A company has taken loan from finantial Instutation but because of its poor finantial position it fails to repay the loan and interest.
As per the CDR some portion of loan and interest amount has been waived off.
What would be the accounting treatement of Waiver of Loan ,Interest and penal Interest.

Please specify the AS if any applicable.

Sir....Please guide me that i have closing balance of one foreign party from whom i have purchase Plant & Machinery. so it is creditor for fixed assets. In this case, will i have to give effect of closing rate prevail on 31-3-2012 in this outstanding balance, so it will be nill and there may be gain/loss on this effect.

SIR,
I PREVIOUSLY WORKED A PRIVATE LIMITED COMPANY AND I GET GRATUITY. AFTER THAT I RESIGNED JOB AND NEWLY JOINED AT ANOTHER COMPANY NOW I COMPLTED 6 YEARS CAN I ELIGIBLE TO TAKE GRATUITY AFTER RESIGNATION. MY HR SAID ALREADY ONES RECEIVED GRATUITY IN PREVIOUS COMPANY YOU ARE NOT ELIGIBLE TO TAKE PRESENT COMPANY. IS THIS CORRECT

Legal fee paid to advocate for drafting land registration documents and other related work; the same can be included in the cost of land or can be treat as a revenue expenditure.

Kindly clarify it.

Historic Cost Concept says that 'whenever any asset is purchased, it should be recorded at historic cost'. Historic Cost means just acquisition price and not installation charges. Then why do we include installation charges while recording asset. Isn't it violation of Historic Cost Concept?

Hi, i'm a B.com student. Kindly sort out this doubt.

Example: M/s X is a trading firm. It's proprietor made cash & chq payments of Rs. 10,00,000 to a person who is construction contractor for his service rendered to proprietor's own house construction and the contractor is unregistered contractor.

Qst1: How Drawings/Chq payments made will be treated as in the books M/s X firm?

Qst2: As per accounting standards under which schedule it will be treated.

Hello friends,

one of my client is a pvt ltd company.Its networth is 5 lakhs . he has to file tender for getting contract. but the condition is that newtworth should be more than 10 crores.

what are the ways to increase the networth without paymeent in cash by the directors.

directors/frieds/relatives have personal assets worth more than 10 crores.

Hi All,

Can you plz clarify one of my doubt..

1. We are paying office rent, furniture rent & Godown Rent..

2. Can I use the rent receipt for all the 3 that is available at the book stores??

X & Co has opened an LC (Letter of Credit) in the maonth of march'12 which would expire on may'12.

Now should the co provide for LC retirement charges in the accounts for the year ended mar'12 or no provision is required since the LC retires in the nex t financial year.

I want to know that in a particular year how much cash purchase can be done from a particular vendor.