Anonymous
This Query has 1 replies

This Query has 1 replies

04 January 2011 at 14:07

AS-9, Please help

As per AS 9, interest income is recognised on time proportion basis. Suppose if the Fixed Deposit taken by the company is 1 crore @10% payable quarterly(interest accumulated quarterly, and then on principal amount + interest the next quarter interest is calculated), then, how will the interest be recognised?
Summary: FD principal amount:1Crore
Rate of Interest : 10%
Frequency of payment: Quarterly
Period of FD: 2 Years
Maturity Value: 12184030
Total Interest: 2184030


Option 1: Interest to be recognised for the year: 2184030/2

Option 2: Interest to be recognised when the interest amount is actually due... Quarter basis.. In the present case, Rs. 250000+256250+262656+269223= 1038129

please Help.


Nirav
This Query has 1 replies

This Query has 1 replies

Dear Sir,
One of my client is doing Future Option Trading in share Bazar. His daily turnover is approx. 50 lacs.
What is the procedure for accounting?
Shall i account it as purchase & sales?
can i do as transfer to direct speculative profit/(loss)?
And shall i need toget accounts to be audited?
Kindly suggest me the best way.
Regards



Anonymous
This Query has 3 replies

This Query has 3 replies

04 January 2011 at 12:36

Fixed Asset

Compay has purchased computer software and at the same time they had paid towards installation charges and one year support charges. There are 2 seperate bills for the software purchase and installation & support sysyem. Whether this installation and support system charges need to be capitalised or not??


kumar
This Query has 3 replies

This Query has 3 replies

04 January 2011 at 12:31

tally

I want to export TB from Tally to a Excel Sheet. From excel sheet I want to know the formulas for preparing the BS,PL and Schedules. Can anybody guide me please


rangaswamy .d.r
This Query has 1 replies

This Query has 1 replies

04 January 2011 at 12:29

depreciation on unused assets

Asset (computer) which is not used for the entire previous year but it was used in earlier p.y and charged depreciation also to the p&l a/c

please tell me if we have not used above asset for the entire p.y is that depreciation to be charged for the p.y as per companies act 1956

thanks


s.k.majumdar
This Query has 1 replies

This Query has 1 replies

03 January 2011 at 17:29

Bank Gurantee

DEAR SIR
I)MY CO.(SUPPLIER) HAS BAGGED AN ORDER OF RS.100 CRORE FROM A MULTINATIONAL POWER CO.(PURCHASER)
II)AS PER THE TERMS OF THE CONTRACT,INITIAL ADVANCE OF 10% OF THE ORER VALUE WILL BE GIVEN BY THE SUPPLIER AND PURCHASER WILL HAVEE TO FURNISH BANK GUARANTEE OF EQUIVALENT VALUE TO THE SUPPLIER.
III)THERE IS A CONDITION IN THE CONTRACT THAT AN APPLICATION FROM TIME TO TIME CAN BE GIVEN BY THE PURCHASER TO THE SUPPLIER FOR REDUCTION IN THE VALUE OF BG TO THE EXTENT OF ADVANCE ADJUSTED BY THE SUPPLIER.

IV)THE QUESTION IS:-
A)WHAT ARE THE ADVANTAGES IN COMPLYING WITH THE TERMS OF APPLYING PERIODICALLY TO THE SUPPLIER FOR REDUCTION IN BG VALUE.

B)WHAT WILL BE IMPLICATION IF THE FRESH BG WITH THE REDUCED VALUE IS NOT PERIODICALLY SUBMITTED TO THE SUPPLER AND THE ORIGINAL BG IS MAINTAINED WITH THE SUPPLIER

C)CAN THE SUPPLIER ENCASH THE ORIGINAL BG VALUE IN CASE OF NON COMPLIANCE TO OTHER CONDITION OF THE CONTRACT BY THE PURCHASER EVEN IF THE ADVANCE ADJUSTED
THANX AND REGARDS
S K MAJUMDAR
MANAGER
IA


gopal agarwal
This Query has 4 replies

This Query has 4 replies

03 January 2011 at 16:48

as 21

company a controls the composition of board of co b to arrive economic benefit....as per as 21
now net worth of company b is 2 crores .a is is paying 1 crores to the shareholders(100%) of b.

how it will be accounted in the books of a.
a has decided to consolidate company b in its books of account

if a is [paying 1 crores to 70 % shareholders of b then what will be the accounting entry.
please reply fast.
it is most urgent


Zeeshan
This Query has 3 replies

This Query has 3 replies

03 January 2011 at 16:47

Lease hold lands

Dear Experts,

Whether a lumpsum payment of lease rent to acquire leasehold land for certain period is compulsorily to be capitalised in books?
Is there any legal requuirement to capitalise the leasehold land as FA?

or alternatively,

Company can book the advance lease rent as prepaid expenses and yearly amortise the same?


cineshjoseph
This Query has 1 replies

This Query has 1 replies

03 January 2011 at 10:52

AS 10

Whether expenditure incurred on removal of vegitation, inagruation expenditure including stone laying ceremony expenditure etc need to be capitalized ?


Rahul Shinde
This Query has 1 replies

This Query has 1 replies

03 January 2011 at 10:48

TDS return filing querry

I need help for the querry, I got at the time of TDS return filing...

"Last Total Tax deposited provided in the statement is not matching with corresponding statement details available at TIN Central System"

Please suggest... what to do..






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