Anonymous
This Query has 2 replies

This Query has 2 replies

03 June 2012 at 19:08

Help

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


abhishek kashyap
This Query has 2 replies

This Query has 2 replies

03 June 2012 at 11:25

Hire purchase

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..............


CA Abhishek Singh
This Query has 3 replies

This Query has 3 replies

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.


Deepak
This Query has 1 replies

This Query has 1 replies

03 June 2012 at 09:47

Under warranty

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



Anonymous
This Query has 3 replies

This Query has 3 replies

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/-.


vilas yeole
This Query has 3 replies

This Query has 3 replies

02 June 2012 at 16:10

Capital account

how to handle capital account when ur finalising accounts.


parteekjain
This Query has 1 replies

This Query has 1 replies

02 June 2012 at 14:57

Change in accounting method

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 .


aman
This Query has 1 replies

This Query has 1 replies

02 June 2012 at 13:36

Depriciation

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..???


Vivek
This Query has 1 replies

This Query has 1 replies

02 June 2012 at 12:00

Related to accounting standard 11

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?


preetesh
This Query has 3 replies

This Query has 3 replies

02 June 2012 at 11:02

Revised schedule vi

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






CCI Pro



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