I wish to know practically how to account for an export bill for say 10,000.00 USD.

Exchange rate as on which date should be used? The date of invoice?, The date of Shipping Bill? or the date of Bill of Lading?

Also, which exchange rate do we use? Do we use the customs notified rate for the particular month? Do we contact our banker, who is to receive the foreign exchange, for its TT buying rate for that particular day? or can we use rates given in websites such as x-rates.com?

Regards

Dear All,

We are undergoing implemation of a project within our plant premises.In relation to that project we have been incurring following Exps.

1. Deposit of fee to Govt Body for availing their premission to use Govt. Land and electricity lines.

2.we have erected some structure outside our plant premises for commissioning of Towers etc.

As These towers are outside our plant can we capitalise the same?

Suppose the company have made an export sale in FY 2007-2008 and received the money in dollars in same accounting year.

In FY 2008-09, the company have made another export sale to the above party.

Party has now rejected the goods sold earlier in FY 2007-08 and has deducted the entire export sale amount in dollars in this FY year from the receipt of the another export sale made in the FY 2008-09.

What accounting entry is to be passed in FY 2008-09 as the year FY 2007-08 is already closed?

Whether the foreign exchange gain/loss made in FY 2007-08 needs to be reversed or linked with the gain /loss in FY 2008-09?

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.

HI,
What are the ratios which are considered for analysis of COMPANY'S BALANCE SHEET . Also which ratios help in analysing the strength of the company from its BALANCE SHEET for marger/acquisiton purpose.Hoe We analyse Balance Sheet of the company.

Regarding above I would like to know:


In a Retail industry:


1)When the barcode reader reads the data from the product and bill print out taken – does the data get automatically updated in Accounting Package?


2)Most customers pay by credit card. At the end of the day does the accountant takes the printout of the bank statement and manually matches the amount received with each bill raised by him?


3)How do entries appear in bank statement when the payment is received by credit card? Do they appear net of bank charges or the total sale amount collected is shown?


4)How will the accountant come to know from the bank statement that the amount is collected using customer’s DEBIT card or CREDIT card?


Please answer questionwise. Thanks.

My client garments business .he purchase of good kanpur. purchase invoice date 20.06.08 & goods received 24.06.08.accounting entry kis date me karege .pls tell me urgentaly.

2- my client gold jewellary business 24k gold purchase from kolkata & macking 22k jewellary made kolakata.sapose 24k gold purchase 10.06.2008 & macking jewellary 20.06.2008 .macking jewellary received 23.06.2008 varanasi shop & received godds intimation vat department 24.06.2008 in 31 form. accounting entey kis date me karege pls tell me .urgently

Sir,
1.A sea going ship replaces its hull(engine)due to mechanical failure.the ship has been accounted as a single asset along wiith the engine, in the fixed asset register.the engine is of same capacity as the earlier one. should the the expenditure be treated as capital or revenue? will the treatment differ if the engine is of enhanced capacity?
2.A car parking shed is constructed attached to a building and is integral part of the building. if the building is demolished the shed will loose its utility value and has also to be demolished. hence it has the same life as that of the remaining life of the building.the capacity of the building is increased as it is able to provide parking facility which it did not have earlier.should the the expenditure be treated as capital or revenue?

my client business of marbal& tiles etc.purchase from rajsthan purchase bill 28.03.08. purchase goods UP bordar cross 01.04.08 & entry in 31 form 01.04.08. purchase goods received 03.04.08.
accounting entry kis date me pass karege.pls tell me urgently

A school building which is 20 years old replaces all its corroded mild steel windows to aluminium sliding windows of better quality and easier to operate than the old windows.whether this expenditure should be charged to capital or revenue?