Hi sir
i'm writting my PCC in may 2009 and would like to seek ur suggestion in my preparation of accounts. Like which chapters have to be more stressed and which are helpful for scoring good marks. and in which way should we prepare for accounts subject

A company is making payment to the US Company for the services. In order to avoid TDS, a third person is making payment through nits credit card and later on the company is paying to the third person. What is the solution and the journal entry.

My client is a large power generating co. having two power
generating unit. one of the unit was declared commercial and hence
provisionally capitalised in 2005. The contracts given for
construction/ supply were not finally settled at that time and
therefore their final values were estimated and provisional
value were arrived at for capitalisation of project assets.

During the current year, the contracts have been finally closed and
actual values have been arrived at.

The final values of the contracts is less than the values at
which the projects assets were capitalised. The difference between
the final value of the contracts and the estimated value of the
contracts at which the assets were capitalised is Rs.21.18 crores
which is 0.96% of the total project assets capitalised.

my query is whether the assets would be de-capitalised and
depreciation from the 2005 to till date would be treated as "prior
period item" or it would be treated change in accounting estimate
and deprecitaion would be provided over the remaining useful life of
the assets capitalised on its reduced value?

My stand is that since it is only a change in accounting estimates
considering AS-5 and AS-10, depreciation should be provided over the
remaining useful life of the assets on its reduced value(by Rs.21.18
crores) and there is no need to recalcuate and provide depreciation
from 2005 to till date as "prior period item."

Kindly guide me.

My client is a large power generating co. having two power
generating unit. one of the unit was declared commercial and hence
provisionally capitalised in 2005. The contracts given for
construction/ supply were not finally settled at that time and
therefore their final values were estimated and provisional
value were arrived at for capitalisation of project assets.

During the current year, the contracts have been finally closed and
actual values have been arrived at.

The final values of the contracts is less than the values at
which the projects assets were capitalised. The difference between
the final value of the contracts and the estimated value of the
contracts at which the assets were capitalised is Rs.21.18 crores
which is 0.96% of the total project assets capitalised.

my query is whether the assets would be de-capitalised and
depreciation from the 2005 to till date would be treated as "prior
period item" or it would be treated change in accounting estimate
and deprecitaion would be provided over the remaining useful life of
the assets capitalised on its reduced value?

My stand is that since it is only a change in accounting estimates
considering AS-5 and AS-10, depreciation should be provided over the
remaining useful life of the assets on its reduced value(by Rs.21.18
crores) and there is no need to recalcuate and provide depreciation
from 2005 to till date as "prior period item."

Kindly guide me.

My client is a large power generating co. having two power
generating unit. one of the unit was declared commercial and hence
provisionally capitalised in 2005. The contracts given for
construction/ supply were not finally settled at that time and
therefore their final values were estimated and provisional
value were arrived at for capitalisation of project assets.

During the current year, the contracts have been finally closed and
actual values have been arrived at.

The final values of the contracts is less than the values at
which the projects assets were capitalised. The difference between
the final value of the contracts and the estimated value of the
contracts at which the assets were capitalised is Rs.21.18 crores
which is 0.96% of the total project assets capitalised.

my query is whether the assets would be de-capitalised and
depreciation from the 2005 to till date would be treated as "prior
period item" or it would be treated change in accounting estimate
and deprecitaion would be provided over the remaining useful life of
the assets capitalised on its reduced value?

My stand is that since it is only a change in accounting estimates
considering AS-5 and AS-10, depreciation should be provided over the
remaining useful life of the assets on its reduced value(by Rs.21.18
crores) and there is no need to recalcuate and provide depreciation
from 2005 to till date as "prior period item."

Kindly guide me.

hi
please say me if the partner has paid vehicle insurance from his partnership firm where should it be accounted

should be accounted as vehicle repairs & maintance or capital withdrawl

what is thebesic rules of accounting

can anybody explain the difference among capital receipts,capital profit and capital reserve

If a cow(Which is in my books) gives birth to calf then how will calf be valued in the books of account and what will be effect in income tax.

plz reply in context of AS or any Act.

regards,

1) Under which head can i book the Preservative - Vinegar purchased which i used from GHERKIN Export?

2) Also Carton / film purchased

3) Color Label purchased