We have a client who runs a resort. Until January 2012 it was a proprietor ship, however from Feb 2012 it has been converted into a private limited company. So, during last financial year end, it was a private limited company

The company's balance sheet(as filed with IT) is drafted in such a way that, all the transactions and fixed assets until Jan 2012 are shown under the balance sheet of the proprietor firm, and transactions of Feb and March are shown under Pvt Limited company. Is this the right approach ? Shouldn't this be consolidated into one single B/s last year itself ?

One more clarification we have is when we do accounting for FY 2012-2013, how do we take the opening balances. Is it only from the private limited company or from the proprietorship firm too ?

if assets (tipper purchase in loan of director and invoice in the name of company than what shold be possible solution in relatio to accounting ?

Dear Experts,

Small query for u all.

Mr. A is an active partner of FIRM. Firm is reimburing his mobile bill fully on producing the bill. Connection is in the name of Mr. "A" and utilizing wholly for official purposes only.

How to deal the entry in books? under which head it should be shown? what extent?

What records we should kept as a supporting bills?

Thanks in advance!

what is the purpose of using Form 9B Tell me in detail

Hi.

a sole proprietor concern is converted into a private limited co. with an authorised capital of Rs.5 lakh. And the proprietor's capital balance on the date of conversion was Rs. 2.5 crore.

There were also personal assets of proprietor reflecting in the balance sheet which were not transferred to the newly formed company.

I am confused as to what effect is to be given to proprietor's capital balance.

Kindly guide.

mineral water being purchased on credit..what will be journal entry?

Non-Applicability of Ind ASs for November, 2013 Examination related to ipcc
The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS) without announcing the applicability date. These are the standards which are being converged by eliminating the differences of the Indian Accounting Standards vis-à-vis IFRS.
(Students may note that Ind ASs are not applicable in November, 2013 Examination. However, Accounting Standards as specified in the syllabus are applicable for them in November, 2013 examination.)

so provide the correct meaning of it in simple languages and if there is any change in please provide the changes in Accounting Standards in detail ih the form of attachments as early as possible as i had a content available of nov 2012 the previous attempt that i had given and the recent may 2013 attempt is being dropped by me
thankig you

I have taken PCFC from Bank and bank have charged Interest/debited interest from my current account. What is the treatment of interest in books of accounts

Pls reply

im working in a food industry, we send raw material ( haldi & red chilly ) for grinding & receive job work bill.. kindly tell me is there any tax limit agst job work done in a financial year??? & type & rate of tax applicable ???

Hi,
Can you please let me know what does finance cost comprise of as per revised schedule VI?
Does interest on Late payment of Tax ( TDS, IT etc) come under the head finace cost? Please reply as soon as possible.