Whether exchange gain/loss on import of fixed asset would be capitalized (As per company law) or transferred to profit & loss account (As per AS - 10)

A Public ltd. co. has issued 9% Non-Cum, optionally convertible Pref. shares, which is redeemable at 15% premium after 10 years.

The co.has started commercial production in 2007-08,so there is no profit in current year & no balance of accumulated reserves.

In the current year (2007-08), what will be accounting treatment in respect of Premium on remption of pref. shares.

Whether travelling expenses, hotel expenses & other expenses incurred in foreign currency will be recorded at the rate of purchase of foreign currency or will be recorded on the date of transaction. Consequently how the effect of foreign exchange gain/loss will be recorded

Dear All,

I would like to know whether we need to maintain ledger of the Subsidiary in our Indian Accounting records provided the subsidiary is treated as cost centre.

How the section 212 of Companies Act applies in this case?

If Earlier the subsidiary is profit centre but now it is cost centre.

Hi ...
Can any one give information about - Information Assets:
1.What are those.
2.Existence of Information aseets in India?
3.Valuation Of Information Assets?
4. Any standards applicable>
5.From where can i know more about Information Assets.

HI,

I wanted to know whether indian a/cing standards will be in applicability ALSO after applicability of I.F.R.S.??

Secondly, What about IAS(international a/c. stds)..?? Will the financial statements be required to be disclosed on the basis of IAS OR AS IN CONTINUANCE..??

Pls let me know on my mail id
raghani_yogesh@yahoo.com

Hi,
1) suppose a firm has purchased a building and has let it out. the firm buisness is not of letting out.i.e. building is investments
building being a depriciable asset should it be depriciated.
2) In other case building initially purchased as fixed asset. but in course of time it has been let out.so should building be transfered to investments?what about depriciation.
e-mail me:-ankit.maisheri@gmail.com

I wnt to knw abt c & f accounting wat it includes

I would like to know as to the basis on which a company decides on whether to capitalise an expenditure or not. The normal stance is that where an expenditure is likely to give an enduring benefit, it is to be treated as Capital and where the benefit does not extend beyond a year, the same can be charged off in the same year. The query is whether this basis is as per Accounting Policy of each company or is it governed by the Accounting Standards issued by ICAI?

Dear All,

If we do remittance to some country abroad where we are forming a company and and for the company formation purpose we are sending fees to our consultant in that country. If we show this transaction as loan in our system in India and later on we will recover the loan from that company in that country.

Is it a right treatment given in accoun t records?