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.

sir

Accounting treatment of the effects of foreign exchange fluctuation ie., loss or gain on the purchase of raw materials from foreign country.
ie profit or loss shall be transferred to Profit & Loss account or transferred to a separate account and then written off.

thanks
Nagarajan

If my current years DTL is Rs. 26977/- and Total deffered tax liability provided in earlier years is Rs. 40432/-, Is write back of DTL required in books of accounts?

Dear Sirs,

I am Vicky, i wanted the rate of deprecation as per companies act SLM & as per income tax WDV method as "cell phones and office equipment" rates of depreciation i required urgently sir yestraday i searched for that in income tax books but didn't found the exact which i wanted.

Please help me out sir;s

Regards,
Vicky

On receipt of application money:
BANK A/C.......DR
SHARE APPLICATION A/C......CR

while I understand that bank a/c has been debited because it has received money whats confusing is why has share application a/c been credited.

Q.Conider the following for Q co. for the year 2005-2006
Cosg Rs.100000
Total sales Rs.80000
Op. Stock Rs.20000
Gross Profit 25%.
Closing stockfor the year2005-2006 ?

Ans Rs.40000

How to find closing stock


Girish