Previously Advances & Deposits from Customer/Dealers & Others are shown under current liabilities. but now as per revised schedule VI whether it is to be disclosed under other current/non current liabilities or short/long term borowings.

Will the exchange fluctuation be booked on the advance payment received from a foreign debtor?

Also tell,
Advance Payment received of 100$ @ Rs. 50/$
Sale made of 100$ @ Rs. 52/$ (rate of $ on the date of sale),
what is the booking rate of $ at the time of sale booking?

I have purchased house property and paid stamp duty and registration fees

house property 140000
stamp duty 1490
registration fees 7000


do i capitalized stamp duty and registration fees as house property ?

and also do can take exemption or deduction of both stamp duty and registration fees in any income tax act ?

pls guide me i need to file it return

will profit/loss arising due to sale of repossessed goods be shown in h.p.trading account? as far as i am concerned, sale of repossessed goods is not the hire purchase and for the reason it is to be included in general trading and p/l. i am confused..............

Hello everyone,

suppose i purchased a flat at 15 lacs and i have paid stamp duty and registration charges. but i have made payment of only 5 lacs to the transferor and still 10 lacs is pending.

i have shown rs.5,00,000 as advance against flat. but other senior CAs has told me to show flat in the b/s @15 lacs and 10 lacs as loan in the liability side .

waiting for your reply.

Dear All

We are purchase a D.G. Set from M&M in December 2011 and made the payment after one we reliased that it is out of work and we complaint the M&M, and return the DG set to M&M under Warranty and now they made the payment back to us. I would to know the accounting entries for all that please help me.

thanks in advance
Deepak Gupta

the purchase order is prepared but the bill is not available as on 31st March'12. whether provision has to be created for the aforementioned amount. such PO is towards purchase of Computer Equipment out of the fund sanctioned by AICTE towards MODROB Grant and the amount of PO is Rs. 788000/-.

how to handle capital account when ur finalising accounts.

CAN ANYBODY PLEASE TELL ME ABOUT

HOW CAN I CHANGE THE METHOD OF ACCOUNTING FROM CASH BASIS TO ACCRUAL BASIS. AND WHAT WILL BE EFFECT OF PROFIT & LOSS ARISING FROM SUCH CHANGE IN METHOD AND HOW DO WE TREAT THIS PROFIT OR LOSS FOR TAXATION PURPOSE.


QUICK REPLY IS HIGHLY APPRECIATED
THANKS IN ADVANCE .

A non working company purchased fixed assets(DG Set) 4years before. It is not charging depriciation on it. It has only interest and rental income.
Should it charge depriciation on fixed asset 'due to passage of time' as per AS6..???