Sir, I am doing the Stock Audit of one company (Manufacturing Concern) on behalf of the bank. Can anyone please clarify me whether Depreciation is considered in Cost while calculating Drawing Power (DP) of the company. As per my point of view it should not be considered because first it is unavoidable cost and second only considered when plant is running at 100% capacity, but i am not sure about it. Please help me out and please provide the reasoning for your answer also and any reference from where i can also check this out.
Thanks in Advance
Waiting for response.

Hii...
My Query is as follows:

Can a Company (Let say ABC ltd.) transfer its funds in cash to its "Sister Concern Company" for some purpose ?
If yes ,
1.is there any limit for such fund transfer ?
2.is there any condition to disclose the purpose of such fund transfer?

What if the sister concern company has also given a loan to ABC ltd.?


PLEASE SOLVE THIS QUERY

THANK YOU!!!

PLEASE GIVE AN EXAMPLE OF THE TERM 'OTHER INFORMATION' IN SA 720

whether it is possible to know the auditor of a co.

Dear Experts,

Sub.: Query regarding Applicability of Cost Audit.

As order given by MCA on 24th January, 2012 that every company to which Cost Accounting Rules, 2011 applicable and the aggregate value of turnover made by the company during the immediate preceding F.Y. exceeds 100 crore of rupees; shall get cost accounting records audited on or after 1st day of April, 2012 under chapter 50 to 63 i.e. for textile industry.

My query is regarding applicability of cost audit when the company has its turnover in the preceding F.Y. 2011-12 less than Rs. 100 crores (it is just because company have weak financial position in that F.Y. and unable to buy raw material on its own account and receiving only job work or processing charges for material produced on account of material supplied by others).

However’ in the financial year’s preceding to the financial year as mentioned above (i.e. 2011-12) company have its turnover more than Rs. 100 crores.

I want you please suggest me that whether Cost audit for financial year 2012-13 shall applicable to the company or not or give necessary suggestion as you think appropriate.

Regards,
Yogesh Bansal

Dear Expert,
can u pls tell me that what is Form - 704. Who has to file this Form is compulsory ?

Dear Sir / Ma'am,

I am a bit confused here. I understand that in tally when we have to enter the Purchase VAT entry, we put that under Purchase Account & Heading in tally.

But when we also debit the Input VAT @ (any percentage) that would go under the head Duties & Taxes or will that also go under Purchase Account?

I would really appreciate if you can clarify this point of mine.

In a proprietary concern,the assessee has paid advance tax of Rs.25000/- for assessment year 2011-12 which is shown in other debit balance, no provision for tax was created in the final accounts.
Now for the assessment year 2012-13,where will we adjust the advance tax (same with tds receivable)

Sir,
I have a Car.
Book Value of this car is Rs.250860 as on 01/04/2012.
I purchased new car for Rs.1043722 on 21/11/2012 & Sold old car for Rs.150000 on 11/12/2012.
Sold value of Old car is including Vat i.e. net sale amount Rs.13333 + vat@12.5% Rs.16667
I am confused about depreciation.
How much Depreciation can take in this case?
How much amount should be credit to car account?

Wheteher any CA firm send a letter for appointment in banks audits with resume of their firm to various banks without their offer for resume.This case is covered under professional misconduct or not.