There are computers obtained on Government Grants and they have not been shown in their Balance Sheet at a nominal rate nor they are taken into P&L A/c as they are depreciable asstes.
So my point is that whether to now include it as a asset or do some other treatment.
Plz help me with detailed explanation of AS-12

THE EXCISE DUTY TO BE SHOWN DEDUCTED FROM SALES IS ONLY THE DUTY PAYABLE ON SALES OR THE DUTY ACTUALY PAID AFTER TAKING THE CENVAT CREDIT ?

the auditor in the firm says since it is used for transport purposes it is exempt from tax till 35000

Dear sir,

Goods Delivery chalan prepared in august 2012 but payment and invoice made in september 2012 . In this case the transaction is correct or not and the vat paid in september 2012 is it correct or not

How to study SAs in auditing, Does all of it need to learnt up..?? , There are lot many of it..

A Pvt Ltd. Co. has net turnover of Rs. 92 crs. net of Excise and VAT. The amount of Excise and VAT is 10 crs. and 7 crs. respectively. The company wants to show only net turnover of Rs. 92 crs. in the profit & loss statement.

1. Is is allowed?
2. Whether XBRL reporting is necessary in this case?

can a private company issue shares on premium in case of losses during the previous year

Respected Experts,
My boss have assigned me the job of doing internal audit of sales of a company. Please tell me what are all the points that i should consider while auditing sales. I will tell u the process of sales followed in that company.

Marketing (or customers directly mail to )--> Customer Sevice Department --> provides work order to the Production Depatment -->Production Department provides Production Completion certificate---> Customers Service Department--> Customer Service Department issues Invoice ---> Accunts Department and Despatch Section.

Please tell me what are all the internal control i have to verify that it exists?

Please provide me the answer...instead of giving me a general link. Last time while i posted this question one expert gave a link which says something about internal audit. I want direct answers pls.

Thanks and Regards,
Rajesh.

is it necesary to value asets s on bal sheet date at net realisable value if on the date of signing audit report the business operations are discontinued or notes mentioned in this regard will be sufficient ????????????????kindly advise

HI,

I HAVE ONE QUERY THAT IF ONE FIRM OR COMPANY IS UNDER TAX AUDIT FOR A PARTICULAR YEAR BUT IF IN NEXT YEAR ITS SALES DOES NOT CROSS 60 LAKHS , THEN IT ACCOUNTS ARE REQUIRED TO BE AUDITED OR NOT?