Please let me know what one means when he/she says "Balance Sheet Account reconciliations" are to be done?

Holding Co is preparing accounts in USD and Subsidiary is preparing accounts in Euro. The subsidiary have borrowed USD 70 Million Loan from HSBC and they have recored in their books considering the exchange rate on transaction which is amounting to 69.8 million. While consolidating the accounts, What is the amount to be considered in the consolidated accounts. Can we take directly USD 70 million or as usual convert Euro 69.8(as in the books of subsidiary)as on year end.

Recentlly I came accross an job vacancy advertisment for the post of Accounts Manager which wanted the candidate to do "flux analysis" along with taking up other responsibilities .

Please let me know what is Flux analysis.

Thanks.

For calculation of Deferred tax relating to timing difference arising out of fixed assets, do we take the difference between WDV as per books and WDV as per Income tax; or do we take the difference between depreciation as per books and depreciation as per Income tax act.

if partners decide to charge interest on drawings and give interest on capital in partnership deed but no rate is decided, what rate should be taken?

Sir,

Can u please give me at what rate TDS deducted from a company & noncompany

PLZ guide me........... exchange differences arising on repayment of liabilities incurred for the purpose of acquiring fixed assets, which are carried in terms of historical cost, should be adjusted in the carrying amount of the respective fixed assets or not ?

Should Depreciation be provided in th Books by the LESSOR of a Finance Lease Transactiion? If so, will IT- ACT also grants it?

Same Question- What about in OPERATING LEASE

What about in case of pure Hiring of machinery?

A Company's land is sold which generates huge profit. Since land is not subject to Depreciation, can the entire profit ( Cost minus sale price) be distributed by way of Dividends to Share holders ? .

Incidentally, kindly note that the ICAI's EACO ( refer Chartered Accountant - July 2000 issue) is to credit the entire sale proceeds to the P & L Account, the above said profit csn not to be included for computing profit under under Sec. 349 (3)(d) of the Companies Act, 1956 for payment of commission to the managerial Commission.

Repeatedly, what about paying Dividend on the profit on sale of Immovable property?

Hi all,

Suppose Mr. X is an employee of ABC Co. Ltd. The Company has a movie camera (Original cost Rs.60,000/- and W.D.V Rs.50,000/-)and the same is a fixed asset as per books of accounts of the Company. Mr. X has given charge to take care of the movie cam. One day the same has been reported as lost by Mr. X to his employer. Mr. X wants to compensate for this. Accordingly, he has purchased a new movie camera (having higher technical advantage than the previous one) without informing his employer at a cost of Rs.35,000/- and collected the bill in the name of M/s ABC Co. Ltd. He then prays before the management to accept this. Now, my questions are:
1. Would it be right for the ABC Co. Ltd. to accept proposal of Mr. X?
2. If ABC Co. Ltd. accepts the proposal of Mr. X and takes possession of the new movie camera then what accounting entry is require to be passed?

Please reply in detail with correct accounting treatment and figures in respect of above situation.