Respected Experts,

The company I go for audit Books purchase of imported CD's at the Bill of Entry Rate and not at sopt rate is it correct??
should i insist them to follow AS-11??

Please Clarify

Friendz....
Suppose in a block of assets all assets are being sold in this period and the net impact is loss... In the net block of the depreciation statement we would get a negative figure then...Is der any requirement to disclose it or to delete the Block of asset.. Please help on this..!!!Thanks in advance!!!

As per as 11 foreign exchange difference is to be shown separately.

When some exchange rate is arise on purchase of goods, and if same goods is in stock at the end of closing period.

The payment for same is outstanding on closing date.

Now for example purchase of goods made on 25th March for USD 500000, exchange rate is 45 on date of purchase.

if exchange rate as on 31-03-09 is 45.40 we have to make provission for exchange rate differnce by .40 * 500000 USD.

the material cost shown 500000USD* 45
and exchange rate difference shown 500000USD*.40

the company has policy to show exchange differnce in head purchase expenses and adding the same in cost of material consumed.

the issue is whether the exchange difference is included in valuation of inventory or not.

Sir,
What are the journal entries of TDS Payable & when TDS is Recevied ?

Please explain me with example of amounts.

Thanks in advance !

Hello everybody,
As per AS-19, whether details of rent paid during the previous year should be disclosed in notes to accounts?

Dear sir/madam

I have query about - interior,

The front of party who is done interior work for our office, we are given to them Rs.80,000/- by cheque but front party not ready for given to bill and pancard no.we are not deduct their tds payment time. now any suggetion for this? bill/pancards in important?

Thanks,

Dear Sir/Madam,

I have one query now I am doing accounting,

our office have office insurance Rs.6,590/- and our office assistant accident insurance Rs.165/- for one year premium. please tell me how the amount calculate on above mentioned insurance prepaid insurance with full details how calculate the days, insurance period valid from 1.03.2009 to 2.03.2010 for my knowledge.

Thanks,

Poonam

Dear Members

Iam working a limited company. We paid Rs.21,00,621/- towards preium to under Met Life Group Gratuity Scheme. The details as below:
1. Rs.27,315/- towards Risk Premium.
2. Rs.2,59,850/- towards Current Service cost and
3.Rs.18,13,456/- towards pas service liability.

4. The Gratuirty provision outstandint as on 31.03.2009 Rs.15,62,567/-.

Plese advise me treatment in books of accounts.

Dear Professional Colleagues,

I am working in a UK based insurance company. We are a listed co in London stock exchange,

We have almost 50 subsidiaries. We have only 3 entities who has bank accounts for transactions.

We have lot of inter company transactions which kept accululated since 2003 onwards.
We now want to clear this inter co receivable & payables.

Seeking your advise on the ways in which we can settle those .
1.Bank Payments (Between 3 entities holding bank a/cs)

2.Elimination of common payables & receivables

3. Utilization of Free Reserves.

Any other methods, plz suggest.

Regards,

CA Sachin Hinge

Dear Friends,
We have Opened a new Company in F Y 08-09. Up to 31.03.09 the Construction the Plant is going on. Yet any revenue not started. The production also not started. We have incurred the following type of expenditures. Now should we capitalise these expenditures? In which Asset head we have to keep these?

INTEREST & FINANCE CHGS-OTHERS
INTEREST ON FIXED PERIOD LOANS
INTEREST INCOME ON FDR
COMMUNICATION EXPENSES
FREIGHT AND OCTROI OUTWARD
INSURANCE
LEGAL & PROFESSIONAL CONSULTANCY
MISCELLANEOUS EXPENSES
PAYMENT TO AUDITORS
STATIONERY, PRINTING & PHOTOCOPY EXP.
TRAVELLING & CONVEYANCE EXPENSES
STAFF WELFARE