Accounts QnA [Resolved]

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Anonymous

This Query has 2 replies

10 April 2012 at 12:37

Interest on unsecured loan

Can we due interest on unsecured loan to a company director in a Pvt. Ltd. Co.
and what rate ?

Anonymous

This Query has 2 replies

10 April 2012 at 11:58

Pvt placement of ncds

kinldy describe the process of Pvt placement of NCDs.

Anonymous

This Query has 3 replies

10 April 2012 at 11:39

Excise duty

IS EXCISE IS BENEFITIAL FOR A BUYER OR SELLER, let me tell whether excise duty is beneficial for a purchaser or not.

Jaya

This Query has 1 replies

10 April 2012 at 11:00

Exceptional & extra ordinery

Exact difference between exceptioanl & Extra ordinary items?

Anonymous

This Query has 3 replies

10 April 2012 at 01:57

Accounts

Hello,

profit earned should be added to cash while calculating net current assets???

Thanks

SAMIR KUMAR PATI

This Query has 2 replies

09 April 2012 at 22:49

Live stock

suppose i purchased a dog worth rs 5000 for security of my business.how should i account for it?

SAMIR KUMAR PATI

This Query has 2 replies

09 April 2012 at 22:46

Discount

what would be the accounting treatment for the quantity discount i received on purchase of goods.

Anonymous

This Query has 1 replies

09 April 2012 at 22:10

Bank account

Please gide me about npa in banks and their provising norms and what about their interest part.

Anonymous

This Query has 3 replies

09 April 2012 at 21:01

Valuation of closing stock on "market price"

Dear Experts and Professionals

One of my friend father who is having DAAL MILL manufacturing & processing of DAAL. The stock (F.G.S) of which is valued on "MARKET PRICE" basis.

Is it correct to value the same on Market Price basis? As-2 suggest to value Clo. Stock of F.G.S on Cost or M.P which ever is lower.

When i pointed out about deviation from AS-2, he invite my attention that he is valuing Clo. Stk. on M.P (which is higher then the cost price) and the A.O does not have any objection in accepting higher stock.

Further the auditor also reported in audit report that the valuation at Market Price is in line with Sec.145(A) of I.T Act 1961.

Please suggest me the correct treatment. Also clarify what are the possible outcome is valuation at M.P is adopted.

thanking you