Sir,
i have doubt on entry booking on imports and exports,

So please clarify,

1)on which date import purchases are to be booked in our books,
and which rate of exchange we have to use

2)on which date export purchases are to be booked in our books,and which rate of exchange we have to use to book entry in our books,

Please support your answer by giving some accounting-standard reference,or some circular on accounting import and exports

i am giving my opinion based of as9 risk rewards of ownerhip,
but he is expecting a circular like that for his reference,
for what date have to use for entry booking
what exchage rate have to take for that entry

Thanks for your time,,
awaiting for your reply

Hi ,

Whether company acquires certain fixed assets at free of cost , can be recorded in Books of accounts?? There is no consideration for this acquisition. Company is using the assets to get the economic benefits flow to the enterprise.

Hi All.
I have availed CC limit of Rs.100000/- I have utilised the whole amount. I want to know what and how is this presented in the balance sheet.?

Is it going to be presented as Loans and Liabilities or Negative Cash Bank Balance or it should be shown as Current Liabilities.

If only one effect of certain transactions (in terms of debit or credit) has been recorded in the books of accounts .. does it come under single entry system?

1.Loan taken from bank we have to pass journal entry or contra entry?
2.Loan taken from bank Rs.100000/-in that Rs.50000/- paid to bank for loan repayment how to pass the entry in tally ?

sir, i have some problem i.e assume A company taken a loan from bank for land purpose and such land is for investment purpose now tell the treatment of interest on loan will be capitalised or write off??
As per AS 16 Land will not include in Qualifying Assest becz not making any construction on such land ?? can you solve this query plz

Dear Madam/Sir,

A Fixed Asset has been transferred from one Branch to another Branch then in such case:
1. when (date of Tr./date of receiving/date of installation) FA should be capitalized by receiving Branch?

2. Should depreciation be charged during transit period from one Branch to another branch.

Thanks,

"B" taken office on rent from "c"& after "B" sublets to its subsidary co. "A" on same amt of rent , so "A" is directly paid rent to "c" so tell me the Jouranl Entry in the books of "A" & B"with statutory requirments.

1. Whether Interest paid on borrowed bank loan for construction of building to be capitalised or not? If to be capitalised on what basis & what are accounting entries involved?
2. How new & old outstanding expenese to be treated in accounting

TDS on various incomes in AY 2011-2012 was Rs.20110
Against this there was a tax liability of rs.635.
However in AY 11-12 the entry for provision of tax was not passed.As a result the TDS refund for AY 2011-12 continued to stand at Rs.20110

The auditor realised this in AY13-14.

The refund received from bank in Oct 2012 was 20450.
Can the tax provision be recorded now?If yes than how? As an expense?
Would the entry be
Tax (AY 2011-12)Dr 635 {Tax is grouped under expenses}
Bank Dr 20450
To TDS (AY 2011-2012) 20110
To interest on IT Refund 975