I just want to ask three questions, regarding the unlisted limited company:-

1) First of all, Whether any antique Sculptures bought for the decoration in the office can be shown under Furniture or not???

2) Secondly, if there is any increase in the market value of that sculptures(shown under Fixed Assets in the books), then can we revalue that asset? If yes, then what is the full procedures of Creating revaluation reserves?
3) And Lastly, What effect would be on the Income Tax, of that revalued asset?

hi,

I want to know about process of Ledger Scrutiny?

Please explain me in step by step process for conducting scrutiny of each transactions.

what should i do if any transaction/ledger i find not proper? how can i record it?
please explain

ceiling limits for statutory audits for ca

What is the Benefit for a CA Firm for applying for cag empanelment?
Thanking in advance.

I want to know the Procedure of Audit of General general insurance company. Esepcially the main points where i find mistakes

Hi, friends...wish u all a very happy new year! my firm got Limited Quarterly review of Bank. So Please help me to understand all about limited review. is there any pre-audit programme for this, and what are the things to be checked, pls explain.


Thanks in Advance..

One of My client being A state Government Ltd Company.

During the current year the Company has given a Bank Guarantee to one of party from bank against Performance based contract.(i.e. Performance Guarantee) but not Financial Guarantee.

Accordingly the Bank charged to My client's Account towards BG issuance charges which was in Lakhs of Rupees.Our client debited to such charges to Other Expenses.However during the course C & AG Audit the Auditor pointed out that the same should be Financial Cost to Co.hence wrongly debited to Other Expenses instead of Financial Cost/Expenses.

Noe query is whether remarks/observations as pointed out by C & AG Auditor is correct or not as my client is not having any non fund based facility from Bank in the form Bank Guarantee. even they can request to Bank for issuance of Bank Guarantee without Margin in form of FDR so far State Government undertaking is concerned.

Respected expert,

Greeting of the Day!

Sirs plz let me know when annual accounts are said to be audited. Can we say it audited before singing and giving audit report on the same. My further question is when we put annual accounts in board meeting preceding AGM for their approval and signing, is these to be said draft annual accounts or audited annnual accounts and what to write in minutes book....Chairman placed before Board draft annual accounts or audited annnual accounts.


Regards

wat is drawing power & how it is calculated

Sir, I am doing the Stock Audit of one company (Manufacturing Concern) on behalf of the bank. Can anyone please clarify me whether Depreciation is considered in Cost while calculating Drawing Power (DP) of the company. As per my point of view it should not be considered because first it is unavoidable cost and second only considered when plant is running at 100% capacity, but i am not sure about it. Please help me out and please provide the reasoning for your answer also and any reference from where i can also check this out.
Thanks in Advance
Waiting for response.