Hi,

Please let me know how assets received at 0 cost should be accounted:
which AS deals with the same
at what cost should it be recorded
how should accounting entries floe

As per accounting standard asset is capitalised at cost including cost of trial run less sale value of goods generated during trial batch.

However what should be the treatment when goods produce during the trial batch are not sold till year end or upto the date of finalization of accounts for the year. Further the market value of the same is also not known as the same are not as good as final product but have demand in market i.e, saleable.

Should the same be inventorised at cost or capitalised with fixed assets i.e, not to deduct saleable value from trial run cost.

A car purchased by the name of one of the partner; Total payment like advance for booking and other expenses were paid by

the firm(partnership firm). Total bill amount if aprx 23 lac. Rs. 18 lac financed by the ICICI bank by the name of that partner.

and rest of payment made from the firm itself. Now the car will be shown in the books of firm. Loan will be repaid from the

firm.Depreciation to be claimed. How can we do it ? Can we claim the Interest on loan in the firm.?

Dear All,

I am confused about DTL. The fact is as under:

Last Year DTL : 1,48,781/-
Current Year Depcn. (As per Books) : 18,23,784/-

Depcn. as per I.tax Act : 16,03,556/-

What amount will be as DTL in B/sheet( 68,051/- or ??)?

What amount will be debited or Credited in P/L. Account as DTL/DTA?

Please advise with calculation?

Regards,

Dulal

Sir,
We had made accounted for excess TDS in tally and after receipt of refund, we are lef with Excess TDS balance. We want to book it as our income, Is that possible ?If yes what would be the journal entry fr dt

Sir,
If we have to booked the Import Invoice in the account system which exchange rate should consider for invoice as in the bunch of documents there are diff documents showing different rates i.e. one is on customs documents and 2nd is on Debit advice of seller and third is on Bill of Entry
so it create confusion for me

pls guide

Dear Expert,
Let say a Co. was adopting FIFO Method for valuation of his Closing Stock for last 4 years. But now in this year, Co. wants to adopt Weighted Avg. Method.So i want to know that i have to give retrospective effect or Not ?

Is Tds Deductable On Digital Printing On Pvc ? invoice Amount Of Rs 68,786.00

Sir,
A pvt. ltd. company has been created on 28/12/2011.So while forming its Balance Sheet
according to new schedule VI,please tell where preliminary expenses should be shown,if there are no reserves & surplus and miscelleneous items head?
Kindly help me to find the correct solution.
Thank you.

Dear all u, plz let us know how much time will be taken for cancel the C Form.