Dear Experts, please suggest the correct accounting for import purchases w.r.t
Date of recording transaction as the material or asset is received in the factory after the date of BOE by transport.
Rate to be adopted as per AS-11 as to what should be the transaction date for accounting purpose, because some people apply CBEC rate for accounting too.

Bill for Clearing and forwarding and freight charges are issued/received almost one month after BOE.

Whether there should be separate date for accounting clearing and forwarding charges other than the date adopted for raw material purchase.

SIR/MADAM,

I WOULD LIKE TO KNOW
1. WHERE THE SHARE APPLIED REFLECTED IN NEW SCHEDULE VI OF BALANCE SHEET
2. WHETHER PROVISION FOR STANDARD ASSETS AS REQUIRED UNDER NBFC GUIDELINES i.e .25% SHOULD BE CREATED ON SHARE APPLIED OR NOT
IF NOT KINDLY ALSO EXPLAIN THE REASON WHY SHARE APPLIES CANNOT BE CONSIDERED.

in tally is it possible to add the direct expense with the opening stock.

for example closing stock as on 31.03.13 for a particular item is 10,000/- after that 1200/- additional direct expense incurred in april'13. the value of this item as on 30.04.2013 in closing stock should be 11,200/- is it possible in tally , if so how will pass the entry

Is that True, all payments for advertisement are made after deducting TDS u\s.194C..........?

Dear Sir please help me to make CMA Data for Travelling firm!
How to make cma data??
Please support me!

dear sir

give me a suggestion that : i have to enter electric bill from 1.03.2013 to 2.04.2013 having Rs. 8500.00 due as on 8.04.2013 i have to pass two entries

iN F.Y 2012-2013
Electricity expense
Prepaid Electricity exp

Electricity expenses payable

In F.y 2013-2014
Electricity expenses A/c
to Prepaid Electricity expense ?

or In expenses taken as provision fully in f.y 2012-2013 as
Electricity expense A/c Rs.8500
Electricity expenses payable 8500.00

Sir,

statement of Profit and Loss (Revised Schedule VI) - Revenue from Operations are more than 1 core:

My question is; (a)If Sale value of products includes; (i) Sale of products value, (ii)Excise Duty & (iii)Sales Tax(VAT/CST).

And as far as Sales tax collections & payments thereon are concerned;
In each & every month it involves 2 points;
1)Collection of sales tax shown in sale bills separately.
2)Payments will be made to the concerned department after deduction of the following;
(a)Input Tax Credit (separately accounted on all eligible purchases made)
(b)Deferred Sales Tax (eligibility awarded by local state government)

Then how to disclose the following in statement of profit and loss & in its notes;
1) sale of products value - Gross/Net ?
2) sales tax collections made
3) Input tax credit
4) sales tax payments made
Thanks,
Koteswara Rao

I have been on a lot of audits during my articleship and almost everywhere I observed this uniform accounting procedure in respect of interest on fixed deposits. The FD was recorded at the principal value and interest was booked at the end of each year separately(from TDS certificate received from bank).

However, currently where i am working I observed while reviewing the accounts that FD A/c has been debited at principal value when FD was opened & thereafter half yearly interest has been debited to FD a/c only.

I found this principally incorrect.
These fixed deposits have been opened on auto renewal basis. i.e at the time of maturity it is automatically renewed by the bank and the principal amount along with interest accrued becomes the new "deposit" amount. Could this be the reason for debiting interest in the books in FD A/c itself??
I am a little confused. Please help me and tell me the correct accounting procedure with entries for interest on FDR which accrues at the end of the year.

Thanks in Advance

As we know Current Assets-Current Liabilities=Working Capital. My question is that our company operate fashion stores in diffrent Hotels in india.Customer buy goods from stores and pay to hotel. and after completion of month we raise sales invoice to the hotels and hotel pays us.90 percent of goods are imported.Material in stores for sale are purchased monthly;Quarterly and even on yearly basis depending upon goods.we realize sales consideration on monthly basis.what should be the working capital at 31st march 2013 if stock at the end of Jan 13 is 200000.Feb 250000 and March 240000 and debtors in Jan to march is 40000, 50000,45000.Current liab is for expenses and salary for Jan to march 13 is 15000,25000.27000. and our monthly cash requirement is 25000.

I have CA final attempt may 2015. Can u pls suggest me whether IFRS will applicable in May 2015 Exams?