In case of companies, is there any complusion to use marcantile system of accounting and if yes then under which section of companies act it is allow to use???

Sir,

Given below the details of fixed assets for the F.Y 2008-09.
1. OPENING OF CAR ACCOUNT AS ON 01.04.08 RS. 540000/- ADDITION ON 02.04.08 690000.00 TOTAL OF CAR ACCOUNT AS ON 31.03.09 1230000.00

2.OPENING OF COMPUTER ACCOUNT AS ON 01.04.08 890000.00 ADDITION ON 1.10.08 140000.00 TOTAL AS ON 31.03.09 1030000.00

3. OPENING OF AIR CONDITIONER AS ON 01.04.08 170000.00 ADDITION ON 07.06.08 68000.00 TOTAL AS ON 31.03.09 238000.00

4. OFFICE BUILDING AS ON 31.03.09 2400000.00

PLS SEND ME THE DEPRICIATION ENTRIES AS PER INCOME TAX ACT AND AS WELL AS COMPANIES ACT.

PLS SEND ME THE DEPRICIATION ENTRIES AS ON 31.03.09 WHICH I SHOULD PASS IN THE BOOKS I.E AS PER INCOME TAX ACT OR COMPANIES ACT.

I SHALL BE HIGHLY OBLIGED TO YOU.

Sale is not A direct income ,than why it exists in trading A/C?

Hi all
I want to know what is accumulated depriciation and how it is treated in accounts. please help me with example

Cash system of accounting is being followed by school.
It has purchased Assets worth Rs. 100000 /- but has made payment only for RS. 80000 /- in current financial year and balance Rs. 20000 /- is paid on next financial year. Please clarify at what value we have to stand Asset in our books whether at Rs. 80000 /- or at Rs. 100000 /-

Sir
Could you please send me that under which section TDS should deduct for event managemant.

Sir,

Could you pls guide me what is profit & loss appropriation account and what is the purpose of it.

pls expalin in detail.

Sir,

pls guide me if i have provided rs.10,000 as income tax and my advance tax s is rs.
8000.00 as on 31st march then in next year how should i setoff both the accounts.

pls tell me what adjustment entries should I pass.


Thanks

It is mandatory to keep books of accounts of a company on accural basis



if we want to maintain our book of accounts on cash basis
it is allowable or not according to Indian Companies Act 1956 or India Income Tax Act 1961.

It is mandatory to keep books of accounts in the case of a company on marcantile basis