Why is it that P & L is called P & L account - a "Account"

and

Balance sheet - a "Sheet"?

Why not vce versa?

Thanks

Anil.

any study notes of corporate accounting/advance accounting

We are selling power through IEX.We have to commit for power trading before one day. on 31st we have commited for giving power on 1st April. Whether we would recognise this income in 31st or in 1st April. Even if we reject for actual delivery on 1st but once we get revene for that and afterwards penalty will charge on us. Please suggest proper accounting.

In our company we didnt claimed cenvat on service tax of earlier, due to lack of knowledge on our part, Now we are taking the cenvat credit for last 3 years and it amounts to about Rs 5 Crs (our yearly turnover is Rs2500 crs, profit/loss is Rs 11 Crs, hence material).

My Query is how to show in P&L.
As a prior period item or as a exceptional item.
Also do we have to add a explanation for the same

Dear sir/madam,

I need bit help from you to take a decision for what should i go for . i have just completed PGDBA Finance from Symbiosys , currently working with Idea Cellular Ltd as accounts executive .Plz tell me which study io should go for ? as the package is not quite good & the economic condition is also not so favourable so taking all this as main factor plz guide me what would be best for me. waiting for ur reply

Pls confirm whether I am right or wrong

Net worth = Capital + Reserves + Profit

Regards
Praveeri

the thread purchased for garment by cash in garment manufacturing unit, what is the head of account while writing the cash voucher for it.

Dear sir,


we are a private trust providing education to management students. we have taken the building for the class rooms on RENTAL basis. we (trust) restructured the building for the purpose of class rooms and toilets. Trust has incurred the expenditure for the restructuring the buillding Rs. 250000. Should the same should be capitalised or to be treated as the revenue expenditure. Please clarify at the earliest.


with regards,

R. Gurucharan.

hi gud eve. all of u
i want to ask that figures is showing in tally in millions not in lakhs. when i alter the co. then curser goes after use security conyrol to last in quit option.
pls. help me.
thanks in advance

Mukesh Kumar

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.