what is the cost of purchase in case of import from outside india when we made advance payment for the same.eg
we made payment of $30 @40 Rs =Rs 1200 on 30.06.2010
and we get the delivery on 27.07.2010 when the rate of $ is 45 Rs means total Rs 1350. so what is the amount should be booked in books of accounts is Rs !200 or RS 1350.

How continuous compounding calculations are done?ie when interest is to be compounded daily?

We are very often giving advance to our employees. At the time of settlement, we pass journal voucher for book adjustment. Like if an amount of Rs. 5000 has been given as advance and he has incurred expenditure of Rs. 5500. BPV is passed accordingly debiting the expenditure head for Rs. 5500 and crediting staff advance for Rs. 5000 and crediting bank account for Rs. 500. A cheque is acordingly drawn in favour of employee for Rs. 500.
In this connection my query is:

(i)Is is proper to make adjustment through BPV?
(ii)Should we make a JV for staff adjustment and a Bank Payment voucher for payment of Rs. 500?

We are very often giving advance to our employees. At the time of settlement, we pass journal voucher for book adjustment. Like if an amount of Rs. 5000 has been given as advance and he has incurred expenditure of Rs.5500. JV is passed accordingly debiting the expenditure head for Rs. 5500 and crediting staff advance for Rs. 5000 and crediting bank account for Rs. 500. A cheque is acordingly drawn in favour of employee for Rs. 500.
In this connection my query is:

(i)Is is proper to make payment through JV?
(ii)Should we make a JV for staff adjustment and a Bank Payment voucher for payment of Rs. 500?
(iii)If we continue to follow the existing will there be any audit objection?.
THANKS IN ADVANCE!

plz. let me know whether inut credit of vat paid is allowed as per MVAT Act 2000 on the following items or not.

1) for printing & stationery
2) for consumable
3) for fixed assets such as furniture,machinnery, tools etc.


Urgently waiting for ur reply.

HI MY SELF SHASHI KUMAR.K

IAM DOING CA FINAL, CLEARED FIRST GROUP LONG BACK,CAN ANY ONE HELP ME IN GETTING ACCOUNTING JOB, AS I WAS WORKING IN BPO WHICH I FOUND WORTHLESS SO I NEED SOME EXPOSURE IN ACCOUNTS AND TAX AND SALARY MAY NOT BE CONSTRAINT

RGDS
SHASHI
9538272023

CAN any body please clear my doubt

A-PURCHASING company.
B-selling company
incase of amalgamation, if A having investments in debentures of B and B having investments in debentures of A ,
THEN what is the entry in the books of A while making b/s

what is "Sale of Goods on Approval or Return Basis"

If company has found out that there was some mistake in closing stock of the last year and actually it is not physically in existence say 114 million stock. Then what will be the treatment of this item in profit and loss account?what will be the principle behind it?

I am a teacher in XI std teaching Accounts basics
there is a conflict in two text books i referred to regarding interest on drawings.

Text 1 - SCERT
a. Capital a/c Dr.
Interest on Drawings a/c

Text 2 - Private authors
b. Drawings a/c Dr.
Interest on Drawings.

which of the journal entry is correct?