On Behalf Of My Friend I Would Like to solve some queries which are as follows. Who will be appearing the Dec 2010 CPT.

1)What do u mean by understated & Overstated. With the help of a example(S)(S).

2)Chapter No. 8 The Book Given By the ICAI Which says if the interest is on drawings or on the capital & if the withdrawals are made evenly i the begininng of the month, interest can be caluclated easily for the whole of the amount of 6.5 months but if withdrawals are made at the end of the month than interest will be calclauted for 5.4 months while is those becase as per the aprtnership act, 1932 there is no provision like this which has been said by the books (refer to the page no. 8.10) of the book issued by the insitute ICAI.

pls tell me .

Thanks A Lot.

dec to fire our company lost goods worth Rs.50000.what will be the accounting treatment.Just reduction in stock value is sufficient and disclosurer in notes on account is sufficient or any other treatmnet is there?

if we contrac with a party to supply material for constrction at site for Rs.5000000.
Journal entry of bill
Party A/c Dr. 500,000
To contrac receipt A/c 500,000
During construction Party itself introduced materials costing Rs.250,000.
Sir,
Now what will be journal entry in our book for Rs. 250,000.
In my opinion it shoud be
Conract Receipt A/c Dr/ 250,000
To Party A/c 250,000
Is This Right?

Dear Sir,

A prop firm has purchased Mould Machine:

Mould Machine : 2090000.00
Excise : 209000.00
Ed Cess : 5000.00
CST 2% against C Form 49000.00

Total Payable : 2353000.00

What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.

Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.

Thanks & Regards

Dear Experts,
Please give me answers for this query, my earlier query relating to this is still pending thats why i have again posted it.Please do take time in reading this and share your knowledge.

If the company makes an export sales for 1 lakh dollars on receiving the sale order dt. 1st march 2010, but Bill of Entry is on 20th march 2010.
But the company takes an forward rate on 1st march 2010 itself to reduce the currency rate fluctuation at 40 rs. per u.s. dollar. You also have the data for forward rate on 20th march 2010 at rs. 41 per u.s. dollar.

On 20th April 2010 the company receives payment for 1 lakh dollars. The spot rate on 20th April per u.s. dollar is 42 rs. per u.s. dollar.
The rate on 31st march 2010 is rs. 39 per u.s. dollar.

Please provide me the entries to be passed in the books of accounts and also in the financial statements.

Waiting for all the experts to reply.

sir
If sale is made in 2007 of Rs 100,000.00
and Rs.90,000.00 is received in that year. In 2009 when seller goes to customer for payment of Rs.10,000.00
They said that their Account Deptment Passed the bill only for Rs.90,000.00
Sir Tell me what will be journal entry for RS.10,100.00 in Year 2009 in the books of selling company.

I have worked in a Hosiery shop as part time Accountant for 18 long years.I asked the Management to give me Gratuity but they rejected,saying part time staff is not eligible.Is it Correct?

SIR I AM WORKING IN A PSU IN HYDERABAD. OUR COMPANY RECOGNISING REVENUE ON SOME CONTRATCS AS PER AS-7. THEY HAVE PROCURED RAW MATERIAL FOR A "SPECIFIC PROJECT FROM OUTSIDE INDIA. GOODS WERE RECEIVED IN HYDERABAD BY C&F AGENT ON 31ST MARCH 2010 AT NIGHT 10.30PM (IT HAPPENED REALLY). SO THE COMPANY HAS CONSIDERED THAT SINCE THE GOODS WERE PROCURED SPECIFICALLY FOR THE PROJECT, TAKEN INTO MATERIAL CONSUMPTION AND TO THAT EXTENT RECOGNISED REVENUE ON THE BASIS OF COST METHOD OF RECOGNISING REVENUE AS PER AS-7..

BUT THE AUDITOR OBJECTING THIS AND HE IS SAYING THAT THOSE MATERIALS WHICH ARE IN THE C&F AGENT WILL NOT FORM PART OF MATERIAL CONSUMPTION FOR THE YEAR 2009-10 AND THE REVENUE RECOGNISED SHOULD BE REVERSED..

KINDLY GIVE UR VALUEBLE SUGGESTION ON THIS ISSUE..

THANKING YOU

Should we have to disclose liability of term loan repayable within one year as
Current Liability?
With regards,
Rajesh

Sorry Experts, I shall put my question more clearly.
The Term loan is repayable in 10 years amounting Rs 250 lakhs.

In year 1 the principal repayment amounts 25 lakhs

Now whether we have to show in the balance sheet Rs.25 lakhs in current liabilities and the balance Rs.225 lalkhs as term loans. Else we have to show Rs. 250 lakhs as term loan in the balance sheet

Thank u sir Mr. Rasesh and the other expert.
With regards,
Rajesh

whether leasehold improvements i.e.
improvements which are made on the leasehold land is eligible for Depreciation under IT Act, 1961