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.

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.