Hi Friends,

We have client which was incorporated in F.Y 2012-13, during the financial there was no Income at all, only Expenses of Rs.99500(roughly) was incurred saying that Pre Incorporation and, Pre Operative Expenses and which Also includes Rs.500 Dep. on Fixed Assets. Now My query is whether I should Prepare P&L Statement or Not, stating That above Expenses. But as per my openion these should be Shown under Non Current Assets As a Miscellaneous Exp. to the extent not written off. But in recent past we have received a notice from IT Department stating that the Assessee has not disclosed the P&L Amounts in Return of Income.how it is Possible to amortize Preoperative Expenses without having Income in P&L A/c. Pls suggest me how to handle this Problem.

A trust received some fixed assets to trust but trust unable to shown in the receipt and payment account they are now directly show b/s balance sheet not tallied.if it taken to b/s how a to adjust liabilities side anybody please guide me

I am on articleship right now and I want to take knowledge of Companies act 2013 so is it right time to read companies act or I should wait for sometime. plz suggest me

Will anyone confirm that for calculation of Accounts receivable turnover times per year
and Accounts receivable turnover in Days
should we consider other account receivable along with trade receivable?
I think I should take only trade receivable.
Thanks in advance.

Accumulated Depreciation meaning in simple word ( 3 line answer )

definition of fictitious assets

dear sir
if we spent any expenses related to asset,like building etc...this is the improvement it will come under assets.
2.the money we invested for improvements For the owner building added to capital or not.
i mean i need to pass the corresponding entry to capital in cash first for this improvements please suggest me regarding with detailed

Dear Members

1.Review of FR Paper N13 is not positive, mainly AS

2.My Sir Prepare Annual Reports of a Pvt Ltd co. not giant size but above 50cr shareholder fund.

3.As all As are actually so important that we collegues can not prepare even one AS Disclosure without so much discussion and solving technical issues.

Sir please guide me how can i widen my knowledge of AS and IFRS for my Practical commanding in this.

As I have completed my FR Tution and As Notes and Institute previous Q are not much of so called Exposure..

Please Guide me with your precious experience and knowledge what steps should i take regard this?
I am having keen interest in this particular subject. if any certification course is there for widen my Knowledge please tell me.



Thanks in advance :)

dear sir
if we spent some amount for building improvement,that should be added to a capital account or not

In the introductory part to accounting standards Level I enterprises are defined as Non Corporate entities which fall in any of the following categories:
1. Entities whose equities or debt securities are listed or in the process of listing on any stock exchange.
What does Non corporate entities listed on stock exchange or in the process of listing mean?It is obvious that only corporate entities shares are listed on stock exchange.