Hi,

If there was an error in the previous year’s Balance sheet in the debtors and creditors balance how to adjust in the current year. Basically the creditors are shown less than the actual creditors and the debtors are shown at a very high value. How to adjust in the current years balance sheet and give a double effect for the same?????????? I want a practical approach… please do tell me…

If one of the three partners retires, then under which head his creidt balance should be shown ? (1) Unsecured Loan (2) Current Liabilities. Please give the answer with reasons and considering the effects of Sections 269SS and 269T of Income Tax Act, 1961.

What is the difference between income & revenue

Would we show MAT credit recoverable in the balance sheet?
Please support your answer with reasons.

whether foreign exchange gain or loss arise on foreign exchange liability on fixed assets is debited or credited to p&l a/c or to fixed assets a/c.

Sir,

Is our liable to deduct tds on supply of tea by tea vendor to our factory staff & workers. His monthly bill around Rs.50000/-. Pls advise us.

Regards,

Baljinder Singh

wheather expenditure on software of considerable amount is to be capitalised or treated as revenue expenditure? if it is to be capitalised then what rate the companies act prescribes?

How to prepare well for consolidation of accounts, amalgamation and valuation of goodwill and shares

if a employee goes for official work to outstation.he went in march2007 but comes on april 2007. he submitted his TA bill in april. the expenses related to march 2007 is booked in april 2007. whether it is prir period exp. or not? he did not took any advance from office.

What treatment of Duty & Taxes in account book of company