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04 September 2007 at 12:08

Accounting of Operating lease as per AS-19

If company has noncancellable lease agreement for 2 years. Lease rent for the first year is say 2 Lacs. And lease rent for next 1 year is say 4 Lac. Now as a normal prectice in the first year charge 2 P/L is 2 Lacs and second year is charge to P/L is 4 Lacs. However AS-19 requires lease rent to be charged on SLM over the lease period except it can be shown that benefit received in the later year is higher. So as per AS-19 charge to P/L should be 3 Lacs and second year also it should be 3 Lacs. Is this correct. If charge 2 P/L is as per agreement then how 2 justify


1.what is the latest amendment on the maximum number of audits by an auditor as per section 224 (1B).

2.what is the maximum amount of salary of a relative of a director or officer, for which approval of central Govt. and special resolution required as per section 314

31 August 2007 at 10:32

Illustrative book on IFRS and UGAAP

Please sugeest good book

pradeep kr agarwal
28 August 2007 at 18:24

balance sheet

is there any software to make balancesheet & audit report for a company


pradeep kr agarwal
28 August 2007 at 18:22

balance sheet

is there any software to make balancesheet & audit report for a company


A. Gupta

A Pvt. Ltd. Company is providing software development consultancy services. During the financial year 06-07, the gross business receipts were around Rs. 24 lacs. Whether company is liable to tax audit u/s. 44AB of the Income Tax Act, 1961? Which limit would be applicable to it for tax audit - Rs. 40.00 lacs or Rs. 10.00 lacs?
Please give urgent reply.

23 August 2007 at 20:41


As per AS 2 stock will be valued on purchase cost excluding VAT but AS per Sect 145A of income tax act 1961 valution of stock will be inclusive of all taxes cess etc.
In the current position in audit report what value of stock will be show exclusive of VAT or Inclusive of VAT.

22 August 2007 at 16:24

Cost Audit & Management Audit

I would like to know

Is there any Book for the mentioned subject which contain the Questions & Answers only?


i have joined the ca firm whose mostly audit are of ABC & NGO. whether i can get here the exposure of work .
most of students tell that there is no scope . i m trouble. please tell me about it whether this firm is good or not

Bandaru Rama Rao
20 August 2007 at 10:31

MIS reports

Hi Sir/Madam(s),
I am interested in Internal Audit as a career.I have been a part of Internal Audit teams in my Article period but wasn't invovled in reporting.So in order to gain knowledge in MIS and Internal Audit reporting can any one provide any format of MIS reports or any site links. Thanking You,