what is difference between Timing difference and permanent difference please give example also. while computing tax

Hello sir, I m a ipcc student. I appeared for both groups in nov'14. But unfortunately I couldn't clear my group 2. I have given group 2 this time. I wanted to do my articleship from a firm which deals in all areas and also the firm should have more work, so that I can learn more. Can I get a firm of my choice? And how can I communicate with those firms? Please guide me and suggest me some name of firms

Respected Professionals,
I have gone through the chit fund entries posted on this website before and I would like to raise a query.

The following is the excerpt of the chain of solutions given in this link: https://www.caclubindia.com/forum/chit-fund-accounting-152751.asp

"The entries were posted as follows:
While you are subcribing a chitty, th entry will be:
Kuri a/c Dr
To CAsh
(For the amount of payment we made)
On pricing/auction you must account in accrue basis:
Cash a/c Dr
Discount a/c Dr.
To Kuri
After that, all the instalment you pay must account in accrue basis:
Kuri A/c Dr.
To Cash
To discount."

In the first entry above, no discount was being recognized. But after the Chit is auctioned the discount account is credited and income is booked in P&l A/c when subsequent payments are made.
Why don't we account for the discount income before the Chit is auctioned?

It'll be of great help if I get a clarity on the same.
Thanking you in anticipation.

Hi,

I would like to know about the Difference between the non-controlling interest and minority interest.



Regards,
Srikanth Musini.

i have query regarding fixed asset capitalization. i am working in mnc company.
my company is newly established . one machine which is already capitalized im march-15 having huge value and now 1 crore expenditure incurred before starting production so expenditure incurred after capitalization what treatment i need to give regarding expenditure which is incurred after capitalization.

Are debtors valued at cost price or selling price while preparing estimated working capital? Is it different for total cost basis and cash cost basis?

Dear all,

I purchased Plant & Machinery for RS 50 crores on instalment basis i.e 10crores for 5 instalment . Subsequently while paying last instalment the vendor wavied off Rs 10 Lakhs.
My query is whether shall I decrease Plant & Machinery value for Rs 10Lakhs in my books of accounts for subsequent changes.

will it deffer if it is not an instalment basis?

An assets is depreciated upto 98% as on dt. 01.04.14, then the residual value of the asset would be 2% or 5% by reversing the extra deprecation by 3%. Pls guide me its urgent & also give acconting entries to be passed in the books of accounts.

Dear Members, I am currently doing business and earning commission income. In this business I am having some assets on which I use to charge depreciation as per income tax act. But now I don't want to continue this business as I have started earning Salary Income.
I don't make separate books of accounts for the commission Business. All the assets are shown in my personal balance sheet.
What would be the accounting treatment for the fixed assets and how should I treat this for income tax purpose.

Dear all,

Mr X is an individual who sold the goods to customer with a warranty of 2 years. Acc to Mr X from his past experience, it is probable that there is some claim under warranty so for the same Mr X wants to create a provision of 2%

Please give me the journal entry for aforesaid provision.(Note: amount will be Rs 1000 )