I got a problem during the course of audit in our client place.
and we can not make the decision about the account procedure on such case.
the case is as follows


*My Client had purchased land for Rs. 1 Crore in April 2005.
*In the year 2011 my client entered in an agreement with a party(say ABC ltd) to sell such land for Rs 10 Crore, to be sold on 30.11.2012.
*They entered an agreement to be performed with in 6 months and received an advance of Rs. 2 crore on 01.06.2011
*on 1.12.2011 ABC Ltd fails to perform the contract, they refused to purchase the land and as per the terms of the agreement our client forfeited the money of Rs 2 cr.
* Now the problem is how can we present such 2 cr. In Financial Statements of 2011-12?

Mr. A is chartered Accountant in service want to resign his service and want to join his family business. Can he do so?

its urgent

We know that if fees charged for other services is more than statutory audit fees , he(auditor) would be guilty of prof.misconduct. But certain services are exempted for this puepose.
Friends, can anybody provide me all such exempted services?

I have a query about disqualification of auditors.The firm where i am doing articleship gives consultation services in addition to statuatory audit to some of its clients .Some of the clients account show that we have credit balances from the clients.(say 10,000)(i.e.the firm owes the clients or the firm has the liability to pay or has got payments for future works).does this mean that according to companies act,section 226 we are disqualified for performing audit? Or should we ignore that amount(that we are owing to clients) taking them as transctions in normal course of business (assuming them as mere advances ). Please clarify (if there is any case of ignoring the indebtness)

when foreign currency purchased how is it recored in books of ac?

eg. foreign exchange ac dr. 109533
to abc pvt ltd 109533
being 1500 purchased for london tour from___ to ___


is above entry is coorect to pass in books of accouont?

hi
plz if any one had done the general insurance audit and has a knowledge about it so
plz give me the checklist of items to be checked and procedures dat should be followed for condusting the general insurance audit .

pls its very urgent and i will be thankful to u if some 1 help me out pls help me its very urgent .

my email id is:- ashish.jasuja1991@gmail.com

plss send me email or provide me any link please.

Dear Experts,
THERE ARE SO MANY EXPERTS AVAILABLE IN THIS FORUM. PLS CARE TO REPLY THIS.
Can anyone provide me the format of Bank Reconciliation Statement which has the opening balance debit in the bank statement.

Thanks & Regards,
Rajesh.

What are meant by the following?
1.Risk of under reliance,
2.Risk of over reliance,
3.Risk of incorrect rejection, and
4.Risk of incorrect acceptance.

If in partnership firm turnover is 30,00,000
and other income 3,00,000.
My Query is that u/s 44ad net profit should 8% of turnover i.e. 2,40,000 or 5,40,000 compulsory.

There is a Individual Assessee engage in Construction Business & it was incorporated in the year 2008-09. there was Tax audit in the year 2008-09,. while there was no Tax audit in the year 2009-10. while there was Tax Audit in the year 2010-11!! so vill be TDS Applicable for labour or any other section of TDS for the year 2010-11.