A fixed asset with historical cost of Rs 150 & WDV of Rs 100 have been revalued Rs 150 and accordingly revaluation reserve of Rs 50 has been created.

Lets assume, the asset is subsequently sold for
Situation A for Rs 175
Situation B for Rs 120

What will the accounting entry and finally where will be balance in revaluation reserve be transfered?

If an old Fixed asset (WDV - Rs 5000) exchanged for new machinery (fair market value - Rs 10000)

What will be the accounting treatment?

Could you explain the difference between advanace recoverable in cash or kind and current assets as per schedule VI of companies act.

ther is a partnership firm where ther are 5 partners ratio 30:30:20:10:10
the partners having 20:10:10 share are threating to give a dispute letter in the bank.
The partner having 20% is a lady and she is partner in other Concrete industry with her husband.
the partners having 10% each are directors of a casting company which is private limited.
One of the partner having 30% STAKE in the firm is parnter in the concrete firm to help the firm in legal matter
and he is the gurantor in the cating company.
The business is being carried out by partners with 30:30 ratio and the other 3 partners are non working but they take profits and now.the partnership firm is doing good and the other 3 partners 20:10:10 are not doing good are trying to give the dispute letter. What action can be taken to avoid the letter and even if the letter is given what should be the course of action.
Thanks in advance

Does the agreement for take over of partnership need to be signed by all the partners or the major shareholders signature is enough.
Like there are 5 partners
having profit sharing ratio in the manner
partner a and b have 30% each tht is 60%
and partner c has 20%, partner d and e have 10% each tht is 20%.
Do we need the signature of all the partner or A and B are enough.

Thanks in Advance

hello sir/madam,
may i know that if we trasfer one heavy macinery already installed(a capital item)from one location to another location in the same factory premises, and a sum of rs 5 lacs is incurred for this trasfer , then whether this sum would be treated as revenue expense or a capital expense?

Does the agreement for take over of partnership need to be signed by all the partners or the major shareholders signature is enough.
Like there are 5 partners
having profit sharing ratio in the manner
partner a and b have 30% each tht is 60%
and partner c has 20%, partner d and e have 10% each tht is 20%.
Do we need the signature of all the partner or A and B are enough.

It is an existing partnership firm and the firm has registerd itself as a private limited company. all the partners hav signed all the MOA and AOA and it is incorporated with the registrar of companies.
All the partners share remain same in private limited comany also...

I would like to know the norms for take over of partnership firm by a private limited company.
Can a partnership firm be taken over before 31st march of a year and if it is possible then what are the accounting rules to be followed and things to be implemented in the books of accounts.
and what is the chargability in case of early take over on capital gains and how it is calculated.
And will the capital gain chrged of that year only or for oncoming years and what will be the mehtod of setting of such capital gains...
Thanks in advance

Hi
While computing NAV of a listed company, should be take into account Deffered Tax Liability/ Asset or not?

Opinions
Take it: As it is an ascertained liability
Do not take it: As it pertains to future year.

Please opine.

Thanks
Regards
Ashish Ashra

I recently read somewhere that AS7 (% completion method) is not mandatorily applicable to construction companies who develop housing/commercial on its own account and then sell to public. In other words these construction companies are not bound to compulsorily follow % completion method. Is it true?

Is AS7 applicable only to contractors who undertake construction contract for their clients.