I purchase 8 Moter Cycle @ 100 each ant vat is @ 12.5 each and i claimed ITC 100 (100*12.5%*8). Next month I transfer 1 Moter Cycle to Fixed Assets.
what is the cost of Fixed Assets.
i hear that when i purchase Fixed Assets then i can't claim ITC on Moter Cycle.
But i claim ITC on purchase.
what all entry will be doen by me.

Sir,
For company we make P&L and Bal sheet.
i)In case of a co-operative housing society which accounts are to be made?
ii)similarly which a/cs are required for
A trader under Tax audit &
A service provider under Tax Audit?

rgds
sweta

Hi.
Kindly clarify my doubts. AS-11 recommends to transfer the exchange fluctuations on account of foreign transactions to profit and loss a/c.

My doubtas are as follow:
Transferring exchange differences on unsettled monetary items say drs and crs on reporting date, to profit and loss a/c,
1. In case of gain, transferring to p&l results in recognisisng future income which is in contradiciton to prudence concept and i have to pay tax for unrealised income and if the rate falls at the time of settlement of debts, the tax paid earlier will be lost and i unnecessarily loose my working capital by paying unnecessary tax.


Kindly guide me if my understanding is wrong.

With regards
Giridharan K

Dear Experts,
Can any one tell me which is the best book for Accounting Standards for practical purpose (for students i guess it is D.S. Rawat) in which most of the practical situations are dealt with an example.
In the same way is there any book for IFRS in which all the practical situations are explained detailed.
With regards,
Rajesh.

What is ledger scruitiny and what is the difference between a/c scruitiny and scruitiny by income tax?

What is the step by step correct way of finalization of a/cs.? What imp points/mistakes that should be keep in mind while finalisation of any company/organisation's final a/c.

What is the step by step correct way of finalization of a/cs.? What imp points/mistakes that should be keep in mind while finalisation of any company/organisation's final a/c.

Respected All,

In the F.Y. 08-09, a company wrongly treated deffered tax asset as a deffered tax liability in accounts.

How will the company rectify this mistake in the Balance sheet of 09-10.

Please explain the disclosures to be made in the Balance sheet and entries to be made in accounts.

Regards
Jyoti

if i sale car on loss than what will effect on p& l and how to apply depreciation on asset.
Exp. Car Opening Balance 185000 and I sale at Rs75000 .
Problem
1. loss on car would be charged from P&L.(Y/N)
2. Depreciation Charge on loss of asset or opening balance of asset.

Pls Suggest me.

PROFIT FOR YEAR 2008-09 RS 10000 TRANSFERED TO RESERVES AND SURPLUS A/C.NOW IN 2009-10 IT IS SHOWING OPENING BALANCE .WILL IT CONTINUE AND THIS YEAR PROFIT WILL BE ADDED TO IT ? HOW THIS OPENING BALANCE IN RESEVES AND SURPLUS OF PROFIT IS ADJUSTED IN PVT LTD COMPANY.PLZ EXPLAIN.