Dear all i have one doubt regarding accounting of option contract. Here am giving the following datas please tell me the way to account it
For 1st contract: Trade date is 07-11-07 Expiry date is 27-03-08, contract amount is USD 200000 conversion rate is Rs.40. Total INR is 800000/- Margin is 3% i.e 240000
For 2nd contract: Trade date is 07-11-07 Expiry date is 28-05-08, contract amount is USD 200000 conversion rate is Rs.40. Total INR is 800000/- Margin is 3% i.e 240000.
If any other information is required please take an assumnary figure and please solve it

should we give effect of PRIOR PERIOD ITEM in current year B/s?

Eg. Expenses of Rs.20000 was recorded by Rs.10000 in previous year, now in the current year should we pass the entry for remaining 10000??

UNDER CAPITAL WORK IN PROGRESS ASSETS PURCHASED IN THE MONTH OF JUNE'07. BUT CWP COMPLETED IN THE MONTH OF MAR'2008, SO, WE CAPITALIZED THE CWP AS ON 31-03-2008.

OUR DOUBT IS DEPRECIATION CALCULATED ON (SLM) AS ON DATE OF PURCHASE OF ASSETS OR CAPITALIZATION DATE WHICH DATE WE ARE TAKING FOR ACCOUNTING.

PLEASE SIR

sir, i want to return E-tds. what are the procedure? & Ways? & Individual Expenditure to return the e-tds?

THERE WAS RAID BY IT DURING THE YEAR 2006-07. STOCK BY AMOUNT OF RS.00000.00 AND DEPOSIT TAX ACCORDINGLY. ( IT WAS U/S 133A) AND THE ASSESSEE MAKE THE FOLLOWING ENTRY STOCK A/C DR ( UNDER CURRENT ASSETS) AND CAPITAL A/C CR.

BUT AT THE TIME OF MAKING THE BALANCE SHEET AND TPL. THE ASSESSEE HAD TAKEN AS CLOSING STOCK IN THE TRADING ACOUNT.
THUS THERE ARE THREE ENTRY AS FOLLOWS:-

STOCK CREDITED TO TRADING A/C
STCOK CR. TO CAPITAL A/C
CLOSING STCOK UNDER CA IN BALANCE

WHETHER IT IS OK.

THERE WAS RAID BY IT DURING THE YEAR 2006-07. STOCK BY AMOUNT OF RS.00000.00 AND DEPOSIT TAX ACCORDINGLY. ( IT WAS U/S 133A) AND THE ASSESSEE MAKE THE FOLLOWING ENTRY STOCK A/C DR ( UNDER CURRENT ASSETS) AND CAPITAL A/C CR.

BUT AT THE TIME OF MAKING THE BALANCE SHEET AND TPL. THE ASSESSEE HAD TAKEN AS CLOSING STOCK IN THE TRADING ACOUNT.
THUS THERE ARE THREE ENTRY AS FOLLOWS:-

STOCK CREDITED TO TRADING A/C
STCOK CR. TO CAPITAL A/C
CLOSING STCOK UNDER CA IN BALANCE

WHETHER IT IS OK.


ABOVE ADDITIONS CREDITED TO CAPITAL AS DECALRED INCOME. U/S 133A.

QUERY :- AT THE TIME FILING THE ITR ASSESSEE HAS NOT TAKEN THE ABOVE ADDITION IN COMPUTATION OF INCOME. BUT DECLARED IN THE CAPITAL A/C AS ADDITIONS. WHETHER IT IS OK. IF NOT WHAT'S ACTUAL POSITION.

Recently I attended a work shop at CA Institute where the speaker had mentioned in his one of his power point slides that -


It is better to Soft close once in a month and Hard Close once in a quarter to get periodic insight into the performance of the company.


Please let me know what is Hard close and Soft close?


Please DONT reply based on guess work.


Thanks

oftenly fixed asset namell plant and machinery recieved back in following condition.
1.after compliting fair life
2.repiar and replacment
3.renovation
4.burnand damaged.
5.other not specified
the assets thus not in use will be accounted for on WDV IN stock or in other books of account.

sir,


what are the different kinds of depreciaion?

Please let me know,
which kinds of reserves are created?
How they created and where they can used?