FIXED ASSETS:

As per companies Act 2013 , it is said that we have deduct the residual value from the carrying cost and adjust the remaining balance with the retained earnings as on the opening date(i.e 1.04.2014)(if the asset has been already used more than new estimated life of PARTC Schedule 2) . Hence my question is how do we account for the residual value of the asset in books, when the book value of such assets have been reduced to NIL.

Dear expert
please let me know how to pass depreciation entry in company's books of accounts...


plz reply...

Hi,
I am a Nov 2015 C.A. Final student. I had a query regarding applicability of IndAS for Nov 2015 attempt pursuant to notification of MCA on 1st April, 2015.
Further if IndAS is applicable then AS that is applicable now will still be covered in the final portion.
Thank you.

why goodwill is calculated when new partner admits

Anyone can explain MAT.

Interest on debentures is shown as non-cash item in operating activity and also shown as financing outflow but one sided it is added and another side subtracted , so the final effect is NULL so we r not getting exact estimate , any concept behind this.

we are not filed audited bsheet a/y 2013-14, 2014-15 till now. what kind of penalty proceedings on this.my turnover around 1 crore in every year.

Goodevening everyone,
My query is suppose Mr X had made a sale of Rs 5000 and the party has paid the amount after transfer charges i.e., 4950 ( Rs.50 for NEFT). what should be the treatment of this transaction?

What should be the accounting treatment for expense disallowed in the assessment of previous FY. Can we show misc. income in the year of demand raised. For e.g. if Rs. 10 lakhs disallowed as expenses during assessment or survey for FY 2011-12. and now after completion of survey.. demand is raised during FY 2013-14. For Rs.3 lakh as tax and Rs. 1 lakh for interest. Please confirm can we treat Rs. 10 Lakh as misc income during FY 2013-14. And accordingly provision can me made for income tax and interest liability?

Dear Sir,
Pl let me know the accounting treatment of reversal of cenvat credit due to lapse of cenvat credit availment time.
and what will do if opening credit reversed due to lapse of time.