in our previous year (06-07) balance there is showing work in progress Rs.7 Lakh, my query is : that Rs.7 Lakh will reduce or not from the current year income, pls clarify.

Pls Can any one tell me dt Is International Financial Reporting Standard(IFRS) mandatory for indian companies or not?
& If mandatory thn frm which date it is applicable. & what International Accounting standard is applicable for Indian Real State Companies?

Dear All

From the PF website I understand the maximum that an Employer can contribute
towards PF is Rs.780(based on Rs.6500 Basic+Da).Now one of my friends told me the PF Limit is.Rs.900(based on Rs.7500
Basic+Da).Please tell me whether the PF
limit is changed or not.Kindly explian

Regards
BINUMS

If an Operating lease is treated as an Financial lease in the books of accounts, whats the consequences with respect to the Depreciation and Financial Statements ?

dear expert,
if u have any procedure related to purchase, nd any suitable purchase formate then please send me at my mail id vikasagrawal10@gmail.com

What are the disclosure under As-19 to be made and any example for that.

We are an IT co.
Our employees incur expenses for certain projects, which are reimbursable from our client.( these exp are viz, travel exp, visa exp, hotel exp etc)

In such cases :
a. can we raise a separate invoice on our client for reimbursable exp ? ( if yes, then whether service tax is applicable ?)
b. OR, can we raise a debit note on our client for the same ?

Also, how to keep a track on :
- exp incurred by employees,
- ensure that they are billed / raised a debit note on client &
- final receipt of those exp from client

( If possible, can someone provide me accounting entries for the same ? viz, if we need to raise invoice on client ?)

We are an IT co.
Our employees incur expenses for certain projects, which are reimbursable from our client.( these exp are viz, travel exp, visa exp, hotel exp,per diem etc)

In such cases :
a. can we raise a separate invoice on our client for reimbursable exp ? ( if yes, then whether service tax is applicable ?)
b. OR, can we raise a debit note on our client for the same ?

Also, how to keep a track on :
- exp incurred by employees,
- ensure that they are billed / raised a debit note on client &
- final receipt of those exp from client

( If possible, can someone provide me accounting entries for the same ? viz, if we need to raise invoice on client ?)

We are an IT co.
Our employees incur expenses for certain projects, which are reimbursable from our client.( these exp are viz, travel exp, visa exp, hotel exp,per diem etc)

In such cases :
a. can we raise a separate invoice on our client for reimbursable exp ? ( if yes, then whether service tax is applicable ?)
b. OR, can we raise a debit note on our client for the same ?

Also, how to keep a track on :
- exp incurred by employees,
- ensure that they are billed / raised a debit note on client &
- final receipt of those exp from client

( If possible, can someone provide me accounting entries for the same ? viz, if we need to raise invoice on client ?)

Can any body help me out for the following:

'A' is the Private Company has got Sub Contract for some work from the Main Contractor 'B".

For Executing the work The Main Contractor supplied some Plant & Machinery which is Purchased by the Main Contractor.

After Completion of the Work( Say after 5 years) all the Plant & Machinery will become the Subcontractor's (i.e A) Assets, for this The Main Contractor Deducting Principal and Interest amounts from the Running bills raised by the Subcontractor.

here are some observations:-

1). The Invoices of the Plant & Machinery which is supplied by the Main Contractor still in the name of the Main Contractor.

2). The Ownership of the Assets also not transferred

My query is :-

What is the Accountability treatment of Principal and Interest Payments and what about the applicability of the Depreciation.

Whether any TDS will Applicable for the above transactions.