I am starting out as an accountant at a sole proprietorship firm. My firms OD renewal date has reached and the owner asked me to prepare estimated and projected balance sheet for the current year and next year.Can anyone help me understand what are the things that i need to consider before preparing the estimated and projected balance sheet and P&L. What are the things that i need to consider before submitting the details and whether the bank can hold these information against the firm and deny the OD.Thanks in advance

What about UPAS LC? Should it be required to book the UPAS payment in the book as well? UPAS payment is not in our control. Confirming Bank discounts the bill with some other banks and disburse the payment to beneficiary. LC liability lies with confirming bank until it matures. And upon maturity if i do not book the liability to to my book, will that be a problem which may trigger restatements of the previous accounts?

i have audited a private limited company without the obtain of NOC from previous Auditor.Now previous auditor complained to ICAI. The client & me too not found the CA in his office. plz suggest me how to reply

Our Form ADT - 1 is expired on 2019. Shall we file new ADT -1 form with same Auditor ??? or will expired ADT - 1 SRN applied into form AOC - 4 ???
Please note that we are under Small Company category.

Kindly guide us.

Dear Sir,

We have manufacturing related to metal products (Single raw material ) and metal prices regularly up and down.
we generally valuation of our inventory on last month average price of our raw material.

We have a order of export @ 700 per kg , this material billed to customer on 700 per kg but due to unavoidable circumstances export order postponed to after 1 months in apr -22.

hence my inventory level up by this order and my last month average rate of raw material is 800/-
total inventory we have 50 M.Ton out of this 15 M.T stock related to export order.

so kindly guide us can we valuation of my export order stock on 700 per kg and for remaining stock on 800/- per kg

because if we are not doing this my profits will go very high.

kindly guide us thanking you .

Good day, Sir/Madame. We are a manpower consultancy firm based in India (one entity) that provides services to a US corporation (another entity) (under the name of an Indian director's spouse) for the purpose of hiring C2C, W2 and 1099 employees. Is TP Audit required for Income Tax Audit or for any other reason? or just reach an agreement between two organisations and set a percentage as a margin on Indian expenses in order to boost the invoice to the US company. Could you please make a recommendation for us?

Is there is any update from any nationalized bank for branch statutory audit?

Dear All,

In view of implementation of MCA Audit Trail.

Can any one provide me Approval policy/SOP to Edit,Delete,Reverse and Modify voucher in system.

Regards,
Ravi Konda

Dear sir,
We have audited the books of accounts of one party at last hours for the Ay 2021-22. Now there is some error in the financial statements can we revise the audited financial statements. The status of the assessee is proprietorship firm. ITR of the assessee is not filed.

1. whether account of resident welfare association is required to be audited every year by an auditor, irrespective of
-the RWA is registered under societies act or unregistered
- and volume of money handled