Goods are removed from factory and handed over to the custom dept. 30/03/11. as against the same transaction, bill of entry passed before 31/03/11 by the custom dept. Now, Bill of lading issued by the shipping company dated 04/04/11.

whether we can take export sales for the goods removed from factory on or before 31/03/11 and bill of entry also on or before 31/03/11 passed by the custom dept. but, BL / Airway Bill dated 04/04/11?????

or

shall we take goods removed from factory on or before 31/03/11 as goods in transit at cost price or market price whichever is less in our books of account and sales registered in the month of april 11?????

Sirs,
A known chartered accountant by me. Is holding WCOP for past several months. 2 months before he joined a COmpany for full time employment and has drawed 2 months salary. But in the website his status is still WCOP (today also).

And to highlight it, he went to Bank Audit last week.

Whether all this is correct. What action can be taken against the Chartered Accountant.

Regards

Dear Experts,

Is there any specific period in a year, when the application for concurrent audits of bank can be submitted?


Regards,

A Company has one molding units. there are four separate six molding machines. the company is not using 50% of them, i.e., three machines for several years and charging depreciation normally. all the six machines are independent of each other. can impairment of those machines be directed. If yes, how to calculate the impairment. because they did not maintain realisable value or Replacement cost. Only written down value of the machine will be available.

Dear Colleagues

Kindly let me guide for following Point

· A Person having two different business both are of totally different nature
· In F.Y 2010-11 Both business recorded Turnover above ` 60 Lac (means both are under Audit)

My Queries are -

1. Whether there will be single Audit Report for both the businesses? because both businesses are operated by one & the same person so we have to file single ITR 4

2. If we prepared one single Audit Report for both business then in business code (under Annx I) whether we have to fill two business codes.

3. Whether we should prepare 2 Audit Report (Two 3CD & 3CB) and consolidate it while prepare Balance sheet of Proprietor & then file single Itr4

Awaiting your reply for the above & other related point of Audit

Please provide what accounting should be followed when depositor not claimed deposit principal and interest on maturity.(all legal compliance)

plz provide the procedures of statutary bank audit

Hi My name is viren.I just wanted to know that while doing stock audit of one client I found following issue.
1. Party values it's good on LIFO Basis. SO it is correct or not. and other thing is that why FIFO method is prevail over LIFO Method.

2. Party also take Input Exise duty while inventory valuation. As per my thought if Party got excise input than it should not become part of inventory valuation in statement submitted to bank

2.A power project in the construction stage raised funds for it project through a public issue and placed a part of the the funds in a fixed deposit with a nationalised bank.Interest on such F.D. for the year ended 31.3.2011 is Rs.7000000.The A.O. proposes penalty againt the company for not subjecting the Accounts to tax audit u/s44AB.

Sir
In connection with the statutory audit of bank branch would request someone to clarify on the following:

1. Is audit engagement letter is a must to be issued by the branch auditor.

2. Is representation letter is mandatory to be collected from the branch management.

3. Is LFAR to be filled up by the branch or by the branch auditor.

kindly clarify
regards