hello friends,
for purchase of consumable items following entry is passed by a ltd company.

consumables a/c--------dr
vat a/c----------------dr
To Party A/c

my query is since vat credit is not allowed on consumables items is this treatment correct??

please clarify
thanx in advance
my id abhipcc@rediffmail.com

At the time of retirement can goodwill be raised by debiting Goodwill a/c and crediting Partners capital a/c in any case.

What should be the treatment for assets lost in fire. They have insurance of above assets but insurance company is not finalised claim. So what should be the treatment for the loss in current year.


Kindly guide me some material for same problem.

Ca Any one help me in providing a copy of Projected Balance Shhet & Financial Statements & Guide lined which one should follow so that I can Prepare a Good Projected Financial Statements as one of my client is looking forward to take loan from the Bank.....

suppose
material sold=15 pkt*1500.50=Rs.22507.50/-
freight =Rs. 500.00/-
vat 5%on material + freight =Rs. 1150.38/-
Round off =Rs. 0.12/-
---------------------------------------------
Grand Total =Rs.24158.00/-

In the above case, How to round off automatically Rs.0.12 paise in Tally ERP?

We have recently (31.03.2010 period) got our statutory accoutns for a company signed for the first year. The first year was for 18 months as per the companies act provision. On signing by auditors we have adopted the accounts in AGM as well as filed with ROC(We filed with ROC on the last of permission and even accoutns were adopted in AGM on the last date of statutory period allowed).

Now we want to restate the accoutns for the period ended 31.03.2010 by incorporating certain left out expenses.
-Can we do now and if yes which section of the concerned acts allow this.-Please elobarate.

If a partner dies in the month of july(calender yr jan 1- dec 31 is adopted)
will he be eligible to receive the profits for the period of 6 months after providing for depreciation and other expenses?

CAN ANY ONE TELL ME ALL JOURNAL EFFECTS FOR PURCHASE OF TRUCK ON LOAN.
INTEREST CALCULATION BASED ON IMPLICIT RATE OF RETURN.

DETAIL:
TRUCK - PARTY BILL VALUE: 781512
PARTY DISCOUNT ON BILL: 55093
LOAN RECD FROM FINANCE COMPANY : 650000
INITIAL PAYMENT DIRECTLY TO PARTY: 76419
PAID TO FINANCE COMPANY FOR INSURANCE & SD: 26680
TOTAL AMOUNT REPAYABLE TO FINANCE CO IN 47(X 17150) INSTALMENTS: 806050.
TOTAL INTEREST PAYABLE IS: 156049

ESPECIALLY I REQUIRED EFFECT OF INTEREST ON LOAN ONLY-

what should be the treatment of expenditure incurred between date of incorporation and date of commencement of business? whether it should be accounted under deferred revenue expenditure or charged of in the same year in which the expenditure is incurred?

hello friends,

co. incorporated on 31/05/10.
follwing are the details of expenses incurred:
25/03/10: comm/brok on taking factory & office on rent: Rs.10000

31/03/10: stamp duty & regn. charges of lease agreemnt rs.10000

15/05/10: Incorporation expenses(roc,form1a, regn etc)Rs.10000

plz clarify whehter these are revenue expenditure(dr. to p/l) or preliminary expneses(deferred)

Waiting urgently for ur reply.

Thanks in advance
my id abhipcc@rediffmail.com