If a Project is completed this year and there is a provision in a contract that if in coming 1 year if any deficiency arise then contractor has to do that work on his own expense.

whether the contractor can make a provision for those expenses in current year.

is there any deletion in methods of hire purchase ?

hi
Does providing depreciation on gross block of asset of private co. amount to slm method??
if no, then plz explain

i am doing articles

while i am doing audit i face a problem that
while checking bank statement/pass book i am not in a position to understand the shortcuts used by bank , for example NIFT/INST ETC , plz provide the shortcuts full form and meaning and understanding,

HOW SHOULD PRELIMINARY EXPENSES NOT WRITTEN OFF BE DISCLOSED IN REVISED SCHEDULE 6 IN CASE OF PRIVATE LIMITED COMPANY ?

SHOULD IT BE SHOWN AS A NEGATIVE FIGURE UNDER "RESERVE & SURPLUS" OR SHOULD IT BE SHOWN UNDER "OTHER CURRENT ASSETS"

Comment on following:
A Company has given fixed deposit of Rs 1, 00,000 to a Bank for one year at 10% pa.
On 01-07-2011. The Accountant does not take interest in to account of 2011-12 on the
plea that deposit has not yet matured

I m working in a manufacturing unit where gas cylinders as used as a part of production. We have done agreement with Gas supplier regarding supply of Gas Cylinder. He is supplying gas cylinder and giving retail invoice. Can i take input vat credit on gas cylinder.

One more thing is tds applicable on agreement between Unit & Supplier?

Sir,
I have commenced new business of manufacturing machineries, which takes more than one year of time to get manufactured.

My query is the accounting treatment of all the expenditures incurred by me in a year, if i accounts all the expenses in same year the there will be loss as i have still not booked by sales.

Also as per matching concept, expenses is to be matched with revenue.

what should i do ?

Dear All,

Please tell me how to pass the entries for chit

Ex: X started 1.00 lakh chit in june'13 and pay the monthly Rs.5000/- and chit lifted in Aug'13 for 18,800/- and recd the money 71,200/-.

how to pass the entries in books of accounts

Thanks & Regards,

sekhar

Hi friends i am sireesha working as an accountant in pvt. company. I have a confusion about the journal entry for rent paid in advance.

in our company 2years rent was paid in advance.
now how to pass the adjustment entry. Please give answer with an example.