Hi,
If a person has retired from partnership say on 01/10/2011 and partnership is continued further. He had taken machinery and factory shed from partnership firm and started his own business. What effect should be given in books of accounts from income tax angle.
Whether WDV as on 31/03/2011 to be taken or 6 months depreciation to be calculated on assets taken in proprietorship. No other consideration is given.

Dear All, Please Suggest for following:

Ours is Vehicle Dealer ship business. We have Tally ERP 9 for accounting and Reporting. ISsue is:

Our Dealership will incur the Advertisement Expenditure (like Hordings, Brochures, Sale Camps etc.,) and later it will claim the expenditure so incurred to Vehicle Manufacturing Company. Vehicle Manufacturing Co., will reimburse 60% of amount not in cash but it will credit our Dealership account in its books and issue Credite note to acknowledge the same to our dealership firm.
I thought the entries for all the transactions as:
1. When Dealership incur the amount
Advertisement Expenditure Debit 10,000
To Bank Account 10,000
2. When Claim lodged
Advertisement Claim Debit 6,000
To Advertisement expenditure 6,000 (being 60% of expenditure)
3. When Vehicle Mfg Co, Credits our Account
Vehicle Mfg Co., Debit
To Advt Claim Credit

Also I thought: create Sub Group of Advertisement Claim Account under head of Sundry Debtors.(In Tally ERP9) for reporting Purpose.


Did I think Correct? Suggest developments....

If Basic Salary is 10000p.m. and employee has taken 5 leaves during the month for which salary is to be deducted then whether PF would be calculated on actual salary or gross salary?

Dear All,

I am a B.Com Graduate working in Dubai as an Accountant,I have small confusion about salaries,here in Dubai there is a tax free salaries what are the entries for this salaries, in my company there is only staff insurance.My company is paying 11% insurance as company share and 9% as employee share.The 9% deducting from employee salaries of local(National).what is the enttries for salaries and after paying salaries,what is the entries for insurance.

I hope my request is a favourable considered.

Thanks & Regards

please tell me Difference beetwin extraordinary items and Exceptional items with examples for both

Thanks you

Prashant

I just wanted to know whether the Tax Audit of the Company needs to be conducted by the same Statutory Auditor of the Company?

Is there any professional code of conduct saying that the Tax Auditor & Statutory Auditor for a Company should be one and the same.

Kindly clarify

what is the basic difference between loans & advances and loans & advances (assets).... i always get confuse in these terms..plz explain me

A LLP new launch company we renovation office & kitchen charges paid chq. of rs.20,00,000/-i want this amt.convert to capital(Assets) so witch entry pass in tally.
its urgent.


Thanks & Regards
Pradeep Nalawade

Sir,
Imported Fixed Assets is accounted on the date of purchase @ prevailing currency rate on that date.
Later when payment is made in For ex.,the converted amount in Rupees differs.
Please let us know,that exchange difference is to credited/debited to Profit & Loss account or to the concerned asset itself.
Thanks
Siva

How loss on derivatives is to be shown in the revised Schedule VI?