During audit of a pvt company, I have found client is charging depreciation as per income tax instead of companies act in its books of account.

My Question is as whether it is possible to follow income tax depreciation rate instead of companies act depreciation rate.

whether it is optional to charge depreciation as per income tax or companies act in the books of accounts. yes, income tax rates is considered at the time of calculating depreciation.

Can company adopt different depreciation from income tax for the final balance sheet?
And if yes, what the company have to process the procedure.???

Is revised sch VI applicable for Nov'12 CA final examinations??

What is the depreciation rates for the moulds and dies used for manufacturing of medical equipments as per companies act?

What is cancellable lease,

Rental agreement between two parties for 3 years for fixed period wether it was come under the non-cancellable lease or cancellable lease

sir I want to know that how to pass entries of petty cash
when I received petty cash what will be the entry?
& when I spend petty cash or pay petty cash what will be the entry in which voucher?
I also want Journal entries of above matter.
Plz. give me the ans. I will be very greatfull to u.

Goods received and included in stock,but invoice not yet received. How to Account as per Indian GAAP. Please help with journal entry

A company XLtd is a Sec 25 company engaged in Scientific research. As per the terms with one of the foreign agency, it received USD 500,000/- for research works. 80% of this i.e. USD 400,000/- is to be transferred to organizations in other countries for research. As on 31.03.2012, the USD 400,000/- is remaining undisbursed in the accounts of X Ltd.
As per the provisions of AS 11, the amt outstanding in USD is to be re-instated using the exchange rate as on 31.03.2012. Is it to be done in this case also?
IF yes, how should the profit/loss on this to be recognised? Will it to be credited to the P&L of the company?
Is it a loss/profit arising out of the company's business?
Under which head should this USD 400000/- to be stated in the Balance Sheet, as it is held under trust?

Respected Experts,
Pls advise whether rounding off is complusorily required in revised sch vi, whether it is applicable to small pvt.ltd companies also?

tell me what is asset tracking