Please clarify the following:

If a partner in a partnership firm introduces items of Inventory as Capital, then how the same should be accounted in Tally (so as to give effect of inventory)?

Ex. If a partner brings in his personal gold as a capital in partnership firm which is into the Jewellery business, then how the same should be accounted in Tally + Inventory Master?

Dear Sir,

I shall be thankful if you could reply on the following:

I want to know the standard industry practice for defining the useful life of various tangible assets.ie the no of years of estimated useful life chart of these assets which may include scientific equipments for research purposes.Soliciting your earliest reply.

Thanks and regards
Savary Flaaubert Francis
email ID:francisssf@yahoo.co.in l

Dear Sir,

There is Construction company which deals with construction of buildings and sale of the same.The business entity purchased cement, bricks and steel from the supplier. so my question is under which head these purchased items are shown, under the head "Direct Expenses" or under the head "Purchases" in P&L A/C.


Pls rply me

How to restore the data from my pendrive to tally( system). Will you tell me the steps how I can do it. It's urgent

Data folder option where it is available

we have exchange revaluation loss foreign currency , due to forward contract Rs. 20 Lacs , Pls let me know where it will show in BS ( other operational income or exceptional Loss/Gain )

sir,
if a foreign holding co situated in china transfer some fixed assets after purchase from korea country to its 100% wholly owned subsidiary co in india at on credit which will be payable after 10years or may be long or may be on free of cost,then my question is whether the amount of fixed assets be consider as capital commitment come under the perview of firc/fcgpr of rbi for which subsidiary co have to file fcgpr, or it can take as normally creditor for fixed assets

How to treat withdrawl of money through atm machines as offical expenses in books.( As we know withdrawl of money through atm mostly for personal purpose ) ?

Dear Sir,
Please help me in accounting entry.

In Last year balance sheet we booked tax payable in expenses paid (in Expenses schedule), which was actually not paid.

But in current liability we mistakenly not shown the tax liability.

Now this year how can we rectify this entry.

If we book this exp. again for showing in c.liability, then exp. book will become double.

Kindly help me in this entry.
Pls.

Aarti

Say a company XYZ limited was holding company of ABC limited till 30.03.2013. On 31.03.2013 share holding got reduced to 49% and it became an associate of ABC limited. How to disclose the above in ABC's notes to the financial statement 2012-13 of related party as per AS-18??

Hello Sir,

On 01.05.2012 I purchased an investment of Rs. 5,00,000. At that time I make an entry in tally as follows:
Investment A/c 5,00,000 Dr.
To Bank 5,00,000 Cr.

Now on 24.01.2013 according to the statement the value of investment decreased to 4,47,000 because of change in NAV. Now for difference in investment what entry should be passed.