Dear Experts

This is with regard to a partnership firm which is already established. They are starting a new project for which estimates are made for preoperative expense (Upfront fee, Interest during construction etc..) The project financials were made for the purpose of term loans.
The treatment shown in the financials :
- The preliminary expense was amortised over a period of 5 years and shown in the P&L account. The unwritten off portion of the preliminary expense was shown in the asset side of the balance sheet.
But, the bank disagrees with this:
The reason : In ur case u have already formed the partnership wherein u may not be in a position to take up the TL upfront fees and interest on the TL during construction/modification/ renovation. These items are required to be charged to ur P & L only. pls recalculate the CMA data after charging these items to the P & L only.


Dear experts, Can you provide light on what can be done now? Is it allowable in the balance sheet or not?

If not, how can the accounting be complete? and Will it not inflate the other assets?

Kindly provide some light on this - my email umahcc@gmail.com
Thanks a ton

Uma

Sir,

I have a bill of repairing and painting work of my office, the bill amt. is Rs. 25,500/- and on bill creditors name is Miraj Khan (cane chair merchant)who is work done also. so can I deduct the TDS @2%. or it is only 1%.

Kindly clearify early.

can u give me any article or case law on the following issue

our company having lot of units of which two are eligible for 80IB

we are claiming the 80IB deduction

in over all because of difference between income tax and companies act depreciation we are having carried forward of loss to set off against future income

my query is whether we are eligible to claim the unabsorbed depreciation loss as per AS 22

we are a project based services company ,and we undertake projects for building maintenance services ,now my query is there are certain projects which are not fully completed as of 31st march 2009 may be 10% remaining ,can we still book the revenue in 31 st march 2009 taking into account that 10 % work under the project is pending due to commissioning and installing and all costs under the project have been fully incurred for all those pending projects upto 31 st march 2009 and that the remaining work would be completed in 2-3 months time upto 31 st may 2009

Hi,,,,

Can any one clearify that TDS is deductible on printing of Books the bill amt. of the party is 36,000/- and is charging VAT @ 4%. can I deduct the TDS and what is the rate of that the bill date was in Oct.09.

suppose a machinery is purchased on 1-01-01
installed on 1-02-01 inuagrated on 1-03-01 test trial done on 1-04-01 and production through it started on 1-05-01.


My question is - from which date would we consider the depreciation charge?.
from which date chould we charge depreiation on it?

Hi All

Happy Diwali to all

We have paid last year rent amount in this financial year but actually we forgot to take provision in books - now how I can show this expenditure in this financial year.

Hi Sir

I need help where should i get new updates or new changes in accounting standard and business law for may 2010 exams pe 2

Kindly help me sir

Distinction between the terms BOND and DEBENTURE? Please answer deeply and descriptly.

i have a few queries plz answer and send this to my email id
sandy.p76@gmail.com. i am a b.com . q1 how do you pass a bill of purchase and sales bill?
q2 how do you come to know that u have received material in the company .from which are all the documents plz mention?
q3 plz little mention preparing all the vouchers in company if i am preparing a cash voucher of rs50 Is iT correct