This is with refrence to Tata Steel this year annual report of Year2006-07. In that words are used in courous finance is Senior Debt what is menat by that please help me.

whether pre operative exps incurred by a company
i)has to be entirely written off in the year when the company starts the production or
ii)in the year where there is adequate profits to absorb the same or
iii)it has to be amortized over a period of time.

In SCH VI, can sales be grossed up and shown. My sales component includes service tax, VAT and Works Contract tax. If only net sales is to be disclosed, is there any reference to substantiate our interpretation

Dear Experts

The query which I'm posting is related to accounting treatment for waiver of loans specifically waiver of principal amounts.

Lets say A Ltd. took a loan for financing fixed assets and later on A Ltd. turned into loss making company.

Lender i.e. financial institution waiver off certain portion of principal and interest. Now the query is what should be the accounting treatment of waiver of principal in the books of A Ltd.

rgds
hitesh

what is the diff between preliminary expenses and pre incorporation expenses?what is there treatment under income tax and in the companies act?

I want a free spread sheet or formula for calculating the NPV value for investing in new machinery vs hiring of machine etc

whether the provision for proposed dividend falls in the definition of provisions as covered by AS 29 ? If not, whether it is governed by any another accounting standard ?

what will be the treatment of insurance expenses paid for the first time on purchase of a new vehicle-whether it is to be capitalised or not?

A private Co. incurred some exp. before its incorporation.which includes expenses incurred for purchase of materialetc. what accounting treatment & balancesheet disclouser should me made.....

MY FRIEND MR. HITESH REPLIED WELL ON WHY PROVIDE DEPR.
BUT I WONDER HOW MANY COMPANIES SET ASIDE THE AMOUNT SEPARATELY OR IN AN IDENTICAL WAY TO REPLACE THE ASSET ON BEING WORN OUT?
NOT MAJORITY COMPANIES.
SO THE QUESTION IS ECXCEPT TO REDUCE PROFITS AND PAY LESSER TAXES , THE REAL OBJECTIVE OF REPLACING AN ASSET ON BEING WORN OUT IS NOT ACHIEVED.
THUS EVEN THE CONCEPT OF CONTINUITY OF BUSINESS IS NOT FULLY ACHIEVABLE FOR A GOING CONCERN IF WE CANNOT FIND FUNDS TO REPLACE AN ASSET WHEN DUE.
IS NOT IT TIME TO MAKE IT MANDATORY TO SET ASIDE DEP. PROVIDED IN SEPARATE OR IDENTIFIABLE WAY TO COME TO OUR rescue?
regards
R.V.RAO