My query is as follows:

If a organisation can utilise only 85% of credit availed on input services, then will the bal 15% be expensed out?

For eg:

Tel exp = Rs 100
Service Tax = Rs 10
Total Bill amt = Rs 110

As per CBEC, input service credit that can be availed is Rs 8.50 only.

Will Tel exp be debited in accounts by Rs 101.50 or will it be debited by Rs 100 and Bal Rs 1.50 be kept in service tax Cenvat Credit)A/c ??

Please reply ASAP.

account rules

My client is developing a SEZ for which he is taking the assistance of a co-developer who would administer the whole project. The construction would be complete in 3 years after which the luxury apartments in SEZ would be sold out. During construction period the client would pay 5% of project cost to the co-developer. What would be the treatment of 5% of project cost paid during construction?Whether it should be included in cost of project which would be shown as Capital WIP during construction period and later as it is it would be debited to P&L A/c at time of sale.

we A limited company falling under criteria of "level 1" enterprise of accounting standard. we have three subsidiary. our company is not a listed company. whether it will compalsory to prepare audited Consolidated Financial Statement? under which law?
Further we have also a foreign subsidiary as on 31st dec 2009. But we will divest our investment before 31st March 2010. What would be implication in our accounts for that foreign subsidiery for the FY 2009-2010?

Can any one please tell me why in preparing abnormal loss account, the account is credited with cash (as sales proceeds) multiplied with scrap value of "normal wastage". and abnormal gain is credited with normal wastage- with the amount arrived by- abnormal gain (in units multiplied with scrap value of "normal loss"?

can any one please teach me the logic behind this?

Hi,
Any one can explain entry?
Advance tax 5000
TDS 3000
Provision tax 6000
(1) If actual tax is 30000, (2) If actual tax is 10000
then what entry should be done.

when is revenue recognised in a construction company? is it after completion of construction or as and when the expenditure is made? pls help me out.its urgent.

Dear All,

If book value of a commertial property (owned by a Pvt Ltd) is 50 Lacs and rent per month is 5,80,000
it means total rental income is 69.60 Lacs

then how in effect in

1. INCOME TAX
2. Wealth Tax

Humbly request you all to please advice

Dear All,

I need to know the margin percentage,
cost price 0.070 and selling price .800 how to calculate Margin percentage.

Profit is ( .070 - .800)= 0.730

Margin per is 0.730/.800 = 91.25%

is it correct

Can someone pls tell me how they calculate/estimate work-in-progress or unbilled revenue as per the requirement of As-7, for software development companies?

Contracts are both T&M and Fixed contracts.