sir,
I have a query regarding foreign exchange difference to be charged in profit and loss account.

Example:
a company is purchasing goods from local as well as from foreign countries.
suppose a company have purchased goods from Malaysia purchase invoice - 80000$
advance payment 30% - 24000 @ 45.99 rs 1103760
balance payment 70% - 56000 @ 46.59 rs 2609040
rate of $ 45.99 and 46.99 are as per bank advice provided by bank during payment.

1) company is recording the transaction by using 46.59 rs per $ rate for full bill. I.e 80000 @ 46.59 rs per $(80000 @ 46.59 = 3727200)(3727200-1103760-2609040 = 14400 charging toward foreign exchange difference in books of accounts
or taking an average of both the rates (45.99+46.59/2)for recording purchase in books of accounts


Question:
what would be the actual policy followed by company in the above case?

Where to show Provisions for tax of 2005-06 & 2007-08 under new format

When a CWIP has to be capitalised as fixed asset,
when it is put to use or ready to use ?

Is it written anywhere in our AS or any where else?
Is there any guidelines for this ?

According to me it should be capitalised when it is ready to use, but I don't have any proof to stand my opinion.

sir

A manufacturer’s classifications are raw materials,work in process and finished goods.how i will maintain this a/c as of 31/12/12 (ie which are the amounts i have to transfer to this a/c(work in process,finished goods)we are doing a concrete supply business.

there is a college in which event was organised. the head of the event suppose Mr. X has provided advance for incurring the expenditure. out of the advance amount he has paid sum of Rs. 500000/- to Javed ali (well known singer)and the bill of Javed Ali shows that the payment was made to them after deducting TDS. now my question is whether the amount of TDS deducted has to be booked in college?
also the additional information is that the payment was made through bank but from the account of that person to whom the advance was given(Mr. X)-now what will be the accounting effect in the books of accounts of college

Also is there any exemptions for the singers for not deducting tax at source if he provides the PAN No.?
plz resolve this query as early as possible

hi experts,
please any one can tell me that how we are use the excell sepreator commend in the excell sheet. please send me a file with the excell sepreator command.
Please send me a file where i can see how these commands use in the sheet.
Thanks & Regards.

Plz clarify as per AS-18

A is ultimate holding company
B is 100% subsidiary of A.
C & D is also(100%)each subsidiay of B.
C holds 80% in E.&
D holds 17% in E.
My question is as the point of view of E----What is the relationship / classification of D & B .

A
|---100%
B---( B holds 100% each in C & D)
| |
C D--(C holds 80% in E & D holds 17% In E)
| |
E

Plz clarify point of view of E-----
----What relation is called D.
----What relation is called B.
Thanks

SIR,
AS A PROPRIETOR IF I DEBIT AND CREDIT SAME AMOUNT SEVERAL TIMES IN A MONTH IN MY BANK AC ,(e.g Rs. 10000 DEBIT AND CREDIT 15 TIMES IN A MONTH),MY QUERY IS
MY BUSINESS RECEIPTS WILL BE Rs 150000 + ACTUAL RECEIPTS in a month?

Dear Frndz,

Suppose we are in Restaurant business. We have certain tie-ups with different entities. We have mutually agreed that we will give our services on Barter basis.

I have query :

1) how could we account this in our Books of accounts?

2) will this Barter system affects on our Cash flow statement? If yes, please explain....

Thanks in advance !!

Hi....

Can any one help out me about what are the exceptional & Extraordinary items while preparing Profit & Loss Account in Revised Schedule VI.


Thanks in Advance