In cash accounting system accounting is done on actual basis and vice versa in mercantile system?
But what does accounting on actual basisi means and explain mercantile system also?

Dear Sir,

Pl.guide me

i am working in foundry industries.I know excise but dont khow seles tax return.

i have purchase so meny items as follows please guide me creation ledgers as per sutaible for sales tax return.

1.Raw Materil 4% ,12.5%,3%
2.packing materil taxable
3.consumables
4.consubables taxable
5.Asset Like Machinery,Equipments office furnitury,computer,veical
6.elec.material for maintenence
7.hardware materil for maintenence
8.printing stationery

please give me some idea or chart of ledgers, with head .sutaible for sales tax return.

Regards,

Vinod.

Dear Friends,
We are following SLM Method to prapare Fixed Asset register under company law every year.

Rate of Depriciation on motor as per SLM is 9.50% & as per WDV is 25.89%.

We are selling our one car to our employee.

He wants that you calculate Dep on WDV method & give him car on the WDV arrived.

The value coming by this is lower than if we calculate according to 9.50% SLM.

The employee is saying that why you can not take WDV method to arrive at todays value.

How can we reply to the employee, that why we can not take WDV method?

Respected All,

Can anyone tell me what is the rate of depreciation for Computer Software.

Thanks.

hi experts
How to entry in capital work in progress in tally. Under which grounp i have to create and after completing contruction of building How to capitalised the enty, pLS Provide me Journal Entries in details, thanks in advane

vi

A Company has a Foreign Currency loan but the repayment is being made by a bank in India subsequent to an agreement it entered to repay that loan and the Company will pay the bank here in India a fixed sum in Indian Rupees only towards that Foreign Currency loan. The recording of transaction is in INR and the reporting currency is iNR. In this case, will there be any necessity to account for exchange fluctuation in the books of the Company as this is a Foreign Currency loan? But the issue here is the repayment is in iNR.

Dear sir/Mam

We purchade A DG set of amount 1.22 crore date 14-05-09.and we running (put to use) to it 20-06-09. know my qutation which date we start depreciation by SLM methoed.

Vishnu Aggarwal
9971294488

1. Can we change the method of accounting from Cash based to accural based. If yes, do we need prior approval from the income tax authorities or do we need to inform them about the changes.

2. Can the books kept on the cash based accounting be assessed under accural based accounting by the assessing officer.

3. Do we have to deduct TDS for the expenditure accured but not paid during the year under cash based accounting.

Awaiting an earliest reply.

Thank you in advance.

Before Production Intrest Income can be capitalised or not.


Intrest recd 50000 Production not start tds deduct 10000 & other exp 15000. it can be Capitalised or not