Dear Sir,

Can we file revised return of vat Audit report for f.y.2007-08 in Dadra & Nagar Haveli? If it is, what is the due date for filing revised vat audit report for f.y.2007-08 of Dadra & Nagar Haveli? beyond due date what will be the penalty.

Please guide us.

Thanks,
Sachin

What treatment must be given to exchange difference arising at the time acquiring Fixed Assets.
As per Revised AS-11, this must be routed through P & L A/c.
But as per Companys Act, this must be adjusted to the cost of Assets.
However, As prevail Companys Act.
Can you just clarify this?
However, AS 11 is silent on whether the exchange difference arising before capitalistion (i.e. if any advance payment is made) or after capitalisation (i.e. final settlement done after capiatalisation) difference must be routed through p& L A/c. So, does AS-11 mean that both must be routed through P & L A/c or only post or only pre capitalistion must be routed through P & L A/c

What treatment must be given to exchange difference arising at the time acquiring Fixed Assets.
As per Revised AS-11, this must be routed through P & L A/c.
But as per Companys Act, this must be adjusted to the cost of Assets.
However, As prevail Companys Act.
Can you just clarify this?
However, AS 11 is silent on whether the exchange difference arising before capitalistion (i.e. if any advance payment is made) or after capitalisation (i.e. final settlement done after capiatalisation) difference must be routed through p& L A/c. So, does AS-11 mean that both must be routed through P & L A/c or only post or only pre capitalistion must be routed through P & L A/c

I have taken one domain address i.e web address at Rs. 1,30,000. This is one time settlement. No further charges were payable by me.
can we caspitalize the same or not?

Sir,

One of our Clients’ is using Straight Line Method of Depreciation as per Companies Law. This is the second year of their business. They have debited a portion of the asset with a certain sum of money and we are treating it as deletion. Now, how should we calculate depreciation for the deleted asset under SLM ?

Dear All,

Give me
1. I am working in a trading firm and there are about 25 employees.
what is simple way of salary calculation.

2. Performa of monthly salary sleep.

sir my client is IOCL mathura refinery, they are not capitalising RO plant as a single plant & machinery. they are capitalising it in sub parts saying that all its components are seperately identifiable. Is it a right accounting treatment?

During the FY 2007-08, M/s XYZ Pvt. Ltd. received Rs. 300 lacs from a client after deduction of TDS against a Proforma Invoice. M/s XYZ delivered part services and booked the whole amount as Income of the year 2007-08. The auditors were informed that the work is done and so the full amount is taken to Income. However, during 2008-09, the client of XYZ gives an official letter demanding back full amount of advance i.e., Rs. 300 Lacs. M/s XYZ has no choice but to return the money. Can anyone tell the accounting treatment to be done for reversal of Income in the books of 2008-09. And what happens to the Income Tax return ? Is it to be revised ?

Hi all,

Kindly resolve the following query:

An educational institute has decided to procure the following items:

1. Drum Set
2. Amplifier
3. Guiter etc.

The musical items indicated above are required for students amusement, entertainment or say for development of the students. Now, my question is-
Are these assets or not? If asset then why? and If not then also for what reasons? Kindly specify the journal entry to be passed for purchase of such items.

Thanks in advance.

Hi sir/Madam,

what are the conditions In Accounts and Income Tax to charge the Depreciation On Fixed Assets and what is the treatment of charging the Depreciation in both Accounts and income tax?