A does the business of organising study trips for various foreign universities who send their students for study trips in India.

The payment of project typically consists a certain % as payment professional service charges and reimbursement of expenses on actual basis incurred by A which includes tavelling/lodging boarding/site visits of the students during the study trip in India and educational seminars etc.Funds are released by clients in advance or partly advance and partly in the course of program.

While there is no issue in accounting of the serevice charges received by A which is booked under his professional/consultancy income. But how to show the expenses in tally(under which group) which are incurred by A and ultimately reimbursable by client. In short, can we we route these expenses and payment received against them through P&L a/c of A since they are not his business expenses. Or we have to show them as a current a/c of the client like we open an account for a particular project in Debtor group in which credit all the receipts and debit all the expenses. But there many such clients.

Can anyone CA friend please guide and also let me know if there is any accounting standard of ICAI to deal with this types of accounting.

Thanks & Regards

P.C. Joshi

how i calculate forex gain or loss on 31 march as per AS 11 when more than one time goods sold to party and payment recieve.

also tell about if advance received against sell loss\proit required to calculate or not

please help

Dear experts,

Please clarify a few of my concerns on IRR.

I know IRR is the discount rate that generates a zero net present value for a series of future cash flows. I read somewhere that IRR for an investment is the percentage rate earned on each Re invested for each period it is invested.

I want to konw the reason behind discounting the future cash flows.What purpose does it serve? At IRR NPV is 0 so doesnt it imply that there is neither profit nor loss

If IRR is 15% does it mean the company is earning 15% after recovering the cost of the project (initial outflow). Also, suppose the IRR for a project is 15% (for 5 years) does it mean that 15% return will be earned by the company over a period of 5 years or in each of the 5 years individually?

An early reply would be appreciated.

Thanks

The CEO has taken loan of RS.20000/- what entries i need to pass in the tally and He is not going to return this loan to company. So under what head of accounts i need to journalise the entry. Please tell me in detail.

deffered tax meaning

what is tax free bond?

Explain fictitious asset.

My Company is doing Business with E-Seva centres in different States.In e-seva centres there is a VLE(Village Level Enterprinure) we have a 105 VLEs in a District now we are paying amount for thier services like salary every month can I take that total amount as Salary or Operators payment(Ind Expe).Thanks in Advance.

as per schedule XIV we have already passed the entries for depreciation . but now as per schedule II we have recalculate the depreciation.then i have doubt here. if the depreciation was 90000 as per old act, and as per new act depreciation was 60000. then how should should we adjust the excess 30000 depreciation now??

every company Is required to Foloow CSR Activity.