1) Raw material order cost @ 100 /- per kg plus cenvat 4 % & AP Vat 4 %.

2) Ordered qnty = 1000 kgs

3) Material received is 950 kgs but the invoice is for 1000 kgs .( 50 kgs damaged condition and rejected )

4) Payment made is for 950 kgs only .


Can you plz suggest the Accounting entries as per Accounting standards ...

what is the treatment of following items in final accounts if they are given in the trial balance?please tell with reason.
1)stores consumed
2)works extension

when machinery is at cost is there then while preparing a/c of machinery disposal a/c then depreciation as charged at credit of it?
why?

If in balance sheet op. balance of machinery is 80,000 & cl. is 55,000 & During year a machine costing Rs. 10,000 with accumulated Rs. 3,000 was sold Rs. 5,000 then what is effect to b taken in cash flow statement?
With reason answers plz?

As per AS - 2, inventories shall be valued at the lower of cost and NRV

Exclusions from the cost of inventores:
(1) abnormal amount of wasted material, labour or other production cost,
(2) storaeg costs unless those costs are necessary in the production process to further the production stage,
(3) administration overhead that donot contribute for bringing the goods to the present condition and location; and
(4) selling and distribution costs;


What is "distribution cost" in the above clause ?

Sir i am an acoountant and doing part time hojb. I want to know abount maintaining books of accounts of various kinds of business and also want to learn aboubt proper account head , finalisation etc.

Sir i am an accountant.I want to know about maintaining the books of accounts properly eg accounts head , finalisation etc.

My company is engaged in construction of buildings. One of the construction contracts specifies that the building should be completed before 12.04.2008 and it is specifically stated in the contract that "time is the essence of the contract". The building could not be completed as yet and construction is expected to be completed within 6 months and there is no document with the company evidencing extension of time period.
The contract also contains a clause which gives right to the company to charge interest on late payments.

The issue is that whether the interest income is to be recognised even when the party can refuse to pay the contract amount on account of late complition?

Whether Interest on income tax (234 B & C) should be included in provision for income tax in P&L a/c?
Is there ICAI Clarification?
Please make reference, if any?

I Need detail about Letter of Credit,(Procedures of open LC , requirement to open LC, Document required to open LC, payment, ETC )