Hi,
My query is as follows. There were certain assets taken on lease in one of the companies premises. However, the company decided to wind operations in that premise. Subsequently, the company purchases those assets on lease and sold it. There are proper invoices for purchase and sell.
Can the company expense the loss on purchase and subsquent sale of these leased assets without capitalising the assets. The whole transaction was completed within 15 days and the amount involved is about 5 lacs. PLz suggest

We have purchased and omni car
we have been provided by the assessee only Magma finance corporation statement of installment paid and due
registration certificate with charges of rs. 200/-
and insurance certificate
what is the entry done for this
plzzz solve this query urgent

Our firm is contractors firm
and we have got form no 16A with deduction of vat, security deposits, mis.d deposits, work contracts, TDS.
what is the entry to be done for this
and all the above acc's with contract receipts acc's shld be created under which head
and
why?

if bank statement closing bl. is 2990 and our ledger cl. bl. is 2009 then we take our ledger closing in trial balance then too it gets tallied
how ?
wats the reason

ONE OF OUR CLIENT STARTED NEW BUSINESS FOR THAT THEY TAKEN BUILLDING FOR RENT.THEY FIXED FURNITURE ON WALL IT CAN'T BE REMOVED.(VALUE OF FURNITURE RS.40LAK).NOW THEY WNAT TO SHIFT THE BUSINESS PLACE.
1.THE FURNITURE FIXED NOT USED FOR TILL NOW.
NOW WHAT IS THE ACCOUNTING TREATMENT?

Bank figure shows in the Bank Statement of RS.100000 on dtd.31.03.2009 but in our A/c (i.e.in our computer) shows Rs.95,000. At the time of finalisation of Account at the end of the year, which figure I will take in Balance Sheet (Rs.100000 or Rs.95000)? Will I pass entry of Rs.5000 in our computer which has not been cleared & credited to my Bank A/c? Kindly reply.

Please let me know, under what conditions we can provide the Depreciation Rate more than permitted by Companies Act & what are the pre-requisites for that.

This is regarding the presentation & disclosure of information under AS 19.
Please some one let know how the following transaction will be shown under AS 19 for year 2009-10 & 2010-11 books :

1. A company has taken a machine on lease rental for 3 years starting from 1st july 09 to 30 june 2012 for monthly lease rental of Rs. 10000/-, which after 3 years will become company property.

2. Company has took on rent a premise for 11 months lease from 1st jan 2010 for monthly rent of Rs. 20000/-..

3. A company has taken a car on loan for 6 years starting from 1st Oct 2010 to 30 Sept 2016 for monthly emi of Rs. 8000/-, which after 6 years will become company property.

suppose I had suppressed an investment in share from income tax. Now in scrutiny department had found that and charged the tax on the income derived from it. Now I am confused about accounting treatment of disclosing that asset in my book. please suggest proper accounting treatment. Refer, if any, accounting standard about this?????

Sir,

What is the journal entry for writing of fixed asset which has suffered depreciation. pls reply ASAP