Dear Experts,

Whether 1st year insuranceof vehicles is Capital Expenditure or Revenue Expenditure.

In case of purchase of vehicles, the financiers require that the vehicle is adequately insured.

Please opine with reason.

Thanks & Regards,

WHAT IS THE MEANING OF SUBSTANCE OVER FORM IN RELATION TO ACCOUNTING STANDARD 1

1.Company has to be installed a "Rolling Mills "and purchased 2nos. Electric Motors worth Rs. 2500000/-, now MD wants it has been entered in "Electric Machinery" head but my opinion 'Plant & Machinery' Head. What is Right as per Income Tax & Company Act?
2.Company has two heads namely "CAR" & 'VEHICLE'now purchased MOTOR CYCLES in head it will be entered.

Dear Experts,
Is it possible to have P&L A/c (for the current year) in the trial balance itself for the year ended XXXX.
How i have to proceed in such a case?
With regards,
Rajesh

In case of valuation of inventory at NRV,which market value to be taken,whether at date of closing of b/s or at the date of signing the b/s? Is there any disclosure requirement for such?

How revenue shall be recognised in case of AMC Contract of 3 years?

Dear Sirs/ Madam,
Please guide how to calculate the Interest on Capital to the partners of the firm

On the balance on balance sheet as on 31.03.0000 except current year profit

or

On the daily balance basis

Please explain with example

Thanks & regards,

What are the returns to be filed by a Private Limited Company and where to filed.
Like Mobthly, Quarterly, or Anually.
As Per Companies Act.
Thanks

Dear All,

We are at partnership firm with Two partners. This is regarding interest payable to the partner of firm. What is the rate of interest and how to calculate the interest, is any TDS applicable on interest. In partnership deed provision of interest is @ 15% per annum.

Point mentioned in Deed is as under

[The funds required for the purpose of the partnership business shall be contributed or arranged by the partners in such manner and may be mutually agree upon interest at the rate of 15% PA simple interest or such lower/ higher rate as may be prescribed under section 40(b) IV of the Income Tax Act, 1961 or any other applicable provisions as may be force for the Income Tax Assessment.]

Please guide is firm labile to pay interest on capital to the partners also want to tell we are not paying any salary or any reimbursement to any partners.

Is profit of Private Limited Co. be divided among the directors or any other entry has to be passed.