A company entered into forward contracts for april may june on january 1st. Forward contract prices were 48.12, 48.23 and 48.45. If at 31 march 2012, the exchange price was 49. How the forward contracts should be accounted for at 31 March 2012.
As per AS 11 or AS 30 of IGAAP or do we need to use hedge accounting?
Please help me with the accounting entries and also the applicability of respective accounting standard.

We have a partnership firm doing software development business existing for 5+ years. Now one of the partners retire. So while considering the total asset of the firm do we need to consider the software developed so far. Company's main income is from selling these software. Company also have some Annual Maintenance Contracts which also give earning and renewed every year

how depreciation will be calculated on scooter in the case of:
W.D.V on 01.04.2011 - Rs.19314 and it is sold on
18.02.2012 in Rs.19314 and a new scooter purchased on 18.02.2012 in Rs.50800 in proprietorship concern.

Kindly give me solutions

One of client being a Partnership Firm engaged in manufacturing activities.
Last year the firm was covered under Tax Audit.During the year under audit certain funds transfers were observed between client and associate concern & the credit balance at year end we have shown the same as unsecured Loan from Associate Concern as interest free and accordingly we have finalized the Audit Report & Final Accounts.

Now during the F.Y.2011-12 our client has also sold goods to the said concern & considered the said Account as mix account in books i.e. both unsecured Loan & Goods Account.However when I scrutinized the books i have segregated the same in two accounts i.e. one as unsecured Loan & Debtors Account.

Now query is whether credit balance in Unsecured Loan Account & Debit Balance in Debtors Account at year end can be transferred to each other to square both the accounts or not by way of JV.

Whether any restriction for such transactions in books from Tax point of view/accounting concept of view.

what is entery for professional tax in tally

what is entery for service tax in tally

what is entery for ESI in tally

IF we have purchased land for office use like Warehouse then it is aaplicable or not if aaplicable then how much is aaplicable ?

how to finalisation of mufacturing co kindly provide full details how to pick data from tally to finalisation eagerly waiting for ur reply

hi,

at the time of investment, when only initial outflow is confirmed and there is rough idea of annual expenses but NO idea of return, how can ROI be computed?

e.g. Initial outflow : 15 lacs

expenses = approx 80000 pm

inflow = not known (could be known only after commencing business)

compute the Expected ROI.