I have a doubt in partnership accounts that whenever we take any money of partner and use it in a partnership firm then it is always considered as partner loan.
but if we purchase goods or services from any partners and we pay it him afterwards can we consider it as creditors or as of any other liability or we have to consider it as a partner loan only. And so what is the logic behind this?

What is the main difference amongst the above mentioned AS?
As AS -21 talks about consolidation of parent and subsidiary.
AS- 23 -deals with Investments in associate
AS - 27 reporting of financial interest in joint ventures.

how to find out whether an entity is a joint venture or associate.
a venturer can have any % of holding in joint venture.
associate means holding of 51% or more and /or control thru Board of directores,
suppose in a entity parent co. is having 50% holding as well as members in board of directors of new entity, investment in such new entity how to be treated i.e. as per AS- 27 or AS- 23.
Please reply this querry.


Thanks & regards,

Could any one mail me the statement of Indian Accounting standards & USGAP

Dear Sir/Madam,

We have one query-

If one scenario is there where X company which is an Indian Company has 100% shareholding registered company Y in UK/US/China etc. and the co. wants to raise an invoice somewhere mentioned above for some Software development purpose.

While receiving payment from Party if Y company receives the payt. and then if the same is being routed to X conmpany.

What will be the implication? As per Double avoidance treaty, what is the treatment?

dear all,


i have two queries
1) how is Inventory of Jewellery Valued and Disclosed in F/S.-is there any specific method apart form AS 2

2) How are live stock and animals valued , depreciated and disclosed?

( say a Co in hill station uses Horses or other cattle to Transport goods.
are these cattle a Fixed asset to the Co? if Yes how are these Fixed assets Depreciated? as AS6 does not cover live stocks? is there any other method applicable to live stock )

Could you help me in sending cash and MIS formats

Last year there has certain amounts in a account shows debit balance in Balance sheet which was foreing exchange loss and the same has been not claimed in P & L. the annual return has been filed. Now what should the treatment in current year for that Account. what are the ways to resolve the same.

How the gratuity payment made, after 5 years or any event happened like death, disablity,immediate employment, the employee or his/her survior gets benefits from the gratuity act. what is the rules and regulations let me know. it is pvt ltd co. what about the rules for central and state govt employees.
Sreenivas.S.R.

What is the accounting entry for discounting of bill?

1.If a Fixed asset put to use and remain idle for some time, then whether we can calculate depreciation on the same as per companies act and as per accounting standard? and what is the provision for the same in Income tax act?

2.Revaluation to a fixed asset is acknowledge by companies act and as per AS 6 we can calculate depreciation on revalued figure? but it is not clear to me whether revalued amount is accepted for depreciation calculation as per IT act?
Please help.