Hi,

When a Company pays the Stamp Duty, Registraion Fees & VAT on Purchase of a property, these taxes & fees should be included to the cost of property or shown as expense.

A company purchaesd Capital Assets from any supplier. Supplier raised bill including VAT. Company Capitalised whole amount of bill inculding VAT because company is unable to take VAT Credit.

Now My Questions are:-
1. Is this treatment is right as per AS-10.
2. Is this treatment is right as per company law, 2006.
3. On what amount company charge depreciation as per AS-6.

At the year end NRV of that asset is less than purchase cost( excluding VAT).

4. On how much amount company book impairment loss.

Please suggest the treatment on above problem as per IFRS.

Dear Sir/Madam

X Ltd. 10% debentues of Rs.20,00,000 at 8% discount redeemable at par . Assume that the debentures areredeemable by drawing method in the following manner:
YEAR END FACE VALUE (Rs.)
2 2,00,000
3 4,00,000
4 6,00,000
5 8,00,000
thediscount on issue of debentures will be written off in the 1st and 2nd year as

(a) Rs.40,000 , Rs.40,000
(b) Rs.40,000 , Rs.36,000
(c) Rs.36,000 , Rs.28,000
(d) Rs.28,000 , Rs.16,000

Ans:(a)Rs.40,000 , Rs.40,000

Please tell how to calculate?

Dear Sir/Madam

Thw net effect of all the Nominal Accounts in India?
(a) Profit & Loss A/c
(b) Trading A/c
(c) Capital A/c
(d) Balance Sheet

Please tell which is the answer and Explain?

Dear Sir/Madam

Goods sold to A Rs.40,000; Goods purchased from Rs.33,000. Transfer entry is required for-
(a) 7,000
(b) 40,000
(c) 33,000
(d) 73,000

Ans:(c) 33,000

Please tell how to calculate and how to post the entry?

Dear Sir/Madam

What is the journalentry for Depreciation when provision for depreciation exists?
(a) Dr. depreciation a/c & Cr.Asset a/c
(b) Dr. P&L a/c & cr. depreciation a/c
(c) Dr. Depreciation a/c & Cr. provision for depreciation a/c
(d) Dr. P&L a/c & Cr. provision for depreciation a/c

please tell which is the answer?

Dear Sir/Madam

Acccomodation bill is also called -
(a) trade bill
(b) promissory note
(c) kite bill
(d) bank note

plase tell which is the answer with explanations?

Mr. X obtains loan from bank Rs. 500000 and starts business. Then in the balance sheet will the loan obtained be shown as Capital as on first day Rs. 5 lakhs and Secured loan Rs. 5 lakhs? Please tell me..

Regards,
Devendra

Suppose we purchased a material from outside india @ USD 25 and exchange rate was 45 at that time but at the time of making payment the rate of USD went upto Rs. 46 per $, so how this should be treated in accounts, what will be the accounting entry that is to be passed.

In case of the Integrated system of accounting, how the following shall be treated, following the standard costing:

Suppose at the time of setting up the standards we have taken 100 kg of material say "A" purchased @ 30 per kg. But at the time of actual purchase we purchase 90 kg of material "A" @ 28 per unit and @ "32" Per kg. so how the accounting treatment shall be done.