We useally take plain vanila forward against reveivables and we do Mark to market on the outstanding forward contracts at the year end.

Do we still need to MTM or based on this notification we escaped from MTM provisioning?

Please advise.
Regards,
Mehul.

What is share capital money? What is the proceedure & documentation to receive share capital money from out of india?

Dear Expert
what is treatment of parking charges paid for motor car. Whether it may be trated as motor car expenses and attract FBT.

upto what date should be tds 94c payment made is it 30/3/2009 or 7/4/2009

please say

Regards

Dear Friends,

My company is importing raw material on LC 90 days.Payment is to be made on 90 days from shipping date. We have to book purchase on receipt of material. My question is that at what rate we should book the invoice which is in dollar.If we book it on current rate than difference will arise as payment is to be made after 90 days . How such transaction is to be accounted in books. Pls reply me on "rajeev20@hotmail.com"

We have issued a bonus shares to share holders of the company & one of share holder is also employee of the company. Is there any FBT liability for bonus shares issued to employees.

Dear Sir/Madam,
I have the following doubt:

Before the Companies accounting standards rule came out,the following was the situation--
Companies were required to follow Sch VI requirements and also the AS as issued by ICAI and in case of conflict,the SCH VI would prevail.

Then the above rule came out which provides as a note that the auditor has to ensure that AS 1-7 and 9-29 are followed by companies.
It further provides in its annexure that these standards are meant to be in comfirmity with law,however if there is a conflict due to any SUBSEQUENT AMENDMENTS IN LAW, the law shall prevail.

My question is:
Does it mean that at present the situation is that the AS overule SCH VI but only upon any subsequent amendments in SCH VI the law will prevail??
How to answer a question in the exams?...as per AS or as per SCH VI?

Kindly reply at the earliest.

Thanking You,
Regards,
Minal S. Vora,
M.Com

Dear Sir/Madam,
I have the following doubt:

Before the Companies accounting standards rule came out,the following was the situation--
Companies were required to follow Sch VI requirements and also the AS as issued by ICAI and in case of conflict,the SCH VI would prevail.

Then the above rule came out which provides as a note that the auditor has to ensure that AS 1-7 and 9-29 are followed by companies.
It further provides in its annexure that these standards are meant to be in comfirmity with law,however if there is a conflict due to any SUBSEQUENT AMENDMENTS IN LAW, the law shall prevail.

My question is:
Does it mean that at present the situation is that the AS overule SCH VI but only upon any subsequent amendments in SCH VI the law will prevail??
How to answer a question in the exams?...as per AS or as per SCH VI?

Kindly reply at the earliest.

Thanking You,
Regards,
Minal S. Vora,
M.Com

Dear Sir/Madam,
I have the following doubt:

Before the Companies accounting standards rule came out,the following was the situation--
Companies were required to follow Sch VI requirements and also the AS as issued by ICAI and in case of conflict,the SCH VI would prevail.

Then the above rule came out which provides as a note that the auditor has to ensure that AS 1-7 and 9-29 are followed by companies.
It further provides in its annexure that these standards are meant to be in comfirmity with law,however if there is a conflict due to any SUBSEQUENT AMENDMENTS IN LAW, the law shall prevail.

My question is:
Does it mean that at present the situation is that the AS overule SCH VI but only upon any subsequent amendments in SCH VI the law will prevail??
How to answer a question in the exams?...as per AS or as per SCH VI?

Kindly reply at the earliest.

Thanking You,
Regards,
Minal S. Vora,
M.Com

A sole proprietorship is being converted to a private company. How should we go about with the accounting? How to account for the consideration being shares in the company? Also what entries to pass for the changeover?