Hi,

I am converting INR TB to $ TB, all BS items at closing rate and all P&L items are at average rate, but I am getting huge amount as exchange fluctuation difference, should i need to treat it as exchange loss? is that the right way to do?

Awaiting for your reply.

Regards,
Nazir

A company borrows USD 100 by way of FCNR (agst WCL) on say 5th Jul 10 at Rs. 46.74 On 10th Jul 10, when the spot rate is Rs. 46.10, it takes a Forward Contract agst the above FCNR loan at Rs. 46.64

Question:
a) Will there be Discount of Rs. 0.10 on Fwd. Cont i.e. difference between the rate at which it is borrowed Rs. 46.74 and the rate at which Fwd. Cont is taken Rs. 46.64 OR
b) Will there be Premium of Rs. 0.54 on Fwd. Cont. i.e. difference between the spot rate on 10th Jul Rs. 46.10 and the forward contract rate Rs. 46.64

Sir,
Pl. provided me depreciation rate according to co. act. & income tax act.

Thanks,

Dear CAclubindians,

What is Liquidity Planing?

Regards,
Jayanand.

Sir,
Pl. provided me depreciation rate according to co. act. & income tax act.

Thanks,

Is investment in shares a tangible asset since shares are in demat form now.

Will investment in shares be called tangible asset or intangible asset? please clarify with reason.

Dear Experts,
Very urgent sir/madam....
I am auditing a firm. In that there is a P&L A/c in the Trial balance.
Since it is a firm profit or loss are normally transferred to partners current a/c so there is no chance saying that p&l a/c represents previous years profit as in the case of companies. My doubt why the p&l account is there in the Trial balance. Please anyone clarify me.
What effect should i give to that p&l balance in the T.B.(i.e whether to show in P&L a/c or B/s).

Your reply is highly appreciated.
With regards,
Rajesh.

plant rs. 260000

used at site for 146 days

a part of it costing rs. 5500 sold at a profit of 1000

how to adjust the above in contract account???

please help

Hi All the Professionals,

we Receipt a sum of Rs 25,00,000/- dated 20-05-2010 on Account of Intrest from one of our customer due to late payment.

The above payment was for the f.y 2008-2009.

But we did not make any provision for the f.y 2008-09.

Can any one tell me, how the above amount is adjusted and what will be the necessary entry to be made on f.y 2010-11