pl. tell me accounting treatment of income tax refund

05.06.2012
Dear Sir,
Our company is an exporter and local seller both.
One Indian debtor of our company do not paying payment. The outstanding amount is about 50 lacs. Can we made provision for doubtful or bad debt and charged it to P/L a/c? with how much percentage?

Pl. advice.

Our client is charging depreciation on fixed assets based on useful life of assets(S.L.Method) under books.

I read that depreciation will be limited to 95% of the cost of assets?...pls tell...what will be done of 5% in books


Further there are some assets whose net block reduced to NIL although assets lies physically. Should we keep some value in that block


pls advise for the above two issues

one of my client is carrying real estate business.

company had purchased land & started construction over it.

Now I know it can capitalised the interest of borrowing i.r interest paid by co on its unsecured loan .

but my doubt is that can Interest can be capitalised even it company doesn't actually pay it & only passes a journal entry.

Please help

in case of tution fees for which deduction is claimed under section 80c is it correct to show in profit and loss account by transfering tution fees to profit and los account.

Hi,
One of my client have started business as Proprietor now during 11-12 i.e.01/07/2011 he converted it into Partnership Firm.
But all Invoices & other Bills issued in the name of Proprietor name & PAN so TDS also deducted on the name of Proprietor only.
Now on paper no business is there on P'ship Firm. Can you please guide me how we can account for so that some business can be reflected in P'ship Firm name.

TTD, Tirupati has lots of gardens in which flowers are grown and sent to Lord Balaji for daily rituals. No other sale is made out of that garden. Garden dept in TTD is a cost centre.

Now when new plants are planted in those gardens..what is the nature of expenditure? Whether it falls in capital or revenue?

What more types of expenditure will be of capital nature that can be used in gardens?

Please clarify in relevance to accounting standards.

plz explain how dep is provided for deleted/sold assets - when asset is sold in the middle of the year,is dep charged on deleted asset and then profit or loss on asset sold calculated.what r the entries from accounts point of view (and not income tax)

One of Our Client Purchase 9 sitter Car in name of Director and Invoice of the same is also in name of Director. on the same Loan is also made in name of Director for such Vehicle but installment is being paid from Company Bank Account. Please suggest how to book this Transaction in Company book of Account.
is there any issue of We book this Fixed Assets in Book of Company?

the case is the installation of air cooling in the building for which services was provided by the consultant for the installation of the same.whether the amount has to be dr. under professional fees or building WIP?