there was an outstanding amount of Rs.40L of Cash credit in books of account from bank.
Then the bank aquired the asset (Book value is 20L) for realisation of its loan.and sold them for Rs.40L.

So what would be accounting entry for the above scenario in books of the company.

I have a query

Can we claim depreciation on vehicle , the vehicle is registered in another name and I am paying instalmment amount??


Pl. help

Our CA(DKP & Assts.) raised a bill for Legal & Professional Services provided by him during the year 2012-2013 on 31.03.2013. Now which entry shall I pass:
Legal & Professional Charges A/c DR
To TDS(Professional)A/C CR
To DKP & Assts A/C CR

or

Legal & Professional Charges A/C DR
To TDS(Professional)A/C CR
TO Legal & Professional Chrges payable A/C CR

Please Help

Thanking You

Plzz tell me the nature of capital account?

Dear Sir,

Pls tell me purchase of door closer of rs. 319/-, which account head will debit.

Ragards,

Rahul

What is the time limit for stale cheque to be written off from the books, is it the cheque issuance date or the date when cheque becomes stale.

Also the relevant section which defines the same.

One of my client being a Pvt Ltd.Co.has engaged in manufacturing activities & also covered under excise/service tax.The company purchases an input from a supplier against C form.The relevant Bill of supplier related to 30.03.2013 & goods received in April,2013 within Factory premises.The details of purchase value is as under:-

Basic value Rs.195836/-
Basic Excise Duty Rs. 22664/-
Education Cess Rs. 453/-
Higher Edcu.Cess Rs. 226/-

Total Rs.219179/-

Now query is how to account for in Books of Account both in F.Y.2012-13 & F.Y.2013-14 respectively after keeping in mind the excise rules i.e. whether we have to account for as purchases or Goods in Transit.

Please reply urgently.

Thanks in advance.

insurance charges paid on purchase & it is not paid by company (purchasing company) what is accounting treatment for the above situation?

TATA ltd. picked up 51% equity stake in VSNL for rs.5000 crores. It earned a net cash flow from operating activities of rs.1200 crores. Out of this,rs.200 crores was received from VSNL in consideration of services provided by TATA ltd. to its subsidiary. TATA ltd. presented its cash flow statement as :

CASH FLOW FROM OPERATING ACTIVITIES :
operating inflow 1200cr
less: investment in subsidiary (5000)cr
________
(3800)cr
is it correct ?

We are finalising the books of a Listed Co. I have been asked to provide for the interest expense on an unsecured loan that we had taken from a related party.

At what rate of interest should i book this expense? Is there a statutory limit on the maximum rate of interest that would be allowed as expense???

Plz help!