A co. is enagaged in a job work in cloth.company has availed consultancy service in vaastu, architectural & interior designer for designing the installation of plant & machineries and other office equipments as well as design of office in the month of march-10.service provider has raised the bill on 01/04/2010. company has paid a sum of Rs.300000/- Now, my question is whether such exp. is considered as prior period exp. u/s. 44AB of I.T.Act-1961 and under AS-5.

assesee has one business of retail trade and he also deals in shares in future market.his shares turnover exceeds Rs. 40lacs but his retail busines is closed after running for three months.so whether we have to audit both business or only one which exceeds turnover

Should the payment to statutory auditors for audit fees be inclusive of Service tax or exclusive of service?
What if the company does not claim the CENVAT credit on service tax and charges it to expenses?

One of my friend have trading business. His purchase is 42 lakhs, sales is 36 lakhs and closing stock is 8 lakhs. Will it be covered under audit.

Is T.D.S. deductible on commission receipts from abroad...??
what is the limit upto which T.D.S.is not deductible ??

Hi Sir,

Please say me what are the condition for passing entry (Accrud Interest)

Please give example for clearfication

Example

A person has made fd dt 26/9/2009 and maturity date is 27/7/10 for 13 months

Opening Dt Amt 25000.00
Maturity Dt Amt 26899.00

In FD Statement Bank shows 1410.00 interest is paid as on 31/3/2010.

What Entry Should I Pass:
FD Cretied: FD Dr Cash Cr
Interest Entry: Accrud Interest Dr Interest on FD Cr

OR
FD Dr Interest Cr.

Please Clear when we pass entry for Accrud Interest.

Thanks & Regards
Survesh

Wages (Audit)
This query is : open


I LOVE MY CA COURSE
( Author )
06 June 2010


Whether in a Audit Report a qualification is required for the following:

when there is a delay in payment of Wages say in terms of 4 months or even 8 months.

Whether land development cost , like filling of sand and soil in the land , is to be capitalised or to be written off completely in the same year ?
Further will it make any difference if development work has been done along with the purchase of the land or subsequent to its acquisition ?

Please clarrify my doubt with good supportings. Thanks/Regards

Please send me audit acceptanc letter format as earlier as possible....

As per AS-11,exchange rate for any transaction should be the rate on the transaction date.But many don't adhere to this rule. i.e they either take the rate mentioned in shipping bill or book sales as per payment advice recd from bank & thus no question of exchange gain or loss.This is because either they are not aware or find it difficult to get the rate as on transaction date.So how should we verify that the rate is of the transaction date ? What sources or proof is available as an auditor to verify the transaction rate?