Dear All,

X company had sent 100000 US$ @Rs.40/$ towards share application money in the month of may 08. In February they have received 50000 US$ @ Rs.50/$ towards returning of share application money.

Kindly let us know whether Diffarence of Rs.10/- per USD on 50000 $ needs to be taken as Forex gain or can we credit the same to Share application money account.

Please quote the answer with refarence to AS or any other pronouncement.

Thanks in advance,
Hari Krishna

An individual purchased Gold or silver utensil for household purpose and gold or silver bar or coins, is it debited to jewellery under Balance Sheet or under any other head.

We run a retail brand. During the year 2008, we made a provision for writing off some stocks. Though the provision was made we did not remove these stocks from our inventory. During the last month we did a sale of 70% off and sold some of these stocks. We incurred certain expenses for selling them.

Now is it possible for me to reverse the provision to the extent of the profit made. Profit being (Total Sales – Expenses). i.e I am not accounting the sale in my top line. Instead I am reversing the provision made in the overheads to the extent of profit.

Hi,
We have reinstated the debtors balance at the year end and we recognised the exchange gain on that reinstatement.
Whether we have to reverse the entry made earlier? if so, why we should do like that?

We hav two partners in firm their fixed capital is 25000 per head and for trasaction they hav deposited 500000 per head. as per partnership deed they are liable to take 12%PA int on the same.
please explain me the accounting treatment and Calculation for Interest.
When shall i pay the same

We hav two partners in firm their fixed capital is 25000 per head and for trasaction they hav deposited 500000 per head. as per partnership deed they are liable to take 12%PA int on the same.
please explain me the accounting treatment and Calculation for Interest.
When shall i pay the same

We hav two partners in firm their fixed capital is 25000 per head and for trasaction they hav deposited 500000 per head. as per partnership deed they are liable to take 12%PA int on the same.
please explain me the accounting treatment and Calculation for Interest.
When shall i pay the same

my question is why closing stock is not reflecting on trial balance

i am appearing for pcc in november 2009
can anyone suggest me some of the important topics that i should give more weightage? i think following are the some of them

hire purchase
cash flow & fund flow
advanced partnership
single entry
amalgamation of co.
branch accounts
NPO

have a company, we have to pay our C & Fs every month. One of my CAs says that we need to accrue the payment for their services everymonth (irrespective whether I recieve the invoices or not) & pay TDS next month ,other CA says that there is no need for accrual .We should wait for the actual bills to come & only after crediting/payment (whichever is earlier) ,we are liable for TDS deposit.Please suggest