Accounts QnA [Resolved]

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rajnish jain

This Query has 1 replies

19 August 2008 at 19:36

Rate of VAT/CST in Interstate sale against Form-F

In case of Interstate Sale, which will be applicable out of two:-VAT or CST and at what rate. whether this sale will be taken as consignee sale and what will be accounting entry for the same in the books of accounts.

siva

This Query has 2 replies

19 August 2008 at 17:27

AS-26,recognition of I.A

Sir,
we have entered in to a contract with forign firm to introduce new technolozy in our company. terms are as follows:
-- to supply new mechinary for introduction of new technolozy, along with supply of operational designs and reports.

-- to train company staff to operate that new technolozy mechine,

-- to supply spares required for a period of 5 years,

-- to arrange technical staff for supervision of operations for a period of 5 years.

Now kindly clarify whether there is any Intangible Asset to be recognized in this transaction as per AS-26.

Anil

This Query has 2 replies

19 August 2008 at 17:00

Monthly closure of books

Many subsidiary companies located in India close their books on monthly basis and report to parent company located outside India.

In this regard, please let me know how do they handle issues like, gratuity(based on actuarial valuation done by third party),auditors fees ,Foreign exchange loss on fixed assets,income tax provision etc, which are known only at the end of the year in their monthly accounts.

Thanks