Hi.. I have a practical problem regarding Prior Period Expenses

X is working for a group of companies .
The main concern has several branches apart from other companies under the Group.
The main company and the other company auditors are different. and they are registered as two seperate entities.
One staff working in the other company for two years (say XY) was transferred to the main company (ABC) and in the same year (2009) he left the organisaion.
The XY company is a new company started few years back and audit formailities not yet completed.
The XY company didnot create any provision for End of settlement of the concerned employee.
The Salary for the period employee worked in ABC was transferred in ABC books.
However ABC didnot provide any provision for the various benefits like Gratuity Bonus, Leave encashment and last two month salary when the employee was employed and same not paid.

The salary settlement was done in 2010 ,

The amount involved is around INR 260000/-

How do we account this as this is not current year expenses.

Thanks in advance

DEAR ALL,

Difference between Forecasting and Budgeting?

WITH THANKS

K A K

In an audit i just noticed in the balance sheet dated 31st march 2010 the Cash credit balance of a client is showing debit balance say around Rs. 22 lakhs. But the bank balance shows just Rs. 10000 debit balance. If the CC balance shows debit balance around Rs. 22 lakhs means it should also represent in the bank balance should also show around 22 lakhs know?

Even if they have BRS means there cannot be this much difference know?

Please clarify me regarding this.

Thanks all the experts.
With regards,
Rajesh

In a partnership firm, there is a purchase of Car which is done in the name of Partner but payments is being made through firm in the last year. Now CA is objecting that it is of personal nature. Now what I have to do so that i can claim the dep in my books.

DEAR FRIENDS

I just want to clarify that,

Is there any compulsion on the PSU to declare certain portion of Income as Dividend even though they have been having an huge Carried Forward Losses.

Please provide with doc evidence.

Regards/Vanesh

Dear all,

whether the processing fees on renewal of credit policy/ buyer credit can be amortised?

if company has a policy of amortisation of processing fees of long term loan and short term loan then has to amortised the above.

if, no then is there any violation of AS, company law or income tax provision.

Kindly reference to other companies policy or case law in above regards.

Dear Sir,

We are running on SAP.

I have got a following query.

We have made a payment of Rs. 50,000/- as advance of a Contract of Rs. 1,00,000/-.

We deducted TDS at 2% of Rs. 50,000/- at the
payment date.

Now the full & final payment of balance is done after 4 months.

Now how can we put a check at the time of full & final payment that the perfect TDS compliances are done or not?

because during these four months, there may have been several other entries passed in the creditor account. so guide us the internal control & accounting system

a sole proprietor has been paying to bank towards his education loan and is showing in bank statement. Is it to be treated as expenses & shown in P&L a/c or show as drawings and show in computation of income under rebate and take only interst part of it. If so what about principl Kindlly guide.

TDS is applicable for hotel ling industries? If Yes Pl explain

when do we exactly calculate Revised Standard quantity?
i have been told where the total of standard mix & actual mix is different then we calculate RSQ...what does standard & actual mix means?is it related to % of the inputs used in making output or is it the units of inputs used in making output?and is it correct to say that the difference between the two may be because of normal loss?