I read somewhere, as per ICAI revised guideline, gain / loss on foreign exchange currency valuation should be transfer to profit and loss account instead of capitalization of same. Could any one please confirm the correct ness of this. Any Guidance note issued by ICAI in this regards. Thank you.

Happy New Year

in a branch account , if wages still owing it will be deducted from remittance or not please tell. if not what is the treatment

A company has entered into various raw material purchase contracts with suppliers for next 5 years. On 31 March 08 it is noticed that the contract value is much higher than the current market prices .

Are there any disclosures to be made in notes to accounts for the FY 2007-08?

If yes, please quote the relevant Accounting Standard.

Thanks

AN AMC Contract for the period of Jan 07 to Dec 07 was taken and the same was expensed out entirely in the previous year and the statutory auditor was unable to recognise it, wherease in the current year the same is recongnised by another auditor, then what will be the accounting treatment for such rectification

what is the treatment of cash discount allowed to customer . it is shown in credit side or not in branch debtors account

A&B is a partnership firm
net profit after remuneration is Rs.18,62,230/-
remuneration to partner(A) is Rs.2,40,000/-
1. how will i calculate income tax ?
2. is tds applicable on remuneration of Rs.2,40,000

I purchase a machinery for my plant purpose. I take the machinery under the head of fixed asset. input vat is 12.5% charged on the machinery in invoice. shall i claim input tax on the said machinery.is it capital expenditure or revenue expenditure.

Treatment of redemption premium of convertible bonds (and the related legislation/AS/Guidance note/etc thereon)

Treatment of conversion premium of convertible bonds(and the related legislation/AS/Guidance note/etc thereon)

I want to know the accounting treatment for the below mentioned situation of a leasehold land.

Lease Period : 99 Years
Plot Deposit : 5.5 Lac (Refundable)
Development Charges : 14.5 Lac (Non Refundable)
Water Plant Cost : 3 Lacs ( Non Refundable)

How much should i capitalize? How much to be shown as deposit?

Give your suggestions