Dear Sir/Ma'am,
Please suggest whether first insurance amount to be capitalised or debited to P&L.

If capitalise then why??
In such case whether prepaid to be booked??


Thanks in advance

I purchased an Assets of Rs.50000/- and charged depreciation 20% for Full Year. I sold that Assets of Rs.42,000/- what is the Book Value of the Assets and Journal Entry. Please guide me.

Dear All,
Our company started on 20.06.2012, some professional / legal charges / Website designing charges / travelling charges incurred before registration, please suggest how to account and TDS applicability for financial year 2012-13.

Please help me about following matters:-
1. In case of TA bill reimbursement,whether hotel expenses should be booked under fooding & Lodging expenses or traveling expenses.
2. Service tax in case of transporter agency can be deducted from transporter bill/ bear by the company.
Thanking you.

dear Sir,

I have some difficulty for calculating of costing of our company product. our company is manufacturing company. so suggest me or given me some hints how i can calculating actual costing of our final product.

Thanking you,

Shakur Shekhani

if a company has not made grauity provision but it wants to make the provision for gratuity now....how it will make it ?wheather company has to make the provision from begining???

In case of an housing society the developer/builder has transferred the assets like ELEVATORS,GENERATORS,SEWAGE TREATMENT PLANT ...ETC to the collective buyers of the flats of the housing society.so now my query is can the housing society claim depreciation benefit against those assets ??

RESPOND AT THE EARLIEST GUYS

THANKS IN ADVANCE

Query:

Regarding miscellaneous expenditures, 12th class TS Grewal book (supplement- preface- silent feature page) says that Unamortised portion of Miscellanous expenditures MUST either be adjusted against securities premium account
or debited to statement of profit and loss.

Some other books and NCERT supplement guidelines say that: The unamortised portion of such expenditures should be shown under "Other current assets" or "Other non current assets" depending on whether they will be amortised in the next 12 months or thereafter.

These two methods seem to be contradicting each other.
Which of the above methods is right. Can we call both of them right Please also suggest some study material (book) to get more clarificaiton.

Thanks in advance

What is the difference between certification course on IFRS and Diploma course on IFRS?

I have been asked to prepare a TDS Reconciliation (year wise) for the purpose of quarterly closing.

Now, my focus is on 3 things: entries passed in books; Form 26AS; TDS certificates recd from parties.

While reviewing I noticed, that TDS entries in the books have been passed after receiving TDS Certificates from parties. Hence, in some cases, while the TDS deduction is being reflected in Form 26AS in the FY 2011-12, the entry for the same is passed in books in FY 2012-13 (because TDS certificates were recd in this FY i.e. 2012-13)
I have these queries:
1. Is my method of reconciling is correct?
2. Can somebody provide me with a format for TDS Reconciliation?
3. The difference could be due to following reasons:
- TDS certificates not recd hence not claimed in FY 2011-12 ( also not entered in books): in this case I should call the parties to provide certificates at th earliest??
- TDS certificate recd but entry not reflected in Form 26AS: I should ask the party to verify e-tds return filed? Now if return is correct but incorrect certiicate was provided, based on which We claimed excessive TDS in FY 2011-12, then what corrective action can we take?
- what other reason for difference could possibly be there?

Kindly provide my point wise reply. I would be really thankful.