As provisions are made on estimated basis they are not accurate. I want to know whether the year end provision is to be reversed in the next year or the bills are to booked against them.

Also as TDS is also applicable on provisions then how to make their payment.

Plz tell about treatment of revaluation reserve, & uses of it

how to create partners remuneration account.

HAI SIR.
I AM GOING TO WRITE FINAL IN MAY 2011. IS IFRS WILL COMING TO OUR SYLABUS IN ACCOUNTS?

Dear Sir,
I am Accountant in an organisation in Delhi and also handles HR. I have opened the Salary Payable Ledger in the name of employees eg. Shantanu Mahato Salary A/c to keep record of each employees.At the last day of the month salary is booked to respective employees head and when payment is made the Employees Ledger is debited.

But somebody has told me that under GAAP the Ledger in the name of employees shall not be opened.

Is it true and if its true then where can I find this whole chapter regarding this issue.

Please help me.

Thanks

Our client has employed an individual who previously worked for another entity during the same financial year. This employee has given our client salary certificate from previous employer. Accordingly we calculated his income & deducted TDS. Now i want to know how to present this previous salary & corresponding TDS deducted by earlier employer in his salary certificate.

Daer Experts,

Kindly give me some suggestions for the issue mentioned below:

A private limited company is making losses from inception. Suppose in the first year income tax depreciation is Rs Rs 1,00,000/- and Companies Act Depreciation is Rs 80,0000/-. Should we create DTL of Rs 6,798/- (20000*33.99%) or DTA of Rs (6,798)/- (Negative).

Dear sir ,

please tell me rate of persantage PF, ESI, PT.


Regards
Ramu

A public limited company incorproated in the year 1983 has become defunct. There is no manufacturing activities. There is no income. There are no employees in the company. Every year the company is drawing / adopting the Annual Accounts and obtain approval of Members. The returns with ROC and IT are being filed regularly without any default.

Under Sundry Debtors there are five parties from whom the company has to receive payment to the extent of Rs.1.50 lacs. This amount can never be recovered. There are also some advances given by the company and the possibility of recovering the same is remote.

Under Sundry Creditors there are two parties to whom the company owes Rs.1.26 lacs. There is no claim from these creditors and the company is not going to make this payment.

Is it mandatory to write off / write back the above amounts in the books of accounts. Which Accounting Standard stipulates such write off / write back.

What will be consequences on the company under the income tax law for writing off / writing back such amounts.

Kindly advise

with regards

Muralidharan

like if a recived a bill from my client of RS 4000/- and i pay him 3800/- by cheque. what should be the accounting treatment of Rs 200/- difference.