hello frnds,
i hv a doubt as far as company audit is concerned..
wht shd we see in a MINUTE BOOK of a company???????????????

One of my client is contractor, his previous year Gross Billing was Rs. 45 Lacs but actual cash receipt is below Rs.40 lacs . TDS was also deducted on Rs. 45 Lacs.Whether return can be filed on cash basis as the balance receivable amount is disputed, may be received or may not be or audit is required.
and if audit is required what is the remedy for disputed amount.
please reply with accounting standard.
This is the first year of business.

A pvt. ltd. company formed in February 2008 and got the certificate of business commencement in 15.05.2008, has the following positions as at 31.03.08:
a)No expenses have been incurred except preliminary expenses,
b)It has purchased furniture for office on 13.03.08 and incurred preliminary expenses,
c)It has placed order for purchase of Raw Material to manufacture a product on 5.05.2008, purchased furniture and incurred preliminary expenses during the year.

My queries are as below:
i) Whether company can be said to have commenced business as at 31.03.08 in any of the situation?
ii) What should be the accounting treatment in each situation for-
a) Preliminary Expenses
b) Purchase of Furniture
iii) Do I have to prepare P & L Account for the year ending on 31.03.2008.

I have a opinion that P&L A/c should not be prepared until business is commenced. But then a problem arises what would happen to the depreciation on furniture and audit fees paid to CA for the year 2007-08.

Further I am confused because as per para 51 of AS- 26 expenses which does not bring into existence any intangible asset should be charged to P&L A/c.Hence preliminary expenses should be charged in P&L A/c.

Please answer in detail as I Have to finalise the Balance Sheet of such company.

1.Assessee working as builder gross turnover is 15L.
OR
2.Assessee is working as Interior Designer turnover 15L.

Wheather tax audit is applicable in both the cases under professional catagery or only in case no 2?
If the assessee not having professional qualification, can he decide on in which catagery to fall in?

in stat audit when we have to complete audit in very little time than what we have to do to complete the work in that time.What points we can skip?

Sir,

An existing company ( 10 yrs)has collected share application money in the current year.
(Other info: till now, the no. of shares to be allotted is not decided/ pending)

1)Should the Share Application money be construed as potential equity shares?

And consequently,should Diluted EPS be shown after giving effect to the adjustment

2) Does weighted average needs to be applied for calculating Diluted EPS?

Sir can u please explain what is risk based audit approach?
is it different from normal audit approach?

wether accounting standards are applicable to charitable trust

what is the meaning of clearing &? forwarding charges

Sir,

"Indirect Method" presentation of CFS.In cash flow statement " Direct taxes paid during the yr" should be disclosed.

1)Will the TDS Certificates received by the company disclosed as " Direct Taxes paid" in the Cash flow statement?
Plz tell me where it forms part of, in a Cash Flow Statement.

2) Can it (TDS certificates) be construed as Cash flows