Pl clarify the following
If a banker gives CC Lt of Rs.4.0Cr and a LC facility for Rs.1.0Cr to his client.

How would this be accounted in the clients books.
Will Rs.5.0cr (CC+LC) shown as liability of the client.

For the CC limit the client would be paying interest, what would he be paying for LC
Will the banker open 2 accounts one for CC and another for LC for his client.

I want to known that whether Premium paid on Redemeeing Preference Share or Debenture is allowed as Expense in the Companies act and under Income tax act

Mr.A Exported Goods to US at 1500$ as invoice value. He made Forward Contract for 1500$ @ Rs.40 Per Dollar. Mr.A Discout that Bill with bank. But the Bill Realised only for 1400$. In this case bank recover loss of 100$ short realisation from Mr.A in what Exchange rate ?

Dear Sir
I am working As accountant in company i have dought in the 7th oct month our company had issued a ch for amt of 100000 in the name of x , but in this 50000 gone to y A/c on 10th Oct after clearfiying again y had deposited 50000 on 15th and payment made to x in the month of nov How to take this entry in tally shall i put jurnol in bank account plz help me urgent

Dear sir,
i am working in a non profit organisation as a accountant actually we receive grant from govt and we have to relese to talukas . i am maintaining in tally so i have taken in as direct income which grant recive and what i relese to taluk taken in current assets as advance is it correct when i get utlization certificate from talukas i will pass the jouranl entry to indirect exp ... i have to preapre only Receipt & Payment thats all so plz help

should Scrap/Surplus generated during project expansion be credeited to expansion project or credited to miscellaneous income ?

First of all Ram Ram Everybody!

We are authorized dealer of Kirloskar oil engines for spares & service. We provide warranty service to Kirloskar Genset customer. Work charges of warranty claims to KOEL labour cost and material replaced within warranty. Also we purchase spares from KOEL. KOEL gives us a credit note of warranty charges. We reduce the same from our purchase value and remaining amount paid by bank. Also they calculate service tax on labor charges 12.36% Tell me how the above transaction enter into tally.

iam taking coaching at some institute in hyderabad and they have given some printed material in which home work problems are not explained in detail so i need ur suggestion which authors or publishers book i need to follow for getting good marks in pcc accounts paper

Under the companies act, depreciation rate prescribed for software is 50%, i.e., we amortize the cost over a period of two years. As most of the softwares are used for more than 2 years, I feel that this rate looks to be on the higher side. Can you explain the logic behind this higher rate.

In a pvt. ltd. co. on what basis of leave can be encashed by co. to employee. Is on the basis of Basic Salary or Gross Salary.If total accumulated leave 60 days and Basic sal-5300/-,Hra-2120/-,medical-1250/-,conveyance-1500/-,edu. all-1000/- & spl. allowance-1750/-(Total Gross Salary-12920/).So what will be the calculation and plz also specify the section also.
Plz resolve it as soon as possible.Here I am waiting for the best reply.
plzzzzzzzzzzzzzzzzz replyyyyyyyyyyyyyyyyyy.