If a trader in commodities with actual investment of Rs 1,00,000/- but with a turnover of Rs 1,00,00,000/- and loss of Rs 5,00,000/-. Will he have to get his books of accounts audited?
If not how will the sales be accounted for?

The Godown of A has rented out to B of Rs.72,000 & B is not using the same godown. B has rented out the godown to C. C is using the Godown & paid rent to B after deducting TDS @17%. How much amount B will pay to A & what is the rate of TDS (Here, A has made agreement with B to receive of Rs.72000 as rent. If the system is wrong what is actual system? Kindly reply.

Dear all,

I am working in Manufacturing industry in Costing Dept. Now, my working scope is expanding to accounts also. But, I am not very comfortable with Debit / Credit concepts. Can you suggest any good book to easily understand the accounting concepts right from posting Debit/Credit entries to finalisation of accounts ..?

waiting for your reply.

Can u tell me what were the rates of gold on 31-03-09

For whom is it necessary to maintain books of Accounts?

what is manufacturing , Which Good include in this co. like trading material,

My Question is whether there is any legal problem if we show imprest account in balance sheet.

Hi,

Can someone tell me what all documents to refer for point of recognition of sale.

Actually in case of domestic sales, we consider the point of despatch as revenue recognition point.What is the logic? Is it correct as per IFRS and Indian GAAP?

For export sales, for CIF sales, we reverse the sales for which Bill of Lading is not yet made. I want to know the correctness and logic for this as well.

If someone can urgently respond on this, thanks

land is in dispute (dealt by High
Court). But sale deeds are clearly specified in our name. Advocate
informed us the source document to recognize the asset in our books is
sale deed. Hence we can recognize the asset in our books with a notes
on accounts indicating dispute on land at High court.
My question is whether i will so that land in my books of accounts if yes what will be the treatment.

Another qouestion what will be the profit or loss if i court final decision will go in my fabour or not and say the treatment

Profit on sale of an asset, to the extent of the depreciation charged off till the date of sale is to be credited to P&L and the balance credited to Capital Reserve.


IS THIS CORRECT??? Where at all in companies Act do we find such a provision??

Kindly help me out!! and fast!!