DGCEI SEARCH HAS BEEN CONDUCTED IN A COMPANY IN THE F.Y 2010-11 AND UNACCOUNTED SALES HAS BEEN FOUND. FURTHER THEY HAVE TAKEN CHEQUE FOR RS 20000000/ AT TIME OF SEARCH. IN THE F.Y 2011-12 COMPANY HAS ACCEPTED THE UNACCOUNTED SALES AND PAID THE EXCISE DUTY LIABILITY THEREON. HOW TO DISCLOSE THE SAID SALES IN THE COMPANY ACCOUNTS IN THE F.Y 2011-12. what is the duty of auditor

What is the rule for treating Debtor as bad debt. For how much yr bad debt will be written off.

I need to pay cash to some of our employees for P.F settlement. How can we treat this payment in our Books of Accounts ?

Please note that , I don't deduct any P.F amount from his salary.

Need EXPERTS advice at earliest. Thanks in Advance.

If a Pvt. co. has purchased a computer before incorporation and the payment is made by the director and bill is issued in favour of company (all before the date of incorporation). Then how the entries will me made? can it be charged to preincorporation expenses or it should be first charged to pre incorporation and then reversal entry entry made debiting the asset and crediting the pre-incorporation? does it require any procedure or board's resolution?

dear all,
are all the provisions of revised sch VI applicable to both private ltd n public ltd companies?

Can any one tell me Profit/Loss on sale of fixed Assets is a Timing Difference or Permanent Difference?

AS per the current year we have to pay MAT as our accounts profit is more then income tax profits so how we will show the effect as per the revised scehudle 6.IN THE PROFIT AND LOSS ACCOTNS AND IN THE BALANCESHEET
for example : the tax as per income tax is coming RS5 crore and as per book profit tax is coming around 15 crore ..so we have to make provison for 15 crore and coreespondigly the mat credit of rs 10 crors has to be takn . so anyone can suggest me the treatment how to shoe the effect of both as per revised schedule 6 in PROFIT AND LOSS AS WELL AS IN THE BALANCE SHEET .

As in demat format i can make short sale of shares and must sort it out till the end of next day.

if i do this for the 31st march, then in that case negative stock will comes in to existance.

how to deal with that?

if i purchase shares and if i consider it as closing stock i will make it mark to market for valuation as per AS 30.

in that case the notional loss arise (if the market price is less than cost price of the share) but in income tax we consider only real profit or loss. i m confused.

Sir,
If a company purchase a machine of RS.10lacs and after some months company do negotiation and pay only 9.5lacs.But machine is recorded at 10lacs. But what will be the adjustment of 0.5lacs Is it a discount then where it will shown?
Thanku.

if the basic is Rs. 4060 then what is the
(1) Employee Contribution
(2) Employer Contribution
(3) Total Administration Charges

Please provided me the solution


Thanking You