Dear Sir,

I have 2 ledgers which are created for one party. There are sales also made to the party as well as advances recieved against sales.

My client argues that he wants to show both these seperately in the Balance sheet and there is no provision for netting off the same.

Can you please help

If we have capitalised some assets in F.Y.2008-09 which are purchased duty free.

Now in F.Y.2009-10, debonding took place and we have to pay customs as well as excise duty on all Capital goods which we had purchased duty free.

What will be the accounting effect of such duty paid at the time of Debonding?
Whether it should be capitalised or to be treated as Revenue Expenditure?

Dear friends,

I would like to know what would be the accounting treatment when we sell with an option of Buyback.

For eg, I have sold a property with an option of BuyBack.

What i would like to know is

1. would the money recieved from the party be treated as sales in the year of its receipt from the party
2. We have paid some advance to the party as part of the buy back option. How will i treat the same in the books of accounts.

Thanks
Anitha Serrao

In a question of cash flow statement.
its given in balance sheet 98-99 99-00
provision for doubtful debts 30,000 24,000
Whether this decrease in provision be treated as bad debts written off or decrease in provision
no information has been given about bad debts

Good afternoon my dear friends,

MY question is :company purchased a good will from the society .Company take over the business of the society .

now company can calculate the depreciation under companies act? if yes then what is the percentage? or other wise company can ammortise the good will amount upto 5 years? what is the right treatment for the purchased good will and how to present in the financial statements?
thanks

Hi all

we are sold a car for rs 850000 which was acquired on 12/10/2007 for rs 1175420. the same is sold on 31/08/2009 please tell me the accounting treatment ad Depreciation for 2009-10 as per both the Companies Act and Income Tax Act 1956 & 1961. according to me as per IT Act it comes STCL & as per Companies act it Comes STCG. in Accounts we are booked the Depreciation as per the Companies Act Rates so the Car generates Profit, my Question is we are not doing the Business of Cars Sale & ours is a Software Training Company the profit as per Companies act in Which account we want to show Please Clarify me very urgent Pleaseeeeeeeeeeeeeeee!

Please guide me on Branch Loss in HO books. Where it should be seen. Capital Account?

My query is regarding formation of building wise accounts for housing society.
we are a registered society with six buildings and one registration.
Our members are insisting for formation of building wise accounts for better accountability and transperency of funds.
Our auditor says this is possible internally with 6 balance sheets and consolidated balance sheet for the apex account. our society already has a bank account in nationalised bank for common operation with share capital with district co-operative bank.

Is this possible ? Please advise.

An executive was given 1.0 lakh chq. to make business trip along with 2 assistants. He spends only 25 thousand and refunds 75000 in cash to the cashier of the company. The cashier accepts the amount and givea receipt. Is this refund by cash legal as per IT act. If so, should he give in the form of chq. Kindly clarify.

sir,

plz guide me in bill entry in tally.

as per my knowledge " any sale bill / trf. to branch bill / trf. to sister co.
bill entered in tally with real value.

but my friends say i can roundof in bill entry & they do in a/c but i m not entered in round of.

they sey , this instruction is given by c.a. bill can entered in roundoff.

for example :-
if bill amt. is 5789.64
than i enter in tally same amt. ( 5789.64)
but my sister co. entered it 5790/-

so plz guide me
thanx & regards
ram prakash gautam