Dear all

Once of P Ltd Co.does not want to get there accounts audited for the FY 2010-11 from the previous auditor.

Pls guide regarding steps for removal.



Thanks in advance

QUESTION 1

A newly set up Private Company has incurred the following expenditure during construction period..Please classify as Capital or Revenue:

Sundry Expenses such as stationery , Printing, postage, telephone & local conveyance.

ANSWER IN one Book
They constitute an expenditure indirectly which is indirectly related to construction & HENCE capitalized..

IS THIS CORRECT??

QUESTION 2

A minor fire occurred to a machinery cost of repairing is 5000/- estimated.
But company instead used new technology to replace burnt part with new part which will increase efficiency..total cost 50000/-

I feel only 45000(50000-5000) should be capitalized.

Please assist.

Thank you


K R Srinath

hi can anyone tell me how to prepare for audit and law to get exemption in pcc exams?i have given my attempts 4 times and every time i am unable to clear my first group because of my aggregate marks.this november also i was passed individually in all the subjects but unable to make in aggregate.i have cleared 2nd group before but unable to clear my first group.please advise me..

What is the criteria for allotment of bank audits by RBI?

Are there any conditions to do Internal Audit compulsory?

Whether capital advances is to be included in CWIP or it needs to be shown seperately?

Respecetd Sir,

I am working in a PVT LTD Company As a Accountant.Please Say what should i take care of Papers and condition while accounting.

Please say the important and major points to be followed.

Thanks & Regards

kindly make me understand Audit Trail in easy language.

Dear All,

My Company has purchased Gas Cyclinder for cooking purpose? my query is whether this gas cylinder is to be capitalised or not? and if yes then in which head?

Just Reply soon........

Dear Sirs...
as you all would know... the Standards on Auditing has changed. am a pcc student.. is this change relevant for me? should i buy a guide for these and study the revised SAs??? or is it enough that i study the chapters of auditing which would cover all SAs...???