Person issued a cheque to us and we gave him the receipt for that. The cheque bounced and then he gave us cash of same amount as that of cheque. Should i issue him a new receipt for that and cancel the old one or just keep the cash.Please tell me how to do this as per the accounting rules.


Thanks in advance.

Dear sir,
what are the rules & procedure in invoice. And answer it be must invoice date and material inward date are want to be same.

As per AS 2 "Valuation of inventories" ,in Annual Report the company had to mention the cost accounting formulas, treatment of Raw Materials , WIP and Finished goods , there treatment in the books, valuation of inventories and other necessary details.If company fails in showing these details in annual report what are its consequences? How it will impact the Audit report and Directors Responsibility Statement as given by directors.

hello friends,
i ve a prob in as 13 so pls suggest me. the prob is-

suppose there is an investment by a company in a sceame framed by a portfolio co. in which the co has to invest 10 lac annualy for 4 yrs and the portfolio co will invest the received money in various equity shares and mutual fund of real estate project/company. the portfolio co send half yrly and yrly statement regarding the investment to the investor co.
now the prob is that the investment is long term or current investment in the hands of investor co. i also want to know the reason.
pls reply soon

Overall Painting of college was made for which amount of Rs. 700000 was expended. whether such amount should get capitalised or treated as revenue exp.

When should we recognize purchase of Land? Suppose we made payments to seller of Rs 1500000/- for purchase of land as on 31st march 2012, and balance balance is yet to be paid. How to show Land in books of accounts as on 31st march, 2012?

how treat performance incentive of sales relating to FY2011-12 which is identified in the year 2012-13,either as prior period item or current period item?

Hi All!

We have purchased some paintings. Just wanted to confirm whether it should be capitalised as Furniture&Fixtures

Rgds,
Ramesh

Dear Sir,
Suppose opening balance of capital is Rs. 10 lacs and net profit is Rs. 2 lacs, thus the total of liability side comes to Rs. 12 lacs.
On the other hand Plant WDV is Rs. 10 lacs and depreciation charged thereon is Rs. 1.5 lacs @15%, and balance value of plant comes to Rs. 8.5 lacs and cash in hand is Rs. 2 lacs, thus the total of assets side comes to Rs. 10.5 lacs. Therefore the assets side is less than liability side by Rs. 1.5 lacs, due to charging of depreciation. How to make equal both sides.

Please advise me.

Dear sir,
I Have a small query towards foriegn exchange I bought a motor vechile from usa with my uncle.At the time of purchase dollar price is 48.but after 3 months $ 49.what price i have to shown in my books?