Sir,
ours is ahospital. and has a pharmacy connected to it. every month we pay Vat on the following basis: Vat on Sales minus Vat on purchases , say it is XXX. I pass an entry as follows: Vat a/c Dr. XXX
To bank a/c XXX

For purchases the entry: purchases a/c Dr.
To bank (amt including VAT)
and for sales it is Bank a/c Dr.
to Sales A/c (amt including vat) is this right? if wrong please give the correct entries. i hv read somewhere that vat input a/c, vat output a/c has to be opened. how is this done. or is it ok with what i am doing.

How to calculate EPS for example it is a private limited company my PAT was 100000 and PBT is 70000 and they declared a dividend of Rs.10,000 for directors and No. of Shares was 9500.

Can any body tell me which is a good book to refer for PCC exam for Accounting Standards.
It should be such that it can contain all questions in previous exams.

Respected Sir/Mam

Plz solve it...

We purchased a Mech. Rs 100000 from froeign country in Perivous Year. but We paid Rs.116000. Rs. 16000 in cuurent year due to Forign Exxchange.

What is Treatment of That Rs. 16000

1 Capitalised Or Not
2 If Capitalised then which year???

One of my client purchases goods on credit from his suppliers. The goods are received 20 days after the date of invoice i.e.the goods are received in the subsequent month of invoice. Whether the entry for purchase is to be posted on the invoice date or goods receipt date?

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