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

Dear Mr Srinivasalu

We have decided to purchase the exacavator machine within india only i.e.
interstate purchase. Please clarify whether are we eligible against C Form since we are in builders and developers.

if a co rec. advance from its customer in us doller and want to convert into share capital what will be implications of ROC and RBI in this regard ?