If an asset is purchased during the financial year 2013-14 by the company and the same has not been used during the year,then what will be the treatment of depreciation in the books of company? Whether it will be charged or not.? Kindly solve this query

If we are receiving fees from 1 client and who is deducting tds so how to book the bill?

i have done it this way

Client dr.
to income
to tds

bank dr
to client cr
is it correct?
tds is on profesisonal fees so can i adjust it with the tds paid on professional fees? as in can i put this also under current liabilities - duties and taxes?

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.