Dear Expert

Plz clearify that I have income from rent of property only while preparing final accounts i have include that rented building in fixed assets in balance sheet.

Wheather its right or not

or rented property should not be include in Fixed Assets

please clear it in reference to Act

Hi,
Please help me to find out solution for the following case:

Holding company purchased computer for Rs. 50000 and transfered it to its foreign subsidiary. Recognized as receivables in holding company's books of accounts.Now holding company wants to eliminate this balance because it is not receivable in actual. What adjustment can be done?

Dear Expert,

Please help me out in the following situation:

My Mgt. wants me to book the travel cost (Abroad) as revenue to the Client, my argument is it is just a reimbursement, no proper clarity in the 'Contract'. It just says travel reimbursable at actual. Client based at US, billing is done in US$.

If it is possible what should be the description made in the invoice? and in which head it should be accounted?

kindly suggest at your earliest.

Regards
Suresh

Dear Sir

In revised schedule VI loans received from related parties is it includes loans from SHARE HOLDERS.

Can Company take loan from share holders ?


Thanks in advance

If a purchase a goods at 100.00+vat 13.5% and sell it at 110.00+vat 13.5% then according to me profit will be 10% but why it shows 9.09% profit in accounting software. Please clear my doubt with giving formulae....

if cost of machinery is 1500000 and estimated life 6 years& salvage value is 60000 and company eligible for straight line depreciation rate at 10% my question is that how we calculated depreciation if company eligible for straight line depreciation . i already calculated depreciation 1500000-60000/6=240000 but I want to know depreciation through straight line basis.question depend fully on depreciation. so reply me early.

Dear users,

Am working as an accountant in an exporting firm. As the time of export some types of good as qualified for claiming DEPB license.
At the time of getting DEPB license from govt. what should be the journal entry

I heard about developer agreement in construction business where owner of the land give right to another person to develop residential or commercial or any other buildings on his land

can anyone tell me in details about such business
or give me link where i can get full idea of such agreements ......

I welcome members opinion on the accounting aspects related to the following. transaction.

Date of Sales Contract - 15th April 2012
Nature: Supply of Cotton -1 lac bales @ USD 3.5/bale on or before 1st May 2012
Exchange Rate on 15th April 2012: 1 USD = INR 50
Forward Cover booked on 15th April for 1 USD = Rs. 50.5


Date of Sales: 1st May 2012 ( relating to the above sales contract)
Invoice Value : USD 3,50,000/- (1 lac cotton bales @ USD 3.5/ bale)
Exchange Rate on 1st May 2012 : 1 USD = INR 53 ( as per Bill if lading - customs quoted rate)

Payment Received Date : 15th May 2012
Amount Received : USD 3,50,000
Amount realised : INR 1.7676 crore ( Based on forward cover taken on date of contract)
Exchange Rate on 15th May : 1 USD = Rs. 54

My questions:
1. What is the exchange rate to use for booking the sales? Is it the exchange rate on date of sale ( i.e Rs. 53 )or is it the rate for which forward cover is booked?

2. Since the sales contract precedes the actual sales transaction, and forward cover is taken on the date of sales contract itself, is there an accounting entry required to show the liability and receivables in the books once the sales contract is booked?


Please advise on the scheme of accounting entries in such a situation.

Regards

Can i include perquisites like Car Lease, Driver Salary, Professional Attire, Entertainment reimbursements etc in salary structure for partners of a firm. Monthly pay around 50 K