Hi friends

Cheque issued on 29.03.2014 Rs. 295000/-
as on 31.03.2014 balance as per books Rs.(41,624).

the above cheque is honored on 02.04.2014 .

in balance sheet what balance is required to be considered

CWIP for opening automobile workshop

M/s PQR (hereinafter referred as “Licensor) is a tenant of and as such in exclusive use, enjoy possession of the premises being land admeasuring 6000 sq. yds, or thereabouts lying or being at Address , Mumbai together with certain buildings and structures thereon hereinafter called the "said premises").
The Company is entitled to use and occupy the said Premises (excluding an area of 6,000 sq. ft. appropriately occupied by Licensor and other Licensee) as Licensee under Licensor's Leave and License for a term of five years commencing from 25 March 2013.The license fee is to be paid Rs.750, 000 per month in the first three years of license period for the use of said licensed premises. The license fee for the remaining 2 years is increased to Rs.862, 500 per month. The first two months are fee free period of license.
Further, the Company is liable to pay Rs.1,900,000 per month during the first three years (except for fee free period of the license) for the use of equipment’s as mentioned in annexure A. The fee for the remaining two years is increased to Rs.2,185,000 per month.
The Company has started construction on said licensed premises in the year 2013-14 for setting up the new automobile workshop. The workshop was not ready for its intended use during the year and hence, the expenditure incurred in setting up the workshop are carried as CWIP as at 31 March 2014.
Total expenditure of CWIP includes Rs.51,792,435 (details mentioned below). Can Company carry the expenses in CWIP mentioned below? Kindly support your opinion with relevant accounting standard and GAAP.

The details of administration and general overheads included in CWIP as at 31 March, 2014.
Particulars Amount Remarks
Rent 26,900,000 Monthly (rent expenses paid for the use of premises and equipment's)

Electricity 525,305 (Electricity expenses incurred during the construction period)
Employee Cost 18,795,364 (The employee cost relates to the employees who has hired to work in the workshop after the same will be ready to its intended use).
Contract Labour 1,849,283 (Contract labour expenses are paid to the contractor whose labour should work after the workshop will be ready to its intended use.)
Interest 3,722,483 (Borrowing cost as per AS 16)

Total 51,792,435

please help me and tell me a way to handle sebi and companies act 2013 in cs executive.we donot have any study material for companies act 2013 provided by the institute,they have given us the old material.

Hi All,

I need a clarification regarding US-GAAP. There are 32 standards set by ICAI in India and so far 15 IFRS has been framed.
Likewise what is the base for US-GAAP. How many standards are there in US set by FASB or the governing authority in US.

Help would be much appreciated if any links could be provided for the same.
Thank you.

Dear All, We are planning to start a partnership firm in surat gujrat india and our main business is to sale textile products (readymade garment purchase and then sale + manufacture and then sale)through our website and we receive order and payment through our website and after it we delivered the goods to buyer which can be located in india or outside india. Please suggest us what are the legal formalties and registration required to sale our product like PAN,TAN,VAT etc.... And my second question is whether we should take IEC(IMPORTER EXPORTER CODE)bacause we sale goods outside of india also if order received. Can we apply for SSI also. PLEASE GUIDE US.... THANKS IN ADVANCE

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