aurangabad

whether there is any rule in company's act in respect of asset acquired during the year can be depriciated at fullrate or at half rate like in income tax based on asset put to use or mday wise.please help.

plz tell the accounting Treatment of issue of cheque to bank as security against Loan

plz tell the accounting Treatment of issue of cheque to bank as security against Loan

What is the treatment in Npo if opening balance and closing balance of stamps given in Receipt and payment account and expenses of postage given in payment side of Receipt and payment account.

E.g.
Receipts Payment
To b/d Postage exp Rs.1000
stamps Rs.50 By c/d
Stamps Rs.20
Please give me the solution and reason because in book the solution is not understandable.

if we have recd some amount as share premium above Rs.10/- then Rs.10/- will go to issued share capital in capital account & above then rs.10/- will go to ??????? in which head?

Can a Company which is exporting Iron Ore Fines and paying Export Duty claim DEPB License..?? And how that license can be used?
Its urgent..

Electrification expenses are incurred by an undertaking in its leased factory which is to commence operations in 2 months.Can this expense be written off over a period of 3 years as the factory will be shifted to own premises in 3 years?

I have joined as an accountant of a newly developed builders company.Private limited company.I have experience only in the field of Tds. Now complete accountant's responsibility on me. how to start ,I dont know.Company has 500000 authorized capital.200000 subsribed capital.what amount has to be shown as capital.Necessary ledger accounts in the books of builders firm.