Dear Experts,Very Urgent Sir...Need clarification on the following points.
1)Labour Welfare Expenses (Tiffen expenses incurred) for the workers
2)Provident Fund
3)ESI
4)Factory Maintenance
5)Machinery Maintenance
Can the above expenses be treated as Direct Expenses in Tally?
As far as i know all the above can be treated only as Indirect Expenses... Pls. guide me whether i am correct or not?
With regards,
Rajesh.

wht should be accounting for distributing free samples of books.

hw should we treat it
plz explain

Dear Experts,
Very Urgent Sir...
If an individual does business as a sole proprietor while preparing balance sheet apart from his business assets whether assets used for his personal purposes such as House Property, Investments made in LIC,NSC,Shares etc should also be included?
If Yes while showing these in the assets side under what head can i show in the liabilities side.
Thanks for your guidance.
With regards,
Rajesh.

Company engaged in Transmission of Electricity purchases land only for errecting Sub-stations. Land is never purchased for reasale or as investment.

Untill the completion of errection of Sub-station the land is treated as part of Work-in-process and after that whole asstes i.e. Land, Building, Plant etc. are transferred to respective assets groups.

Whether accounting treatment of Land is correct in terms of Accounting Standards ?

I need bill discounting concept with example.

Please any body clarify my doubt regarding bill discounting?

We got one order from party & the payment terms is 90% against Bill of discounting.

Kindly clarify. Very urgent.

advance thanks

regards

Prasad

IF IN A PARTNERSHIP FIRM OR PROPROPRIETORSHIP FIRM IF THERE IS SALE OF FIXED ASSETS ON 12/02/2010 I. E. AFTER 180 DAYS


THEN FOR WHICH PERIOD DEPRECIATION SHOULD BE CLAIMED

FOR WHOLE YEAR

OR HALF YEAR

If a pvt ltd company has 2 directors A and B having share A-60000 B-30000 and 1 share holder(not Director) C-10000 then the following appearance in Balance sheet is right?

Paid up Capital

A-60000
B-30000
C-10000

Total 100000

Dear Experts,
One of our clients is doing a business and he carries the business in the sole proprietor name. It is a tax audit case. My doubt is since we are filing the I.T. return in the name of the assessee (individual) 1)Whether other than the business properties such as (house property registered in his name) should be shown in the balance sheet?
2)Any investment (made in shares,NSC,KVP,Mutual Funds, Bonds,LIC etc) should be shown in the balance sheet?
3) The assessee often draws money from his Savings Bank A/c(i.e. account maintained for his own use not for business purpose) and put those money in the business....the problem is the amount put into the business is not reflecting in the credit side of the current account...somewhere it is accounted...Can i ask the client to pass the entries like this.
In the books of business:
Cash A/c Dr. 100
To Current A/c 100
(being the amount brought in for the business)
Exp. A/c Dr. 85
To Cash A/c 85
(being the payment for exp.)
P&L A/c Dr. 85
To Exp. A/c 85
(exp. being tfrd. t p&L a/c on finalisation stage)
In the books of individual:
Cash A/c Dr. 100
To SB A/c 100
(being amount with drawn)
Business Contrn. A/c Dr. 100
To Cash A/c 100
(being amount put into the business)
Are the above entries correct?



The problem is the assessee maintains only one books of accounts, in this he has included the SB A/c, thats why this confusion. If anyone can give me more clarification it will be great help for me.
With regards,
Rajesh.

Hi, I am facing an issue in capitalisation of the assets, my company has recently build up a new campus and now we are capitalising the assets.
There are a number of doors which are put in place, Can we capitalise all these doors as one asset as they have the same functionality, Does any statement in companies act or taxation stops us from doing that.
Please help me .....

What is the meaning of Amortization of Capital Grants? What is its treatment?