What is the use of Statutary Reserve, when it can be utilised ???

Dear all,

Is the telecommunication company required to maintain a cost records? Is any rule about turnover? If yes, what is the limit of turnover after that cost records should be maintained?
Thanks in advance....

According to AS-11 Whether it is necesary to value all our Foreign Debtors and Creditors at its value we could received or paid on 31 March and transfer difference to Difference in Exchange Account. or
Simply Show it on value which is outstanding and not adjust its value with difference in Foreign Exchange Rates

how to book the prepaid expenses & what is the procedure?

What is the entry incase of PF-Employer contribution.
1.it is also a part of salary or it should be shown separately. if it is a part of salary then the following entry in correct na
salary a/c dr
to salary payable a/c dr
to pf-employee share
to pf-employer share
if the above entry is not correct tell me hte correct one.

What should be the treatment for Excise Duty on Finished Goods in Stock??

How we should show this in accounts??


Do rply soon

I want to know the meaning of
operating cost :
operating expenses:
operating profit:
is there any difference bet net profit and operating profit???

Dear Experts,

Please explain your views regarding depreciation on assets in detail. and also describe about applicable rate of depreciation also.

A company has paid interest on income tax for AY 2007-08 in FY 2009-10. The said fate of such expenditure is absolutely made clear u/s section 37(1) of the Income Tax Act, 1961. But my question here is should the interest be taken into account to calculate profits for the year as per Companies Act, 1956 or routed thru Reserves & Surplus??? In other words, is the said interest, above the line item or below the line item.???? Is there any distinction between income tax & interest on income tax for calculating profits as per Companies Act, 1956???? Comments, suggestions & debates invited.

At the time of issue of shares at par:


Share Application A/C.............. DR.
Share Capital A/c.............CR

MY QUERY---- why has share application account been debited while share capital accounts has been credited.