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?

Hi members

This is to inform that my current consultancy transfering my job to Vendor reconciliation, any one tell me what are all the works involved in vendor reconciliation and by recociling the vendor i could know the entire vendor transaction like TDS,Serice Tax,Excise,General ledger, its purely related to accounts payable or not like wise GL , MIS of accounts department

dont be angry for this query this is for my future

if i paid Direct tax for our clients in Net banking from my bank account.After in the bank statement,mentioned as (Direct tax & Ack no).
There is any way to display the Name of the clients in bank statement ?
How to identify?

I dont know how to account for gratuity in the books pls tell me the exact entries that shd be posted to the books. i know it is to be charged to personnel and the credit is for the gratuity payable

By concern is abt the reversal of the gratuity provision during the year.

Pls help.

Machinery is purchased from Japan Important dates are as below

P O date -31/12/09
Invoice date by japanees supplier -12/2/10
Bill of entry date - 09/3/10
Date put to use - 22/3/10

Which date should be taken into consideration for valuation of Machinery because the date of actual payment is against LC maturity on 20/12/10 on which date payment will be made to the supplier at the then prevailing rate.

sir i would asked this question further but solution is not delivered to me my question is that according to icai sales return a/c is real a/c but your intelliency this nominal a/c.which becomes true.