Suppose x ltd is a builder. Now In 2007-08 x ltd sold a flat to Mr Y for Rs 15 lac. Mr Y had already cleared all the dues. In 2008-09 Mr Y returned the flat to x ltd at Rs 17 Lac. And that returned flat is unsold till the end of 2008-09. The cost of construction of the flat returned was Rs 10 lac. There are other flats also unsold at the end of the year 2008-09 and company policy is to value stock at an average price. In this situation average valuation of closing stock is correct or we should separately value the returned flat. Also how we will pass the entry of return in the books and valuation of the returned flat

Dear Sir,

Kindly let me know the servicetax is applicable to an workorder or not. If the workorder is considered as consultancy charges what isthe percentage of TDS.(whether service tax is to be calculated for the workorder or Not for this). If anybody knows the tds percentages for subcontract,contract etc. your reply is highly solicitable


M.v.chandran
09246298967

what is annuity factor?
multiplying with just annual instalment one can get the full cash price...what is logic?

Dear Sir/Ma'm
What are the journal entries in the books of Company as well as LLP on conversion of Company into LLP specifically for share capital & reserve and Partners' contribution?

Thanks for reply in advance.

if i exports goods at dollar 17500 exchange rate is 49.25 per dollar and i gets the payment @50.25 per dollar then wht will be the entry

as a transport corporation we collect prepaid tickets. if the prepaid tickets sold for april of the next finacial year then we are accounting it as income received in advance.
auditor says that on acrual basis there is is no accrual. as the amt is received
that can be accounted in the finacial year in which it is received.
is this correct
where can i get the guidence note on accrual basis of accounting

we are engaged in Jalvahatuk Transport, If we buy a weather report in a twice of a week from weather Dept. then in which head we showing weather report expenses"

from: jems-b@in.com

We have purchased a new office in Delhi. Where we give contract to a party to set up office ( Like wiring, furniture, Wooden almirah attached with wall, light, marble floor etc.) then our company clubbed whole exp in acount of office set up under fixed assets(Furniture) and charged dep on it @ 10% P.A. under I.T Act. Is it write if No then plz tell me where it is clubbed Thanks in advance

Can a Chartered Accountants be an Auditor and Liquidator at the same time of the same Company? If No. Then what is the reference?

Standard elements

Material rate Qty
A 3 100
B 5 50
C 4 200

Actual elements
Material rate Qty
A 4 100
B 4 50
X 5 150

How material price and usage variance will be calculated. What will be the nature of variance for material C and X.?